In a brief trading update, Bloomsbury reported that sales are “comfortably ahead” of analysts’ expectations for their fiscal year, ending February 29, and profits are running “materially ahead” of projections. Chief executive Nigel Newton says those results are being “driven by the continued phenomenal demand for fantasy fiction,” and in particular by Sarah J. Maas’s 15 titles. The company compares its results to expectations of sales for the full year of £274 million and profit before taxation and highlighted items of £32.9 million. Last year set records for the company in both sales and earnings, with revenue of £264 million […]
Simon & Schuster Announces Board of Directors
The newly-independent Simon & Schuster announced its board of directors. The independent directors comprise former PRH US ceo Madeline McIntosh, recent COO of TikTok V Pappas, and former Disney executive Kareem Daniel (whose positions at the company included a period as president of Consumer Products, Games and Publishing). KKR’s Richard Sarnoff serves as chair of the board, joined by KKR colleagues Ted Oberwager and Chresten Knaf. All three serve on the board of OverDrive, also owned by KKR. Simon & Schuster ceo Jonathan Karp sits on the board as well. He says in the announcement, “We are thrilled to have […]
Barnes & Noble Education Ekes Out Gains
The company’s fiscal second quarter report oozes with high fives as the company celebrates what they term an increase in sales, up by what we technically call a “smidgen,” at $610.4 million, compared to adjusted sales of $608.6 million a year ago. (Their actual sales a year ago were $617.1 million — which includes $8.5 million from their Digital Student Solutions segment, which was sold in May.) Net income did rise, at $24.2 million, up $2 million from a year ago (with income from continuing operations up less, gaining about $700,000). Comparable store course material sales rose by 5.8 percent, […]
Sales and Earnings Fall at Wiley As It Reorganizes
On Wednesday morning Wiley reported fiscal second quarter results, showing declines in sales and earnings, in line with their previously announced reorganization plans. Sales of $493 million were down 4 percent from $515 million a year, and operating income of $46 million was down 19 percent from $57 million. They took impairment charges of $52 million against the various businesses that have been up for sale, and recording restructuring charges against layoffs. PL had reported a New Jersey WARN notice regarding the termination of 103 people between mid-November and mid-January, and a spokesperson confirmed that was just part of “a […]
AAP Counters Big Tech Arguments on AI
Final “reply comments” on the US Copyright Office’s “study of the copyright law and policy issues raised by artificial intelligence systems” are due by the end of day Wednesday. While the office itself has not yet posted any of the replies, the AAP has provided a copy of their comments to the media. The organization states its “forceful opposition to the flawed and inaccurate assertions submitted by some tech companies and/or their investors in the first comment round, in which they position copyright and the protection of creative expression as an obstacle to innovation and progress. This is nonsense. Copyright […]
Bloom Books Scales to $100 Million; Print Sales Rise In November
Less than three years after its founding, Sourcebooks’ Bloom Books imprint is having a banner year, on track to finish 2023 with almost $100 million in gross sales worldwide according to the company. That has to make the line among the fastest-growing new imprints ever. In outlets tracked by Circana Bookscan, Bloom Books has sold 6.4 million print units so far in 2023, rocketing up from just under 1 million units the same time a year ago. Highlights include sales of more than 1.85 million print units of books by Ana Huang this year, and over 1.5 million print units […]