Booksellers

Confirming preliminary estimates offered in April, the travel retailer and book chain Hudson reported first quarter sales for the period ending March 31 of $341.5 million, down 23.3 percent due to COVID-related store closures in airports worldwide. Sales of “literature and publications,” which includes books, fell even further, at $24.6 million, down 31 percent from $35.7 million a year ago. Same-store sales were down 22.5 percent, to $307.4 million. The company recorded a goodwill impairment of $52.3 million, contributing to an operating loss of $(76.3 million), compared to a profit of $15.1 million last first quarter. Beginning in mid-May, as […]

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 […]

The Hudson Group, the travel retailer and bookstore owned by parent company Dufry, released Q4 and full-year 2019 earnings as part of their 2019 annual report last week. Unlike last year’s annual report, real figures for book sales (or rather, “literature and publications”) weren’t included. However, literature and publications represented 7.8 percent of total net sales, down from 8.9 percent last year, 10 percent in 2017, and 12 percent in 2016. Working backwards from annual net sales for 2019 of $1.91 billion (an increase of $30.1 million from last year), that suggests literature and publications sales of approximately $150.1 million, […]

WH Smith provided an early update on its half-year results, alongside a warning about the potential impact of Covid-19 on earnings. For the first half of the fiscal year through the end of February, overall sales rose 7 percent, though High Street bookstore sales fell 5 percent, and were down 4 percent on a same-store basis. Profit for that period  “will be in line with market expectations,” says the release. The group says the virus crisis has not yet significantly impacted High Street sales; however, “it recognises that Covid-19 could result in reduced high street footfall.” But their travel store […]

Barnes & Noble reported weak earnings yet again, with third quarter sales of $502.3 million, down 8.3 percent from last year’s period, and a net loss of $(1.7) million, compared to net income of $0.8 million in the prior year period. The company announced another “significant cost reduction program,” the benefits of which aren’t expected until 2021. Next quarter, the program will result in a $10 million to $15 million restructuring charge. Same-store sales fell 7.3 percent in the retail (college bookstores) division, and wholesale sales declined 14.7 percent. The company now expects full year adjusted EBITDA of between $80 […]