Scholastic reported earnings for the fiscal third quarter ended February 28, with sales of $278 million, a decrease of $96 million, down 26 percent. The decline was mainly due to lost sales in its big book fair business (where sales of $27 million were down 73 percent, a $73 million shortfall) as many schools remained closed. The operating loss excluding one-time items was $(11.9) million, compared to a loss of $(16.8) million a year ago, thanks to “the company’s restructuring and cost saving initiatives, as well as the receipt of certain COVID-related wage and rent subsidies.” One-time expenses included asset […]
New Books Publishing March 16
This week’s fiction includes new work from Harlan Coben and Peter Robinson, as well as Emma Stonex’s debut, The Lamplighters, which was excerpted in our Spring/Summer Buzz Books. In nonfiction, we welcome Chip Gaines’s second punny title, No Pain, No Gaines: The Good Stuff Doesn’t Come Easy; Julia Sweig re-evaluates a beloved first lady, with Lady Bird Johnson: Hiding in Plain Sight; and more. 6 new works of fiction https://bookshop.org/lists/new-fiction-publishing-march-16 https://shop.aer.io/publishers_lunch/cl/New_Fiction_Publishing_March_/219162 8 new nonfiction titles https://bookshop.org/lists/new-nonfiction-publishing-march-16 https://shop.aer.io/publishers_lunch/cl/New_Nonfiction_Publishing_March_/219163 We consult a number of sources in compiling our weekly lists and PM members can see our lists for the coming three months through this reference […]
Barnes & Noble Education’s Struggle Continues; WH Smith Improves Its Burn Rate
Barnes & Noble Education reported earnings for the third fiscal quarter ended January 30, with sales of $412 million, compared to $503 million last year, a decline of 19 percent. While sales were better than analysts’ expectations, earnings were worse, with net loss of $(48) million, down from $(2) million last year. The loss included pre-tax impairment of $27.6 million, “on certain store-level long-lived assets in the retail segment.” Retail sales decreased by $70.3 million in the quarter, or 15.4 percent. Comparable store sales were down 20 percent overall, with the biggest decline in trade books, down 61 percent. Textbook […]
New Books Publishing March 9
This week, Walter Isaacson’s timely history of the CRISPR gene editing is among the nonfiction releases, alongside a bevy of new fiction, including Imbolo Mbue’s How Beautiful We Were, Kate Quinn’s The Rose Code, and Thomas Grattan’s debut Recent East. Amanda Dennis’s Her Here, an existential detective story, was excerpted in our Spring/Summer Buzz Books, downloadable here. 17 new works of fiction https://bookshop.org/lists/new-fiction-publishing-march-9 https://shop.aer.io/publishers_lunch/cl/New_Fiction_Publishing_March_/219096 6 new nonfiction titles https://bookshop.org/lists/new-nonfiction-publishing-march-9 https://shop.aer.io/publishers_lunch/cl/New_Nonfiction_Publishing_March_/219097 We consult a number of sources in compiling our weekly lists and PM members can see our lists for the coming three months through this reference page. But if you want to make […]
Pearson Sales and Profit Down in 2020 as Management Predicts a Return to Growth
Following on their January trading update, Pearson announced full earnings for 2020. Sales were £3.4 billion, a decrease of £472 million, or 10 percent, as reported in January. Of the decline, £55m was due to scope changes, and £31 million from negative currency impact. Operating profit was £411 million, up from £275 million, but for 2020 the adjusted numbers are more revealing, since the statutory numbers reflect the £531 million gain from selling the company’s final 25 percent stake in Penguin Random House, which generated a pre-tax profit of £180 million. The year also saw lower restructuring costs, as the […]
Wiley’s Sales Near Flat, Earnings Down in Q3
Wiley reported third quarter sales for the period ended January 31 of $483 million, up from $467 million, or 3 percent on the topline. But that includes $7.6 million in favorable foreign exchange and added sales from the big Hindawi acquisition. Net income for the quarter was $22.2 million, down from $35 million, while adjusted EBITDA was $104 million, up from $96 million. They took $20.7 million in restructuring expenses, mostly related to a previously announced reduction in their real estate footprint. The most positive sign in the report is that Wiley raised its full-year outlook, now anticipating higher earnings […]