6/8/2026

Independent Proxy Advisory Firms ISS and Glass Lewis Unanimously Support the Election of ALL Director Nominees at Dynacor’s AGM

GlobeNewswire (06/08/26)

Dynacor Group Inc. (TSX: DNG) announced that its director nominees and other annual meeting resolutions received favorable voting recommendations from Glass Lewis and Co., LLC and Institutional Shareholder Services Inc. (ISS). ISS and Glass Lewis have recommended that Dynacor's shareholders vote FOR the election of each of the Corporation’s director nominees at the Corporation’s Annual General Meeting of Shareholders, which will be held on June 19. Additionally, ISS and Glass Lewis recommend that shareholders vote FOR the re-appointment of the auditor. Glass Lewis has also recommended voting FOR the amendment to the Stock Option Plan to replenish the pool. ISS, which supported the same plan in connection with last year's AGM, has noted a minor clarification regarding amendment provisions consistent with its recent guidance, which the Board will consider the next time the plan is amended. The plan, meanwhile, fully complies with regulatory and TSX requirements. Dynacor is disappointed that iolite Partners Ltd. has circulated a dissident proxy circular soliciting shareholders to withhold votes from certain director nominees, among other disruptive actions. Dynacor reminds shareholders that the dissident was not elected at last year’s special meeting, which he called in an attempt to secure his election to Dynacor’s board. The Dissident’s recommendations would not serve the best interests of shareholders and would undermine the Corporation's strategic momentum and governance stability The Dissident’s campaign continues a pattern of disruptive activism that diverts disproportionate corporate resources toward responding to repetitive requests and unfounded allegations that do not advance the Corporation's interests. Despite unsuccessful efforts in 2025, including a failed requisitioned meeting, a failed withhold campaign, and a failed attempt to elect a director to Dynacor’s board, the Dissident persists in challenging shareholder decisions. Notably, following the failed 2025 campaigns, the Dissident made unreasonable demands regarding share buybacks and legal fees, that overturn other shareholder decisions and disregard their interests. The current solicitation, characterized by misleading communications, appears once again driven by the Dissident's personal objectives rather than shareholder value.

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6/7/2026

Japanese Firms Field Record Proposals From Activists at This Year's Shareholder Meetings

Reuters (06/07/26) Bridge, Anton

Activist investors have made a record number of proposals to Japanese firms for shareholders to vote on at annual general meetings this month, including growing calls for company executives to step down. Fueling the boom has been multi-year prodding of Japanese companies by regulators and the Tokyo Stock Exchange to improve shareholder returns and invest in growth, as well as some recent big activist wins. As of June 3, 139 proposals by activist shareholders were submitted for votes at AGMs, two more than last year, according to data compiled by Mitsubishi UFJ Trust Bank. The majority were submitted by foreign investors. Of these, 19 either oppose a company-nominated director's appointment or nominate a new director candidate. That's up from 14 such proposals last year and just seven in 2024. It's not easy for shareholder proposals to pass in any region, though they often pressure companies to reform. In Japan, fewer than one in 20 submitted since January 2023 have passed, data compiled by shareholder advisory firm SquareWell Partners shows. That said, activist ambitions have grown after a vote instigated by Oasis Management last year ousted the CEO of chemicals firm Taiyo Holdings (4626.T) - a rarely accomplished feat. High-profile campaigns by other activists, even if conducted by other means, have also provided an important boost. Of particular note was U.S.-based Elliott Investment Management's milestone victory over Toyota (7203.T) against the terms of a buyout of a group firm - a campaign it waged through vocal public opposition. Of the many proposals put forward by activist investors, a June 25 shareholder vote at Kyoto-based electronics manufacturer Kyocera (6971.T) is expected to be among those garnering attention. Oasis, which has previously argued that Kyocera should divest unprofitable businesses and accelerate restructuring, is now calling for Chairman Goro Yamaguchi to step down. "Taiyo was the same situation (as Kyocera) where the CEO was allocating capital toward and heralding a poor business that was taking away from the good margins of the great business," said Seth Fischer, chief investment officer at Oasis. Yamaguchi, who has led Kyocera since 2017, gained 63.8% of shareholder votes last year - very low for a Japanese business leader and a far cry from the 79% he had in 2021. Kyocera's board has rejected Oasis' proposals, highlighting Yamaguchi's contributions to governance and management reforms. Oasis is also calling for shareholders to vote against the heads of publisher and gaming company Kadokawa (9468.T), Tokyo Steel (5423.T), and recruitment firm SMS (2175.T). Kadokawa and SMS' boards rejected Oasis' proposals, while Tokyo Steel has yet to publicly respond. "Right now, one effective way that we can galvanize other investors and improve the companies is to hold management accountable for poor performance if they don't deserve to be voted back in," Fischer said. Other funds vocal this year include entities affiliated with Dalton Investments. They have in several cases proposed the appointment of independent directors with capital markets experience that they argue is lacking on the firms' boards, such as at probiotic drink maker Yakult (2267.T). UK-based AVI has called for the president of tablet manufacturer Wacom (6727.T) to step down, citing governance concerns and declining profits. Yakult's board has rejected the Dalton proposal. Wacom's board has also rejected the proposed dismissal of its president but it has suspended its relationship with another company set up by the president after AVI's campaigning. Domestic asset managers are also now taking a harder line on firms' capital allocation decisions and profit performances, lifting chances that they will vote against company leaders. In particular, they tend to vote against management when there has been low return on equity or there are excessive cross shareholdings, the MUFJ Trust Bank data showed. "Domestic managers feel more comfortable voting against a director's reelection if they feel something's wrong," said Ali Saribas, partner at SquareWell Partners.

