In a mixed second quarter report, Harlequin parent Torstar said book sales rose 8.7 percent to $249 million (CA), though the increase was due almost entirely to the weaker Canadian dollar. Currency exchange comprised most of the profit gains as well, up $2.4 million at $19.7 million for the period. “Underlying results were up in the overseas and North America direct-to-consumer divisions and down in North America retail.” And the company expects weaker results in the second half of their year. They expect to grow “but not at the rate realized in the first half.”
The company notes: “Harlequin continues to face risk from the global and, in particular, the U.S. economic situation including disruptions to the U.S. retail distribution system and potential further reductions in consumer spending.”
Release