Canadian bookseller Indigo released results for “a rollercoaster year,” ended April 1. Sales for the year were flat at $1.058 billion, compared to $1.062 billion a year ago, challenged by a ransomware attack in February and “diminishing consumer confidence” caused by inflation. Adjusted EBITDA was a loss of $(20.5) million, compared to $32.5 million in 2022, and the company reported a net loss of $(49.6) million, compared to last year’s net earnings of $3.3 million. On their own, fourth quarter sales were down 12 percent to $194.2 million, with a net loss of $(42.5) million, compared to a $(23.4) loss […]
Earnings Reports
Storytel to Pilot AI Audiobook Narration; Aims for Organic Growth
Swedish audiobook company Storytel has partnered with AI speech software provider ElevenLabs to produce AI-narrated audiobooks and develop AI voices “specifically tailored to Storytel’s core markets.” In a release, Storytel said their goal is to be a leader in AI narration “as a complement to organic voices.” They are also investing in ElevenLabs’ ongoing financing round, though the amount has not been disclosed. “We are proud and excited to have reached this multi-year agreement with ElevenLabs. As AI voices have become more sophisticated and versatile, Storytel aspires to offer our customers more choice by deploying this best-in-class solution to tailor […]
Wiley to Divest Educational Businesses After Disappointing Year
Wiley announced fourth quarter and year-end earnings for the period ended April 30. For the fourth quarter, the company reported $526 million in sales, down 4 percent from last year, and adjusted EBITDA of $146.2 million, up from $109.6 million. For the year, sales were $2.02 billion, down 3 percent, and non-GAAP EBITDA before adjustments fell 36 percent to $284.1 million, compared to $444.6 million in 2022. Academic publishing sales were down 3 percent to $127 million for the quarter, and fell 9 percent for the year, to $482 million, with the “decline in print and ebooks more than offsetting […]
BNED’s Year Is Under Already Low Expectations
Barnes & Noble Education shared preliminary results for the year ended April 29, yet again underperforming their modest expectations. As recently as last quarter they were still expecting $20 to $30 million in adjusted EBITDA for the fiscal year. Alas, no; they now expect to show a loss of $(5) to $(10) million “due to lower than expected fourth quarter revenue and lower fourth quarter gross profits,” as consumers move away from buying physical textbooks in favor of digital materials. (Our standing reminder: The last time the company recorded a profit was fiscal 2017. They still have the same ceo.) […]
Bloomsbury Records Record Sales and Earnings
Bloomsbury released preliminary results for the year, ended Feb 28, reporting record sales and earnings. Sales of £264 million were up 15 percent from the previous year and 43 percent from two years ago. Profit before taxation and highlighted items grew 16 percent to £31.1 million. “These results demonstrate the strength of our strategy to publish for both the consumer and the academic markets, unusual in our industry, and to grow digital revenues while expanding globally,” ceo Nigel Newton said in a release. In the consumer division, sales were up 12 percent to £166.7 million with profit before taxation and […]
WH Smith Bookstores Up 2 Percent
UK retailer WH Smith reported results for the 13 weeks ended May 27 in a brief trading update, with High Street sales up 2 percent. Overall company sales rose 23 percent, driven by travel division gains of 31 percent. Travel stores in North American grew 26 percent as passenger numbers rebounded and the company opened new locations. Results