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6/6/2026

Major Shareholder Wants to Block H.B. Fuller’s ‘Reckless’ $800 Million Acquisition

Minnesota Star Tribune (06/06/26) Kennedy, Patrick

A major shareholder wants to block H.B. Fuller’s (NYSE: FUL) attempt to acquire a European wound products company for more than $800 million. Instead, Ancora Holdings Group, which owns about 2% of H.B. Fuller’s shares, wants a comprehensive review of strategic alternatives for the St. Paul-based company, according to a letter to Fuller’s board. Vadnais Heights-based Fuller, it says, is underperforming and should stop talks with the U.K.-based Advanced Medical Solutions (AMS) Group. “The silver lining is the Board still has time to slam the brakes on an acquisition of AMS,” Ancora wrote. Advanced Medical Solutions Group (LON: AMS) confirmed last month that adhesives-maker H.G. Fuller made an unsolicited bid for the company. Bloomberg reported the deal would be worth more than $800 million. AMS — which makes products including adhesive bandages, tissue adhesives, sutures, and hemostats — has been entertaining acquisition proposals for over a year. Ancora, an asset management firm with an activist strategy, was caught off guard by the talks, especially since public comments by H.B. Fuller on its first-quarter earnings call March 26 and private discussions between the two indicated that Fuller was pausing its M&A strategy, according to a source close to the discussions. Ancora Holdings, the source said, is making its opposition known now because it has a previously scheduled meeting with Fuller management on June 10 and because a deadline is looming. Under U.K. regulations, Fuller has 28 days from being identified as a potential acquirer to make a formal proposal or to announce it is not. For H.B. Fuller, that 28-day deadline is June 18. Fuller said after Ancora released its letter that the board and executives “value the feedback of all shareholders and regularly engage with and listen to a diverse range of perspectives shared with the company, as we have with Ancora.” Fuller’s statement acknowledged discussions with AMS but noted that “there can be no certainty that a binding offer will be made.” During the March earnings call, John Corkrean, Fuller’s chief financial officer, told analysts the company was focused on debt reduction and share repurchases. “While M&A remains a cornerstone of our growth strategy, and we continue to evaluate strategic acquisitions, we will pause on closing deals in the near term,” Corkrean said. Since Celeste Mastin became chief executive in 2023, H.B. Fuller has made 13 acquisitions, largely bolt-on or tuck-in acquisitions of small companies that fit a niche within Fuller’s existing portfolio and capabilities. In its fiscal year ended Nov. 30, Fuller made $152 million on annual revenue of $3.5 billion and had 7,100 employees. Annual revenue has declined 7% over the past three years, and earnings, 16%. AMS would fit into Fuller’s hygiene, health and consumable adhesives segment, whose main products are used in making diapers and feminine hygiene items. UBS Securities analyst Lucas Beaumont noted in a recent research note that an AMS acquisition would give H.B. Fuller access to faster growing, higher margin medical markets. Medical adhesives right now are about $100 million in sales, “so this would mark a significant expansion, lifting overall exposure to greater than 10%,” Beaumont wrote in a research note. AMS was founded in 1991, has more than 1,600 employees and since 2019 has made seven acquisitions of its own. In 2025 it had annual revenue of more than $300 million.

