In a May 26 letter to employees, PRH US ceo Madeline McIntosh officially announced that work from home will continue at least through the summer: “For those of us who ‘usually’ work in offices, we will continue to work in our remote status at least until after Labor Day.” The company is surveying employees about their WFH technology setup: “As successful as our remote work has been, I know that some of you are under particular stress related to tech and logistics. For the time being, we’ll need to be very judicious and disciplined when considering hardware solutions to these […]
Denver’s Publishing Institute Will Go Online This Summer
The University of Denver’s Publishing Institute (DPI) summer program is going online for the 2020 session, the institute announced Tuesday, “in order to balance student health with the need to preserve the DPI student experience.” The program itself is “mostly unchanged,” with the same instructors, curriculum, and assignments. Most classes will be taught live, but “the online format allows for pre-recorded sessions that students may view when it is most convenient to them.” The application period is open through June 1, and tuition remains unchanged at $4810. The institute is enhancing the program’s networking component “by taking advantage of technology […]
Kobo Extends Work From Home Through End of Year
CEO of Kobo Michael Tamblyn shared via Twitter on Thursday the company’s plan to let employees in its Toronto headquarters, as well as in its Dublin, Darmstadt, and Taipei offices, work from home for the rest of 2020. The move is in line with other major technology companies, and perhaps provides a glimpse toward what might be publishing’s new normal. “Back in March, making the call to go remote for *2 weeks* seemed momentous,” tweeted Tamblyn. “Now, extending 7 months seems bizarrely normal.” How large publishers in big cities will repurpose offices that were not designed for social distancing is […]
Bloomsbury Reports Modest Earnings Growth, While Planning for 65 Percent Sales Decline through July
Bloomsbury reported results for the full year ending February 29, with flat sales of £162.8 million, and pre-tax earnings of £13.2 million, up from £12 million a year ago. One-time charges of £2.5 million included amortization of acquired intangible assets of £1.7 million, acquisitions-related costs of £0.6 million, and coronavirus-related costs of £0.2 million. Adult trade sales were billed as “strong,” with sales of £37.4 million, up from £33.5 million last year, and profit before tax and charges of £1.6 million, up from £0.9 million. Children’s trade declined, however, for the second year running. Sales were £59.4 million, down from […]
AAP Stats Shows Reasonable March Results, As Both Shipments and Returns Declined
The AAP released its Stat Shot statistics for March, showing relatively strong sales in the last days before the widespread onset of physical lockdowns. Overall trade sales were $511.7 million, up from $495.3 million last March — and exceeding the five-year average of $484.1 million. Adult print sales were $235.1 million, up from $223.5 last March (reported as $218.8 million at the time). Children’s print sales were $140.3 million, near flat from $139.2 million last March (reported as $133.6 million at the time). The hint of things to come is in the details. Revenues from shipments of adult books to […]
WH Smith High Street Profit and Sales Fell in Fiscal First Half — Then April Sales Dropped 74 Percent
WH Smith reported earnings for the six months ended February 29, 2020, with High Street sales of £315 million, down from £331 million — continuing their long, steady decline, this time down 5 percent overall, and 4 percent lower on a same-store basis. High Street profit was £44m in the period, compared to £48 million in 2019. “There was very little impact of COVID-19 on our first-half results, however, inevitably the performance in the second half will be very different,” said ceo Carl Cowling. In late March the chain closed about 60 percent of its High Street stores, along with […]