UK retailer WH Smith released its interim report for the six months ended February 28, 2019, including plans for updates to its High Street store inventory. Total group revenue of £695 million was up 8 percent, with High Street sales — where most of their book sales occur — at £331 million, down £4 million from a year ago. High Street trading profit was £48 million, down £2 million from a year ago. They took a £7 million restructuring charge in the segment, following “a detailed review” that includes closing “around 6 High Street stores.” High Street comp store sales […]
Booksellers
As Hudson Group Grows, Media Sales Continue to Slide
The Hudson Group, the travel retailer and bookstore, released Q4 and full-year 2018 earnings, as well as their first annual report since going public in February 2018. Book sales are registered in a breakout of “literature and publications,” with that segment declining slightly in the three years of data provided, as “confectionary, food, and catering” grew commensurately. Literature and publications comprised 9 percent of company sales in 2018, or $167 million, declining from $176 million and $193 million in 2017 and 2016 respectively. In 2016, literature and publications were almost 12 percent of sales. Meanwhile, the company opened a new […]
Barnes & Noble Stock Drops After Q3 Earnings Disappoint
From a short-term, publisher perspective, Barnes & Noble’s fiscal third quarter report was in line with their holiday sales update, showing sales just $400,000 below flat at $1.231 billion. Actual book sales did fall a bit, by $7.6 million or 1.2 percent, as non-book sales rose $19.1 million, or 4.9 percent, particularly as the company picked up the slack in the toy market. From a more existential, investor perspective, though, it was another poor quarter with little prospect of improvement on the horizon. Adjusted EBITDA of $133 million was down $6.5 million, due to the increased marketing and promotional spend […]
Barnes & Noble Education Stock Falls on Reduced Guidance
Barnes & Noble Education’s shares were down close to 30 percent in the first two hours of trading on Tuesday, after the company once again released lower-than-expected earnings and reduced guidance. Fiscal third quarter sales of $550 million fell 8.8 percent, down from $603 million a year ago. (Second quarter sales had fallen 8.1 percent; first quarter sales were down 5.1 percent.) Non-GAAP adjusted EBITDA was $22 million, down from $34.6 million in the prior year period. The continuing poor results led the company to reduce its 2019 guidance, with consolidated sales now expected to be in the range of […]
Indigo Q3 Sales Flat But Earnings Down 50% During Challenging Period
Indigo reported third quarter revenue just below flat for the 13 weeks ending December 29, 2018, with sales of $426 (CA) million compared to $433.3 million for the same period last year, a decrease of 1.7 percent. Comparable superstore sales were flat, with small format store comps up 2.8 percent, as online sales declined by $1.5 million, to $75 million overall. The company billed the results as “satisfying” given the challenges during and leading into the period: A strike at Canada Post, a delayed renovation schedule, the closure of two low-performing stores, an increase in the minimum wage, plus an accounting […]
By the Actual Numbers, Sales and Profits Fell Slightly at Waterstones
As we’ve observed before, the UK press and the UK trade love the survival/revival story of bookselling chain Waterstones, regardless of what the numbers say. In the British tradition, the chain recently filed annual results for the fiscal year ending April 28, 2018 — prior to the sale of a controlling stake to Elliott Advisors — and the data shows another year of a small slide in both sales and earnings. Sales for the main group were £385.7 million, down £2.3 million, and all profits measures fell slightly as well. Operating profit was £24 million (down £.44 million), and after-tax […]