Triple Problems at Penguin Pull Down Pearson Results; Weak 2005 Forecast Means $10 Mil Charge at Penguin US Following their warning to financial markets in mid-January, Pearson’s annual performance came in at the low end of expectations, and profits fell 6 percent overall, reflecting a triple whammy: the weak dollar, the Penguin UK warehouse mess, and a striking decline for Penguin in the US in the second half of the year. Penguin sales fell 6.5 percent (though the company calls it flat after accounting for currency fluctuations), to $1.51 billion, and profits plunged 41 percent, to $104 million. The company […]
