Kate Swann will step down as ceo of WHSmith on June 30 after more than nine years, the company announced Thursday. She will be replaced by current managing director of Smith’s high street business Steve Clarke. “It is an opportune time to make a change of leadership, and I am sure that the company will continue to thrive under Steve,” Swann told the FT. She didn’t elaborate further on future plans but said she “certainly doesn’t intend to retire.” The news was announced in tandem with the release of WHSmith’s preliminary full-year results, in which pre-tax profits rose 9.7 percent […]
Booksellers
Books-A-Million Second Quarter Sales Rise As Losses Narrow
Books-A-Million reported second quarter earnings for the period ended July 28, and for the third straight quarter sales rose — up 14.9 percent (or $19.6 million)–to $120.4 million compared to a year ago, due to the expanded store base that now comprises 255 outlets. The company recorded a net loss of $0.9 million for the quarter, an improvement from the $2.9 million in losses a year ago. Store comps were also up slightly, at 0.5 percent, compared to the second quarter last year. BAMM ceo and president Terence Finley characterized the general improvement in sales as “reflect[ing] the contribution from […]
Corporate: Bertelsmann Finalizes Company Legal Changes; Book Comps Up at Hastings
Bertelsmann has finally made good on changing the company’s overall legal structure to SE & Co. KGaA, which is often used for businesses with a family-style ownership and structure, from AG (a privately-owned joint stock company.) In a brief announcement Bertelsmann stressed the change was an “identity-preserving change of legal form” which won’t change their ownership structure and corporate structure, or anything for the company’s employees. But it could make it possible for Bertelsmann to raise capital by issuing shares to the public, without giving those public shareholders any meaningful control in how the company is run. Back in March […]
Barnes & Noble Q1 Earnings Boosted By Retail, But Nook Losses Widen
Barnes & Noble did something they haven’t done for a while in their just-reported fiscal first quarter: They actually exceeded analysts’ pessimistic earnings expectations, with a reduced net loss of 78 cents per share (or $41 million), versus the predicted 96 cents a share. And they showed positive EBIDTA for the quarter–just $4 million, but much better than a $24 million loss a year ago. Also, actual bookstore book sales continued to improve, despite a forecast last quarter that those comps would decline in fiscal 2013. But that’s about it for the good news. The bad news is that the […]
Amazon Reports Groundhog Day Earnings: Sales Grow 29 Percent, Profits Fall to Almost Nothing
Amazon reported second quarter earnings after the close of the market Tuesday, and once again stuck to a script that has prevailed for a string of previous earnings reports: growing sales while producing very little income. The company reported revenues of $12.83 billion (up 29 percent, and taking into account unfavorable foreign exchanges that cost them $272 million in sales) and net income of just $7 million, down a big 96 percent (from $191 million) compared to a year ago. Some of the hit in profits came from a one-time estimated net loss of $65 million related to its acquisition of […]
Corporate: Amazon Publishing In Line To Buy Dorchester Publishing Assets; BN Annual Report Tidbits
Months after long-troubled Dorchester Publishing went into foreclosure with more than $2.9 million in outstanding debts to owner John Backe, it appears Amazon Publishing is in line to acquire the company’s backlist, contracts, and other intellectual property, according to a notice of public disposition issued on June 27 and first reported on by agent Richard Curtis. Potential bidders have until August 15 to submit competing offers and, should there be additional bidders, an auction will be held on August 28 at the offices of Garfunkel Wild in Great Neck, NY. Considering how long Dorchester’s assets have been up for grabs, […]