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6/5/2026

Analysis: Wall Street Activism Returns to ASX With Elliott’s Northern Star Play

Australian Financial Review (06/05/26) Shapiro, Jonathan

When Elliott Management revealed itself to have built a position of over $1 billion in gold miner Northern Star (ASX: NST) on Tuesday, it couldn’t have hoped for a better reaction. The stock popped about 10% on the open, closing up 13.5%, and then gained another 4.5% the day after. The two-day pop was also great news for any other Northern Star shareholders who suffered the indignity of owning a gold mine while missing out on the spoils of a blockbuster bull run for the precious metal. But Northern Star was, in fact, an unpopular holding among institutions, according to JPMorgan’s (NYSE: JPM) love index, which tracks the extent to which active managers are overweight or underweight a stock relative to the index. That might explain why, aside from the share price jump, there wasn’t exactly an outpouring of enthusiasm about the content of Elliott’s 39-page pitch deck “Northern Star rising." That presentation pointed out just how woeful Northern Star’s recent market, operational and even disclosure performance had been, after production downgrades claimed its managing director, Stuart Tonkin, last month. Elliott, which oversees $US80 billion ($112 billion) in assets, called on Northern Star to consider putting itself up for sale, or failing that, embarking on a dramatic turnaround overseen by a fresh set of directors. What was absent was a confrontational tone, which suggests the hedge fund wants to play nice with Northern Star, which in turn has responded politely to the unwanted attention. The tension and drama of Elliott’s last encounter, when it launched a campaign against BHP (ASX: BHP), just isn’t there – at least not yet. Elliott’s return to the ASX highlights just how much the market and the activism game have changed since the BHP campaign back in 2017. Their arrival back then was met with a tinge of contempt. The sentiment was that Elliott’s push for BHP to collapse its dual-listed company structure had been raised repeatedly by investors and arbitrageurs. Ironically, BHP was believed to have already been preparing to divest its U.S. energy assets, and Elliott’s demands for them to do so triggered a visceral reaction to resist. But Elliott’s arrival coincided with a peak in investor frustration, and its campaign allowed long-suffering BHP shareholders to express their irritation at years of woeful capital allocation. The appointment of Ken MacKenzie to replace Jack Nasser as chairman marked a step change for the company and for Elliott’s campaign, which then turned amicable and private. There is a sense in the Elliott camp that were it not for their public expressions, BHP might not have moved to appoint a chairman of MacKenzie’s caliber. Another topic of endless fascination and division, which has come up again, is just how well Elliott did out of its BHP trade. It is not as simple as tracking the share price since Elliott showed up. The common perception is that Elliott hedged its broad exposure to the mining sector to isolate the impact of its influence via short positions in stocks such as Anglo American. They are, of course, in the business of delivering uncorrelated market returns. Those proxy stocks fared well, but some familiar with Elliott’s trading say the hedging was more complicated and highly proprietary and ultimately resulted in one of the most profitable trades on the ASX. We can only speculate about their profits and how they might be hedging their current billion-dollar-plus Northern Star position. There are two broader issues raised by Elliott’s return. One is that the activism game has changed. A global phenomenon, which is particularly acute in Australia, is that share registers are increasingly dominated by passive investment funds. That’s good and bad for activism. The bad is that passive funds have little incentive to engage with activists unless they’re required to act by casting a vote. They’re generally less engaged than traditional active managers, which makes it harder to win their support. But on the plus side, the prevalence of absent landlord shareholder registers is creating more opportunities for activists who can dominate the share of voice. Another complexity is that activism in the resources sector is particularly tricky given the geological constraints and the fact that the company has no control over the prices of the product itself. Others believe poorly managed miners are ripe for shareholder activism. The mineral endowments don’t change, but if the management that sits above them lacks competence, a change can create value. We’re also observing that activists and targets are willing to tone down their rhetoric to achieve their objectives. So, are the days of unbridled aggressive activism over? We hope not. What is abundantly clear is that the Australian market can do with some unbridled, aggressive activism. We need only look to the exchange operator, ASX Ltd, as evidence that there are times when owners need to show their fangs. A decade of capital misallocation and poor board oversight has turned a dominant monopoly into a basket case. It’s a warning that without some tough love, key national infrastructure, a market and even a nation can meander toward mediocrity.

