Scholastic announced earnings for the first quarter of 2023, ended August 31, with sales of $263 million, up 1 percent from last year. The company said results were “on plan” for the quarter, which usually reports an operating loss, with a typical dip in the summer when kids are out of school and investments in Education Solutions. That operating loss this quarter was $(58.1) million, compared to $(32.0) million last year. The greater loss was due to increased freight costs and lower sales in Education Solutions. Last year results also benefited from “the timing of shipments related to the pandemic.” […]
France Imposes Minimum Shipping Fee for Book Orders
The French government has set a minimum fee of €3 for online book orders of less than €35, Reuters reports. France has submitted the proposal to the EU and the fee will take effect six months after it is approved. In December of last year the government passed a law requiring a minimum shipping rate — aimed to level the playing field between independent retailers and Amazon, which offers shipping as low as one cent — but hadn’t determined what the rate would be.
Bookselling: B&N in Bellvue, WA
Barnes & Noble will open a new store at the Crossroads Shopping Center in Bellvue, WA on September 28, while closing their store at 106 Ave NE downtown. The old store will be razed to make way for a “three-tower, mixed use redevelopment.”
Yaged Begins Running Macmillan
President of Macmillan Publishers US Jon Yaged has taken over the day-to-day duties of running the company, ceo Don Weisberg told employees today. In May, Weisberg announced that he would step aside as ceo and Yaged would assume the title at the end of the year. Today’s announcement is part of “continuing the CEO transition.” Weisberg indicates he “will continue to be available to everyone for advice or guidance through the end of the year when Jon takes on the CEO title.” In a memo to staff, Yaged detailed a number of personnel changes. Clare O’Rourke is promoted to cfo, […]
Imprint: Thesis
Portfolio will launch Thesis, a new imprint which will publish “urgent idea-driven nonfiction by thought leaders, journalists, and experts with a strong point of view.” The first list will publish in spring 2023 with Struggle Sessions by Nellie Bowles, and future authors include activist Laila Mickelwait, journalist Matt Taibbi, “America’s government teacher” Sharon McMahon, and evolutionary psychologist Diana Fleischman. The imprint will be led by Sentinel editorial director Bria Sandford and Portfolio editor-in-chief Niki Papadopoulos. Portfolio president and publisher Adrian Zackheim will serve as publisher, and Helen Healey will rejoin the company as editor to acquire for Thesis, Sentinel, and Portfolio. […]
Initiatives: Open Road to Promote MG and YA Hardcovers
As part of their Activation service to promote frontlist titles to their subscribers, Open Road Integrated Media will launch the Fall Hardcover Discovery Initiative for hardcover middle grade and young adult titles. Participating publishers can choose up to five titles to be featured on the company’s websites and newsletters. The initiative is a response to Barnes & Noble’s decision to reduce stock of MG hardcovers. “With changes in the retail and media landscape, it has never been more challenging to publish a new middle grade or YA hardcover,” ceo David Steinberger said. “The Fall Hardcover Discovery Initiative will provide middle grade […]