Barnes & Noble Education reported earnings for the first fiscal quarter of 2021 ending August 1, with sales of $204 million, compared to $320 million in last year’s quarter, a decline of 36 percent. The net loss steepened to $(46.7) million, compared to $(32.2) million last year. With the majority of campus bookstores closed all quarter, retail sales decreased by $116 million compared to the prior year, with comparable store sales of approximately $107 million, down 42.8 percent. “Physical textbook sales declines were partially mitigated by the shift to digital textbook products,” said the release. Meanwhile, furloughs and other cost […]
Booksellers
Barnes & Noble Education Is Finished Considering A Sale
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 time, the company also made significant progress towards implementing and executing its digital transformation strategy, which further enhanced the company’s importance and relevance to its customers, particularly given the post-COVID-19 shift to remote learning.” Independent director Vice Admiral John R. Ryan says in the announcement, […]
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 stores starting May 19 and had all but one of their stores open again by the end of the quarter, though with reduced hours and social distancing within stores. (As previously announced, they did close 15 small-format stores at the end of June rather than […]
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 and they are in consultation with the employees. (In early July the Bookseller confirmed that the company was already in consultation to layoff 150 people at their head offices in London and Swindon.) Though High Street sales have improved gradually as lockdown restrictions eased, they […]
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 publications fared even worse, declining 93 percent to $2.6 million, down from $39.9 million last year’s second quarter. In a new “reduction in workforce,” the company has permanently laid off nearly 40 percent of its team, both corporate and field staff, effective July 31. An […]
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 year-on-year, with ebook revenue up 53 percent. Performance was strongest in the US, where sales grew by 38 percent, led by Crescent City: House of Earth and Blood by Sarah J. Maas, Why I’m No Longer Talking to White People About Race by Reni Eddo-Lodge, […]