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 […]
Booksellers
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 […]
Earnings News: Indigo Sales Fall Again; LSC Announces Two More Plant Closures
At Indigo, Q2 sales for the period ending September 28, 2019, declined to $203.4 million (CA) compared to $216.3 million for the same period last year, a decrease of 6 percent. The operating loss was ($20.455 million) from ($19.125 million) last Q2. On the earnings news, the stock was down slightly to $4.30 a share at 11 a.m., down about 2 percent from close. Comparable retail superstore sales for the quarter decreased 7.4 percent, while small format stores decreased 5.7 percent. As for product mix, print gained slightly as a percentage of sales, moving to 59.5 percent of sales, from […]
Book Sales Keep Falling at Otherwise Strong WH Smith, With Purchase to Build US Travel Business
WH Smith announced earnings for the year ended August 31, 2019, with revenues for the overall group of £1.4 billion, up from £1.3 billion. The growth is all in the company’s fast international travel business — now about to double in size via a major acquisition. Alongside earnings, the company announced an agreement to purchase of the Las-Vegas based Marshall Retail Group, for $400 million. Marshall has 170 North American locations, 59 of them inside airports, mostly selling news, gifts, and convenience products. The purchase builds on their 2018 acquisition of InMotion in the US for $208 million (following an […]
Continued Trade Momentum Boosts Sales at Scholastic
Scholastic reported earnings for their fiscal Q1 2020, ending August 31, with sales of $232.6 million, up from to $218.4 million in the first quarter of 2019. “The big story in the quarter was our strong trade frontlist worldwide,” said cfo Ken Cleary on the analyst call. Trade publishing sales were $74.1 million, up from $61.4 million last year. In overall Children’s Book Publishing and Distribution, which includes book clubs and fairs as well as trade, first quarter revenues rose to $109.6 million, from $95.7 million. “Most impressive was our strength in series publishing — Dog Man, Captain Underpants, Harry […]
Barnes & Noble Education Stays Weak; WH Smith On Track
Barnes & Noble Education reported results for their fiscal first quarter, a seasonally “low activity” period. Sales keep falling — at $319.7 million, down $18.2 million from a year ago, or 5.4 percent lower. They registered declines across all three business segments: College stores, the textbook wholesale business, and their digital student solutions. The announcement celebrates that general merchandise sales comps rose 4.9 percent (gaining $5.9 million) — yet course material sales fell 11 percent (down $13.7 million) and trade book sales declined 11.8 percent (falling $1.2 million). There you have the essential problem of this entire enterprise. The net […]