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6/5/2026

Ryan Cohen Is Ready to Talk About eBay. For Real.

Barron's (06/05/26) Smith, Connor

Ryan Cohen isn’t done chasing eBay (NASDAQ: EBAY). A few weeks after his offer to purchase the online marketplace was rejected and described by eBay’s board as “neither credible nor attractive,” the Chewy (NYSE: CHWY) co-founder and GameStop (NYSE: GME) activist-turned-CEO suggested to Barron’s that he’s willing to take GameStop’s offer directly to eBay shareholders. In a roughly hourlong conversation with Barron’s, Cohen said his company’s offer to eBay isn’t just credible but also in the interest of shareholders. After years of slashing costs and closing stores, GameStop this week reported its most profitable quarter on record. It’s a sign of the company’s transformation from meme-driven videogame retailer to a leading seller of collectibles. Cohen and team have arguably created a viable rival to eBay, at least in the red-hot area of trading cards. He says the synergies would create value for both GameStop and eBay. “The categories where we’re having the most success, eBay is as well. And what eBay is doing online, we’re doing offline,” Cohen says. “These are businesses that tie in very well.” In the end, Cohen seems to be taking eBay’s rejection personally and has continued to build his company’s position in the stock. At last count, GameStop had a 7.8% stake in eBay. “I want to own eBay,” Cohen says. “I want to own it for the long term. It’s a great business that’s been poorly managed.” Cohen had plenty more to say in a June 4 interview. Here’s an edited version of the conversation: Barron’s: What went into GameStop’s latest quarter? Ryan Cohen: It was the best first-quarter operating earnings in the company’s history. The collectibles business is very strong. We’ve got a dominant position in the category. Refurbished tech is really strong. And these are categories that directly overlap with eBay’s business. You’ve said previously that GameStop didn’t necessarily “excite you” but eBay does. What does that mean? My circle of competence is e-commerce. I had a lot of learning to do going into a physical retailer. There’s a lot of the things that worked well at Chewy—it’s a different playbook in physical retail. But eBay’s business is a business that is similar to Chewy. I understand e-commerce, and it’s my wheelhouse. E-commerce is something I understand very well, whereas physical retail was learning on the job. How would you balance the debt load? I built Chewy with negative working capital, so it actually consumed very little cash to turn it from zero into a multibillion-dollar company with negative working capital. GameStop has a strong balance sheet. And at eBay, I don’t want to run a hot business. So, my focus would be on rapidly deleveraging it and pulling costs out of the system. I’ve said that I’m going to pull $2 billion out. There’s a lot of fat to cut over there, and it’s going to make the business stronger, the same way it has made GameStop stronger. When you’re overweight and you get in shape, you’re healthier. GameStop today is a much stronger business than it was when its expenses were double. Why hasn’t private equity swooped in? Private equity is really good at raising money and charging management fees. I’m an operator. You tell me: Are there other examples like GameStop? You have a company that’s in such a decline, in such a difficult industry, but in a few years it’s totally different. Nobody talks about it. I definitely haven’t seen anything like GameStop. By the way, with cost-cutting, going to expensive consultants that are going to charge $50 million or $100 million and deliver a PowerPoint presentation, that’s not the way to pull costs out of the system. Are you trying for a Berkshire Hathaway–type play? Some of the things you’ve said about eBay, the brand, do echo Warren Buffett-isms. Buffett is successful because he’s aligned with shareholders. But eBay rejected the offer. They called it “not credible.” It seems like they don’t want to sell it to you. It’s not surprising. We presented a highly credible offer, and it’s exactly what you would expect from a professional board and management team that isn’t aligned with shareholders. So, it’s par for the course. Why is your offer attractive for eBay shareholders? It’s at a significant premium from where the stock was when GameStop started buying it, and ultimately, they’d be taking half cash off the table and rolling the other half into a business that is run by me—a business that is going to make a lot more money. And I’m not receiving risk-free compensation and selling stock without putting money on the line. I’m running a business, and I’ve got my own money on the line. What do you say to people who like how eBay has been doing? Well, I like eBay’s business, too. That’s why I offered to buy the business. But if you look at how the business has done, from an operating performance standpoint, every single important metric is down. I love the business. It is what I’d consider to be one of the greatest businesses in the world. But it’s got a lot of untapped potential. It’s underearning, and it’s something that can be significantly more profitable and significantly larger. Would you get rid of GameStop branding on stores? Would they be eBay stores? No, GameStop is nostalgic. It’s iconic. And it’s not going to be rebranded. You’ve been cheered on by retail investors for years. How have they reacted to your eBay offer? You’d have to ask individual retail shareholders. Everyone has their own different perspective. So, I can’t speak on that. The good thing about this situation at eBay is that ultimately this will be resolved by shareholders. The board and the management team cannot run and hide forever. Thanks, Ryan.

