【wotlk wintergrasp timer】Skydance Sports Teams With Religion Of Sports On Content Development, Scripted Series ‘The Owl’ First Project
Skydance
Sports
,wotlk wintergrasp timer the
sports
-content division of
Skydance
Media, and Religion of
Sports
have partnered to develop, finance and produce a slate of
sports
-related content for multiple platforms.
Projects across scripted television, documentary and audio will start with
The Owl
, currently in development.
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The scripted, rags-to-riches story follows an orphaned, American-born boxer with Mexican lineage who crosses the border to find his family and is thrust into the world of Mexican boxing. The series is created and executive produced by Michael Perri (
The Blacklist
), directed by Aurora Guerrero (
Little America
and
Blindspotting
).
Exile Content Studio based in LA, which specializes in content for the global Spanish-speaking market, will also executive produce alongside Religion of
Sports
with
Skydance
Sports
serving as lead studio.
The two entities will also pursue
sports
-themed intellectual property that can be exploited in a range of formats from live events to video games.
Skydance
Sports
is led Jon Weinbach. Religion of
Sports
was founded by
Tom Brady
and Michael Strahan and filmmaker Gotham Chopra, Ameeth Sankaran is CEO.
“At
Skydance
, we are always looking to tell not only the best stories possible, but also tell them in the medium that best suits the story and enhances the audience experience,” said Jesse Sisgold, president and COO,
Skydance Media
. “This cross-media partnership with my friend Gotham and his Religion of
Sports
team allows us to perfectly match these
sports
stories to how they should best be told.”
“Our mission at Religion of
Sports
is to tell stories about
why
sports
matter
, and to make believers out of everyone who sees our content,” said Chopra.
Perri is repped at Echo Entertainment and Gersh, and Anine Harrapetti negotiated the deal. Guerrero is repped by Ragna Nervik Managament, Inc.
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- ·5%, led by a 17% increase in average ticket and a slight decline in traffic. Growth in the quarter reflected the impact of households stocking up on essentials like paper goods and cleaning supplies as the pandemic became a nationwide concern, along with strength in discretionary categories as the quarter came to a close and stimulus dollars and tax refunds were disbursed.
As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
Read more here:
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