Indigo reported third quarter earnings, with sales of $384 million (CA), down from $426 million for the same period last year. Comparable superstore sales were down 10.1 percent, and online sales declined 12.7 percent. But net earnings rose anyway, to $25.8 million from $21.5 million last year, thanks to “focused efforts to improve margin rates across the business and lower the company’s cost infrastructure.” On the earnings call February 7, when asked when the negative trend in same-store sales growth might reverse, CEO Heather Reisman reflected candidly on a difficult year. She said the company had been “hit on all […]
Archives for February 2020
Harper Reports Weak Holiday Quarter
News Corp. reported earnings for their fiscal second quarter, ending December 31, with Harper Collins registering its third consecutive weak quarter. Sales of $442 million were down $52 million from a year ago, falling 11 percent. EBITDA fell further, down 28 percent, to $63 million from $88 million. The company attributed the shortfalls “primarily due to the difficult comparisons to the prior year” — but it was a soft holiday compared to earlier periods, too. In 2017 sales were $469 million and EBITDA was $78 million. Digital sales increased 5 percent compared to the prior year, primarily due to a […]
Publishing Figures in France Sign Op-Ed Condemning Sexism in the Industry
Forty-four authors and publishing figures in France have signed an op-ed written by literary director of Editions Stock Caroline Laurent about sexual harassment and sexism in the industry. It follows accusations against the writer Gabriel Matzneff and the withdrawal of his books from the market by publisher Gallimard. The piece says, “This scandal, so courageously reproduced by Vanessa Springora in Le Consentement, proves that this is a national affair and not a stir specific to the literary world alone.” “Sexism in publishing is a reality, as in many other sectors,” the op-ed continues. “But it is a hidden reality in […]
Corporate: Barnes & Noble “A Big Mess”; A Big Charge At Luebbe; Booktopia Adds Funding
Barnes & Noble ceo James Daunt, speaking to inews.co.uk following the release of Waterstones’ results, declares of BN, “We had a pretty awful Christmas over here.” He adds, “But that was because there are parts that I’ve abandoned.” More broadly, he says BN is “as Waterstones was in 2011, which is: not very good bookshops, not looking very nice. It’s a big mess.” While publishers like Lagardere are investing in games, Germany’s Luebbe is taking a big charge after a misadventure there. The company said it will take an impairment loss of between 12 and 14 million euros against its […]
Hachette Acquires Disney Book Group, Moves to Inform and Reassure Confused Authors and Agents
Hachette Book Group has acquired the Disney Book Group, comprising a catalog of over 1,000 titles, announced Thursday afternoon, and will publish those books as part of Little, Brown Children’s. The deal includes over 100 titles acquired but not yet published by Disney. A small number of titles that lend themselves to exploitation in multiple forms were retained by Disney and transferred out of the group to a different entity before the sale closed. Little, Brown Children’s publisher Megan Tingley said in an email to authors and agents that “as of February 1, 2020, the acquired titles are available on […]
Publishers’ Victory Over Audible Captions Applies to All AAP Publishers
Following our exclusive report that the seven publishers and Audible had filed a proposed permanent injunction with the court that would end the lawsuit over the Audible Captions feature, the AAP released a brief statement that expands the scope of the settlement. AAP president and ceo Maria A. Pallante said in a written statement: “AAP, the plaintiffs, and Audible have resolved their pending litigation. Audible has agreed that it will obtain permission from any AAP members that are in good standing with AAP before moving forward with Audible Captions for their works.” As that statement suggests, the parties reached and […]