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6/5/2026

SEC’s Investor Panel Rejects Agency’s Semiannual Reporting Plan

Pensions & Investments (06/05/26) Degen, Courtney

Following the U.S. Securities and Exchange Commission's (SEC) May proposal to allow semiannual reporting for public companies, the agency’s Investor Advisory Committee (IAC) expressed opposition to the proposed move, contending that doing so would strip investors of important timely, information. “We conclude that the SEC should not eliminate its quarterly reporting mandate for public companies, as doing so would deprive the markets of timely, material information, and thereby undermine informed investor decision making and the efficient allocation of capital among public companies,” the committee wrote in its recommendation. The recommendation was one of two that members passed at its June 4 meeting, with the other one suggesting actions related to proxy fund voting, including that the SEC allow opt-in retail voting programs similar to that of Exxon Mobil (NYSE: XOM). The SEC’s Investor Advisory Committee, made up of both retail and institutional investors, was created under the Dodd-Frank Act to advise the commission through findings and recommendations discussed in quarterly meetings. On May 5, the SEC issued the proposal allowing public companies the option of filing reports on a semiannual basis, in a move that Chair Paul Atkins said is “aimed at incentivizing companies to go and stay public.” If adopted, companies would be able to check a box on their 10-K annual report filings to indicate the switch to semiannual reporting, with the default choice as quarterly reporting. The proposal’s comment period closes July 6. An SEC spokesperson declined to comment on the IAC’s opposition to the proposal. The committee wrote in its recommendation, “voluntary disclosure regimes tend to produce skewed information environments because firms have strong incentives to disclose information that lowers their cost of capital and, crucially, to withhold information that does not.” Therefore, the committee contended, those firms “with the most useful information for investors — those experiencing performance deterioration, emerging risks, or governance problems — are precisely the firms least likely to voluntarily opt in to quarterly reporting.” In addition, the committee said that eliminating the requirement for quarterly reporting would mean investors “have fewer opportunities per year to reallocate positions based on standardized updates on company performance and outlook, including financial statements.” “The potential negative impact would be particularly high for retail investors,” the recommendation added, since such investors don’t have access to public company management and other resources. When Atkins first floated the idea to allow semiannual reporting back in the fall, some stakeholders said that doing so could hurt institutional investors’ ability to make informed decisions as well. During the IAC meeting, John Gulliver, the committee’s assistant secretary, pointed out that the SEC proposal estimates “a net reduction in direct compliance costs equal to $198,000 per fiscal year” for issuers that choose to file reports semiannually rather than quarterly, according to the proposal. “It’s not clear that this would be enough to move the needle for public companies in terms of compliance costs, or to encourage substantially more private companies to go public,” contended Gulliver, executive director of the Committee on Capital Markets Regulations and Program on International Financial Systems. George S. Georgiev, chair of the committee, said that the “entire idea behind” a mandatory disclosure system is “to have structured outputs that promote comparability.” Yet, having some companies disclose semiannually and some disclose quarterly “then that makes it very difficult to compare, and I think we have to remember that all investment decisions are by their nature comparative decisions,” added Georgiev, a professor at University of Miami School of Law. Separately, the committee also passed a recommendation on June 4 for the SEC to make a series of changes related to fund proxy voting, which most notably includes a short-term recommendation to “permit opt-in retail voting programs, similar to the approach outlined in the Exxon Mobil Corporation no action letter.” That letter, issued Sept. 15, stated that the SEC will not penalize Exxon for implementing a program that enables automatic proxy voting for the company’s retail investors, giving them an easier way to vote their shares based on the board’s recommendation. “The goal is here to improve participation rates and reduce the need for repeated solicitations without compromising on transparency or investor choice,” said C. Rodney Comegys, the vice chair of the IAC’s Investor as Purchaser Subcommittee, at the meeting. Comegys is also chief investment officer and head of global equity at Vanguard Capital Management. The committee’s recommendation additionally includes three medium-term recommendations and three long-term recommendations related to proxy fund voting. Exxon’s retail voting program has drawn scrutiny from some institutional investors, including the New York City comptroller’s office.

