As expected, Penguin rode the big swing in dollar/pound exchange rates to sales for the year of 903 pounds, a 6.7 percent increase, as adjusted operating profit rose 26 percent, to 93 million pounds, exceeding the company’s long-discussed target margin of 10 percent a year. (On a “constant exchange rate basis,” though, the company says sales were flat, and profits rose 4 percent; on an underlying basis, after accounting for the sale of a small wholesaling business in 2007, sales grew 3 percent.) Those profit gains came in spite of a charge in the “the small units of millions of […]