After Amazon initially met accusations that they pay workers too little from Senator Bernie Sanders and others with pushback, the company announced a more productive course: “We listened to our critics, thought hard about what we wanted to do, and decided we want to lead,” ceo Jeff Bezos said in their press release. “We’re excited about this change and encourage our competitors and other large employers to join us.” That change is a promise to pay all US workers a minimum of $15 an hour, starting November 1 — including part-time, temporary and seasonal workers, and including divisions such as […]
Booksellers
Barnes & Noble Celebrates Doing Less Worse Month by Month
This is what it has come to. Barnes & Noble reported fiscal first quarter sales through July 28, and once again fell short of analysts’ expectations. The stock is down about 8 percent in the first hour of trading. Sales of $795 million were down 6.9 percent from a year ago (expectations were $833 million) and the net loss was $17 million, or 23 cents per share, compared to a loss of $10.8 million a year ago. EBITDA was $7.7 million, as compared to $11.2 million a year ago — even with $22 million in expense reductions. (Nook actually produced $2.3 million of […]
People, Etc.
Hasan Altaf joins the Paris Review as managing editor next Tuesday. Most recently, he was the managing editor at Harper’s Magazine. Fiction writer, poet, and musician Christian Keifer takes the new role of West Coast editor. Additionally, an expanded roster of advisory editors incorporates former poetry editor Robyn Creswell, plus Saskia Hamilton and Christopher Merrill. At Milkweed Editions, Joanna R. Demkiewicz has been promoted to marketing director. Jordan Bascom moves up to publicist. Former John Murray publishing director Eleanor Birne joins David Godwin Associates as an agent on September 3. The MacDowell Colony announced 87 recipients of fall-winter fellowships, including […]
Barnes & Noble Education Falls Short In First Quarter and Stock Drops
After one glorious quarter of giving investors a little comfort, Barnes & Noble College is back to its old ways. The company reported fiscal first quarter earnings on Wednesday morning, missing analysts’ expectations for what is their quietest quarter. Sales of $337.5 million were down $18.2 million or 5.1 percent — even with the incorporation of the Student Brands acquisition — with a higher seasonal net of loss of $(38.6) million, compared to a loss of $(34.8) million a year ago. Same-store sales at their college bookstores were down 2.2 percent. Analysts were expecting flat sales and a reduced loss […]
Indigo’s Sales and Profits Fall on Store Renovations and Investments, As Merch Sales Keep Growing
Canadian retailer Indigo reported sales for their fiscal first quarter, ending June 30, with sales of $205.4 million (CA), down $1 million and below expectations of a modest gain, as the company swung to an adjusted EBITDA loss of $13.3 million, and a pre-tax loss of $20.7 million (versus a loss of $7 million a year ago). EBITDA suffered due to “higher discounting, higher costs at the expanded distribution facilities, the increase in minimum wage in Ontario, and other investments in transformational initiatives.” Superstore sales comps were barely positive, up 0.2 percent, as were small-format store comps, up 0.76 percent. […]
More Earnings: Pearson Says PRH Sales Fell, Amazon Keeps Growing
Pearson reported modest results for the first half of 2018, with “good progress against strategic priorities” and their “efficiency program on track,” in line with their previous guidance for the year. (Which called for falling overall operating profit, though growth in the “underlying” profit.) The US higher ed business “grew modestly in the first half helped by lower returns, as expected” but is still projected to decline in the more important second half due to “underlying market pressures.” And the US K12 business remains up for sale. Profits from their stake in Penguin Random House declined to £22 million — […]