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6/4/2026

Lululemon Cuts Outlook as Headwinds Mount

Wall Street Journal (06/04/26) Cloonan, Kelly

Lululemon Athletica (NASDAQ: LULU) cut its outlook for the year, citing fresh challenges, including a spike in negative commentary around the brand and a lackluster response to new products. The headwinds derailed what the athleisure company said were some budding signs of positive traction in the fiscal first quarter as it worked to improve results in North America, its largest market. Lululemon said it has been dealing with a bout of new hurdles more recently, with sales trends worsening. It forecast a sales decline for the second quarter, and now expects sales for the year to be down as much as 1%, compared with its prior forecast for growth of 2% to 4%. It also cut its profit outlook. Chief Financial Officer and interim co-Chief Executive Meghan Frank said the company’s brand took a beating in the media and on social channels recently, which she said dragged on traffic and overall sales. Some product launches, including a new line of yoga apparel, have also missed the company’s expectations, she said. “I want to emphasize that we are not sitting still and we are moving with urgency to make the necessary adjustments to re-accelerate momentum, particularly in North America,” Frank said during a call with analysts. Shares slid 11%, to $111.70, in after-hours trading. Through the market close the stock is down 40% year to date. The lowered view comes after Lululemon settled a long-running dispute last week with founder Chip Wilson, who had publicly criticized the company for years and launched a proxy fight in December seeking to overhaul its board. Under the deal, Wilson will name two new directors to Lululemon’s board, and the company also agreed to add a third director with apparel product and brand expertise, subject to Wilson’s approval. In exchange, Wilson agreed to an 18-month standstill and nondisparagement agreement. Lululemon, for now, is navigating broader challenges under a new leadership team. Since CEO Calvin McDonald stepped down earlier this year, the company is being led on an interim basis by Frank as well as President and Chief Commercial Officer André Maestrini. Former Nike (NYSE: NKE) executive Heidi O’Neill is set to come in as CEO in September. Analysts have said they don’t expect any meaningful improvement to Lululemon’s results until O’Neill, and the new board members, are in their roles for at least a few months. For the full year, the company now expects net revenue to be down 1% to flat to a range of $11 billion to $11.15 billion, compared with its previous forecast for revenue growth of 2% to 4%. The company now projects earnings per share in the range of $10.95 to $11.15 for the year, down from $12.10 to $12.30 previously. For the current quarter, Lululemon expects sales to decline 3% to 2%, to a range of $2.45 billion to $2.48 billion, and per-share earnings of $1.76 to $1.81. Analysts surveyed by FactSet forecast $2.6 billion of revenue and earnings of $2.68 on a per-share basis. For the fiscal first quarter, revenue rose, topping Wall Street’s expectations. The company pointed to some positive developments, including a sequential improvement in full-price sales, as it worked to improve results in North America. Profit came in at $195 million, or $1.69 a share, compared with $314.6 million, or $2.60 a share, a year earlier. Analysts polled by FactSet expected earnings of $1.68 a share. Revenue rose 4% to $2.47 billion, compared with analyst estimates of $2.43 billion. Revenue in the Americas decreased 3%, while international sales climbed 22%. Same-store sales, which adjust for store openings and closings, ticked up 1%, compared with the 0.2% decline analysts were expecting.

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