Barnes & Noble filed restated historical financial statements with the SEC after concluding that they had “overstated certain accruals for the periods prior to April 27, 2013, as a result of inadequate controls over the accrual reconciliation process at its distribution centers.” The company made a few other historical restatements as well. The primary effect was to increase their reportable earnings from the past three years–so the 2012 net loss got $4 million smaller; the 2011 loss got $5 million smaller; and the 2010 earnings rose $6 million. With those corrections, the company also filed their delayed annual report with […]
Booksellers
Rinse and Repeat: Amazon Sales Grow 22 Percent, For A Small Net Loss
Amazon reported second quarter sales after the close of the market on Thursday. Results looked a lot like last quarter’s: Sales grew 22 percent to $15.7 billion, as operating income fell to $79 million (down 26 percent), with the company recorded a net loss of $7 million, or two cents a share. Those numbers were in line with the company’s broad range of guidance, but the silly stock analysts had somehow talked themselves into expect actual earnings of 5 cents of a share (and slightly higher sales). Similar to the first quarter, North American media sales of $2.173 billion were […]
People, Etc.
Jeff Tegge has joined Legato Publishers Group, the recently announced new distribution affiliate of Publishers Group West headed by former IPG chief Mark Suchomel, as vp, sales. Legge was formerly a colleague of Suchomel’s at IPG, where he also had the title of vp, sales. Christina Quintero has joined Little, Brown Books for Young Readers as art director for licensing. Previously she was associate art director at Grosset & Dunlap/Price Stern Sloan. The Guggenheim-Lehrman Prize is a newly launched award for the best scholarly book in military history. The prize, worth $50,000 will be awarded beginning in February 2014. The ABA announced […]
Sales, Comps and Earnings Fall at BAM with No Big Hits; Sales and Profits Drop for Indigo
Following the expansion of their store footprint over a year ago, Books-a-Million has returned to sales declines on both an overall as well as a comparable store basis. For their first quarter, ending March 4, overall sales fell 7.4 percent to $104.5 million (down from $112.8 million a year ago), and same-store sales dropped 6.8 percent. As a result, their net loss from continuing operations increased — up to $3.7 million, 25 cents per share, almost double the $1.9 million loss recorded a year ago. CEO Terrance Finley said in the announcement, “Our first quarter results were slightly below our […]
Briefs: People, Terms, Awards, and More
As part of Simon & Schuster’s move towards what they see as a “globally coordinated, strategic approach to our worldwide ebook business,” current vp, business development Doug Stambaugh has been named vp, global ebook market and development strategy, reporting to Dennis Eulau. In the newly created position, Stambaugh will evaluate opportunities for retail expansion, and new partnerships, digital channels and publishing initiatives, and develop company-wide strategies, policies and best practices in areas ranging from terms and pricing to DRM, technology platforms and new business models. “While digital content is firmly established as a significant portion of our business, the digital […]
Sales Rise 22 Percent At Amazon, Though International Media Stalls
Amazon’s sales grew 22 percent to $16.07 billion in their first quarter, as operating income fell to $181 million (down $11 million) and net income dropped more, down $48 million to $82 million in the quarter — for a margin of just over half of one percent. Though slim, those earnings were ahead of analysts’ expectations (but sales were slightly below estimates). The company forecast a likely loss for the next quarter (or a best a tiny margin of up to $10 million), and sees sales growing 13 percent to 26 percent. On that softer than expected outlook, shares fell […]