Indigo reported third quarter earnings, with sales of $384 million (CA), down from $426 million for the same period last year. Comparable superstore sales were down 10.1 percent, and online sales declined 12.7 percent. But net earnings rose anyway, to $25.8 million from $21.5 million last year, thanks to “focused efforts to improve margin rates across the business and lower the company’s cost infrastructure.” On the earnings call February 7, when asked when the negative trend in same-store sales growth might reverse, CEO Heather Reisman reflected candidly on a difficult year. She said the company had been “hit on all […]
Booksellers
Corporate: Barnes & Noble “A Big Mess”; A Big Charge At Luebbe; Booktopia Adds Funding
Barnes & Noble ceo James Daunt, speaking to inews.co.uk following the release of Waterstones’ results, declares of BN, “We had a pretty awful Christmas over here.” He adds, “But that was because there are parts that I’ve abandoned.” More broadly, he says BN is “as Waterstones was in 2011, which is: not very good bookshops, not looking very nice. It’s a big mess.” While publishers like Lagardere are investing in games, Germany’s Luebbe is taking a big charge after a misadventure there. The company said it will take an impairment loss of between 12 and 14 million euros against its […]
Earnings, and Debt, Grow at Waterstones
UK bookseller Waterstones showed improving profit on relatively flat sales in their primary sales report for the fiscal year ending April 27, 2019. The UK stores and website recorded sales of £392.8 million, compared to £385.7 million in 2018, closer to the £394.8 million in fiscal 2017. Profit was £22.7 million, up from £16.3 million in 2018. Any growth appears to have come from outside of book sales, however: The company calls it “a period absent of significant bestselling titles” and notes that “sales of non-book items continued to grow in absolute terms and as a percentage of sales,” as […]
Briefs: Waiting On Audible Captions Settlement Details, Book Culture Store Closed for Good, and More
For those watching the dates, the parties in the publishers’ lawsuit against Audible seeking to block their Captions feature had been expected to report back to the court on the execution of their settlement agreement as of Tuesday, January 21. But in the meantime, based on the previous report that an agreement had been reached, Judge Valeri Caproni went ahead and dismissed the case with prejudice. She left it up to the parties to decide if they “wish for the Court to retain jurisdiction to enforce their settlement agreement.” In that event the settlement agreement would still be submitted to […]
People, Etc.
Lance Fitzgerald will move over to Penguin Random House Audio, in the new position of vp, content and business development, reporting to Amanda D’Acierno. He has been vp & director, subsidiary rights at Crown. He will be responsible for growing the list to “include foreign-language publishing, original audio publishing, and to deepen our connection to theatre.” With Fitzgerald’s appointment, svp and associate publisher Amy Metsch “has decided to leave the company” after 17 years there. Additionally, Catherine Bucaria has been promoted to director, acquisitions & editorial operations, reporting to Fitzgerald. Laura Schreiber has joined Jimmy Patterson as editorial director. She […]
Barnes & Noble Education to “Review Strategic Opportunities” After Another Poor Quarter
Long-flailing Barnes & Noble Education reported results for another poor quarter, and now may go the way of the Barnes & Noble retail stores, announcing the hiring of a financial advisor to “review strategic opportunities.” That’s generally corporate-speak for putting a company in play, and they note the move comes “in response to a number of unsolicited inquiries.” But nothing is simple at BNED, and they say the adviser will “assist in a review of strategic opportunities to accelerate the execution of customer-focused strategic initiatives and enhance value for BNED shareholders, including, but not limited to, continued execution of the […]