Bertelsmann announced results for the full year 2022, and while the parent company’s sales grew 8.3 percent to a record of €20.2 billion, sales at Penguin Random House rose 4.8 percent (or €193 million) to €4.223 billion—below the target for the year and “largely due to exchange rate effects,” especially the strong US dollar. Organically, sales fell 3.3 percent, while foreign exchange produced a gain of 7.3 percent during the year. Those “reduced sales levels” were “mainly due to normalization of book markets.” Operating EBITDA for PRH fell 11.8 percent to €666 million, down from €755 million in 2021, “due […]
