WH Smith reported preliminary results for fiscal 2014, with sales at their High Street stores falling 6 percent to £684 million. Book sales overall fell more, down 8 percent for the year as the “market continues to be challenging” (after declining 6 percent in the previous year). Same-store sales were down 5 percent, but their cost savings program helped profit for the segment rise 4 percent to £58 million. The company notes: “While the eBooks market continues to see growth, it is evolving as we had expected with rates of growth and value penetration slowing. eBooks remain a relatively small […]
Earnings Reports
Briefs: Bloomsbury Considered Possible Osprey Buyer; Canongate 2013 Results; and More
On the heels of the Osprey Group selling off Angry Robot, Watkins, and Nourish earlier this month to entrepreneur Etan Ilfeld, the remaining divisions are still potentially up for sale, with Bloomsbury considered to be the most likely buyer, the Bookseller reports. They say the current speculation is that “both Bloomsbury and Hachette were in the running to acquire [Osprey]” but that Bloomsbury is the front-runner. That said, “neither Bloomsbury, Sullivan, Osprey chairman Robin Black nor Alcuin Capital would respond to requests for details of the sale.” Canongate reported strong results for 2013, with full-year sales at £10.4 million, up 7.8 percent […]
Sales Rise, But So Does the Seasonal Loss At Scholastic
In Scholastic’s fiscal first quarter, ending August 31, sales rose $7.5 million, up less than 3 percent at $284 million, but their seasonal loss rose more — increasing by the same amount, at $53.4 million, and 16 percent higher than the loss a year ago. (The company generally has a loss in the first quarter, since schools are not in session.) At $1.05 per share, that loss was significantly more than anticipated by analysts, who were expecting a loss of 84 cents a share. But the higher loss did not change the company’s guidance for the full fiscal year. The […]
More Facts From Barnes & Noble’s Filings
As usual, Barnes & Noble’s formal quarterly report to the SEC includes some additional details of interest not included in Tuesday’s press release and investor call, though this time around those additional disclosures are pretty modest. In the most recent quarter, BN customers activated just $6.2 million of the credits available to them as part of the first portion of the ebook pricing litigation settlements. That ratifies the inference that a good portion of the $166 million in credits were used shortly after being made available in late March — since as of May 3 BN customers almost half of their […]
Wiley Q1 Results Up, But Trade Book Sales Decline
Wiley reported first quarter 2015 results of $438 million, up 4 percent on an “adjusted” basis. Net income of $33.5 million was up 9 percent on a currency-neutral basis, but virtually flat in real terms. The professional development segment, where Wiley’s trade business remains, rose $8 million to $92 million for the quarter, but the gains all came from the recent acquisitions of CrossKnowledge and Profiles International. Revenue was down 3 percent without those acquisitions. Print book sales fell 2 percent to $56 million in this segment, and ebooks actually declined more, down 11 percent to $10.5 million. declined 3 percent for the […]
Barnes & Noble Has Soft Sales But Smaller Loss As Nook Fades; Asset Separation Presents New Possibilities
Sales fell more than expected by analysts at Barnes & Noble in their fiscal first quarter, ending August 2, down 7 percent to $1.236 billion, but the loss was lower than estimated — with a consolidated net loss of $28.4 million, or 56 cents a share. Tellingly, the company admitted in this morning’s release that their plans to separate the BN retail business from Nook Media has included discussions “with its Nook Media partners to potentially restructure existing agreements” and “with potential third-party partners.” As a result, “Such discussions could affect the structure and timing of the separation.” What that […]