Amazon reported third quarter results on Thursday afternoon, with much better than expected net income of $2.88 billion, on sales of $55.6 billion (up 20 percent). But the stock is down on the news — albeit after rising 7 percent during the day on Thursday — declining 8.5 percent or about $150 a share in the first hour of trading on Friday. The reason is that investors didn’t like the forecast sales growth for the big fourth quarter of only 10 to 20 percent (with operating income expected to be anywhere from flat, at $2.1 billion, up to $3.6 billion. […]
Booksellers
WH Smith Has Stable Profit, Still Declining Sales in High Street
UK book retailer WH Smith announced preliminary results for the year ended August 31, 2018. Overall, revenue increased 2 percent, at £1.262 million this year, with group trading profit up 3 percent, to £163 million, both driven by their travel division. Revenues from the High Street bookstores declined 3 percent, on both a like-for-like and overall basis, down to £590 million from £610 million. Book sales, however, declined further, falling 6 percent like-for-like. Stationery, meanwhile, continues to grow and now accounts for “about half” of High Street sales. (The company further noted it had successfully capitalized on the slime trend, […]
So Amazon Will Respond to Public Pressure, Raising US Wages to $15 An Hour
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 […]
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 […]