Scholastic reported earnings for the fiscal third quarter ended February 28, with sales of $345 million, up 24 percent or $67 million from last year, though still behind the $373 million recorded two years ago. The recovery was driven predominantly by their book fairs, with sales back up to $76 million, versus just $27 million last year, and $100 million in 2020. They held approximately 70 percent of the pre-pandemic number of fairs. The seasonal operating loss excluding one-time items was $(16.7) million, compared to a loss of $(11.9) million a year ago, due to higher labor costs and, in […]
US Gains Drive Quarto Sales Up 19 Percent in 2021
Quarto reported earnings for the year ended December 31, 2021, with sales of $151.5 million, up from $127 million in 2020, a 19 percent increase. US sales of $93.4 million were up by $17 million. UK sales were $20.2 million, up $2 million, and non-UK sales in Europe were $21.2 million, up from $17.4 million last year. The company said a release the gains were due to “Clear focus on maximizing the group’s core strengths, retaining a disciplined business model, further debt reduction and developing future growth opportunities.” Operating profit was $16 million, up from $9.3 million. The company lists […]
Office Updates: HBG Sets April Return Dates, Macmillan to Start Pilot, and More
Hachette Book Group ceo Michael Pietsch announced to employees dates they will be expected to return to the office: April 18 in Berkeley, Boulder, Chapel Hill, Nashville, Philadelphia, Portland, Toronto; April 25 in New York and May 2 in Boston and North Adams. In a 6-month pilot program, “HBG will follow a hybrid model, with all fully vaccinated office-based staff members required to work from the office two days per week (with the exception of those whose roles require full-time on-site presence, such as facilities and warehouse colleagues). These in-office days will be fixed, which will help coordinate interactions with the […]
Two British Publishers Self-Censor Books Printed in China
Two British publishers have edited books that are printed in China based on Chinese regulations on free speech, the Financial Times reports. The titles from Quarto and Hachette UK’s Octopus Books were manufactured for western distribution but, like many illustrated books from US and UK presses, produced in China because it’s cheaper to print there. Since 2020, in separate books Quarto has removed references to Hong Kong and dissident Chinese artist Ai Weiwei. In addition, the FT writes, “the nationality of people mentioned in one book was also changed from Taiwanese to East Asian, while references to Tibet, a region […]
People 3/16
At St. Martin's, Martin Quinn has been promoted to director, marketing and bookseller strategy. Kirsi Balazs has been promoted to associate manager, marketing & sales operations. Alexis Neuville has been promoted to associate manager, marketing. Hannah O'Grady has been promoted to editor.
Lambda Literary Award Finalists
Lambda Literary announced the finalists for their 34th annual awards. Winners will be announced in a virtual ceremony on June 11.