SVP, international sales David Wolfson will retire from Harper Collins on March 3.
Archives for February 2023
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Indigo’s Holiday Sales Offset Soft Start to the Quarter
Indigo reported fiscal third quarter earnings at the close of trading yesterday, one day after experiencing a cyber incident on Wednesday that continues to shut down the company’s website and all electronic in-store sales. Sales were $422.7 million, down 1.9 percent from $430.7 million last year. Adjusted EBITDA was $40.8 million, down from $52.0 million, due to inflation, increased supply chain costs, and the company’s “investment to support modernized ecommerce technology.” Holiday sales offset a quieter start to the quarter, as consumers were cautious with spending and waited for Black Friday deals. Net earnings were $34.3 million, compared to $45.1 […]
2022 Trade Sales Fell 6.2%
The Association of American Publishers released its StatShot data for December and for all of 2022 from participating publishers, with trade sales falling 6.2 percent for the year and 6.4 percent for the month. Net trade sales for the year were $8.385 billion, down from $8.938 billion. As with Bookscan-reported print sales figures, that is still a substantial gain over 2020 (when trade sales totaled $7.88 billion) and 2019 (at $7.40 billion), and the second-best total ever. Adult sales were $5.76 billion, down 6.4 percent (-$394 million), while children’s and YA books dropped 5.7 percent (-$159 million) to $2.619 million. […]
Harper Sales Fell 14%; Offset By Lower Employee Costs
News Corp. reported fiscal second quarter earnings on Thursday for the period ended December 31, with sales at Harper Collins of $531 million, a 14 percent decline from $617 million in 2021, attributed to lower book sales “due to slowing consumer demand industry-wide, difficult frontlist comparisons and some logistical constraints at Amazon.” The strong dollar accounted for $22 million of the decline. The “softness” in sales was “notably in North America.” EBITDA was $51 million, down 52 percent from $107 million last year, due to those same lower sales trends, as well as “ongoing supply chain, inventory and inflationary pressures […]
Harper and Union Reach Tentative Agreement
Harper Collins and the union, which has been on strike for 66 business days — just under three calendar months — have reached a tentative agreement after mediation. “The tentative agreement includes increases to minimum salaries across levels throughout the term of the agreement, as well as a one time $1,500 lump sum bonus to be paid to bargaining unit employees following ratification,” a release states. Management and the union’s bargaining committee have agreed to the deal, which will be brought to a vote from the full union. If ratified, the contract will extend through the end of 2025.