After a lengthy investigation that started last December following “a number of unsolicited inquiries,” the Barnes & Noble Education board has once again found that it is doing a terrific job and has formally ended any consideration of a sale. “An exhaustive strategic review was undertaken and completed,” the release says. Fortunately, “At the same…
Booksellers
Indigo Sales Fell 30 Percent
Indigo reported earnings for the first quarter ending June 27 earlier in August, with sales of CA$135 million, down $57.5 million from $193 million last year, a 30 percent decline. Net loss was $(31.6) million, compared to $(19.1) million in last year’s quarter, during a period heavily affected by pandemic-related store closures. Indigo reopened their…
Corporate: WH Smith Expects to Lay Off 1,500 Employees
WH Smith issued a brief trading update today to accompany proposals that would restructure their UK stores to lay off approximately 1500 employees across the business, with both Travel and High Street businesses facing a long, slow recovery from the pandemic. The cost of the plan is estimated at £15 million to £19 million pounds…
Hudson Permanently Lays Off 40 Percent of Staff with Bleak Outlook for Travel
The travel retailer and bookseller Hudson reported earnings for the second quarter ending June 30, 2020, with sales of just $62 million, an 88 percent decline from $510 million a year ago on worldwide airport store closures due to the pandemic. Like-for-like sales were $53 million, a decline of 82 percent. Sales of literature and…
Title Mix Helps Bloomsbury to Sales Gain
Bloomsbury reported earnings for the four month period ending June 30, with trade sales of £31.5 million, up from £24.6 million — an unexpected increase of 28 percent over the prior year period, despite the disruption caused by COVID. Print revenues were 9 percent above last year’s sales, and digital revenues grew by 63 percent…
Barnes & Noble Education Reports Continuing Decline, Sharpened by COVID
Barnes & Noble Education announced fourth quarter earnings, with sales of $256.9 million, down from $334.4 last period, a decline of 23.2 percent. Retail, by far BNED’s largest segment, was heavily hit as COVID shut down campuses nationwide, while sales in the much smaller wholesale and digital student solutions increased. Net loss was $(40.3) million,…