News Corp reported results for the third quarter ended March 31, with sales at Harper Collins flat at $515 million. Higher sales in the Christian division made up for a 2 percent negative FX impact. The company’s top titles in the quarter were The Courage to Be Free by Ron DeSantis, Demon Copperhead by Barbara Kingsolver and Never, Never by Colleen Hoover and Tarryn Fisher. EBITDA was down 9 percent to $61 million, “driven by ongoing supply chain, inventory and inflationary pressures on manufacturing, freight and distribution costs,” which contributed to a cost increase of 1 percent. The company’s press […]
Earnings Reports
SPARE Drives Q1 for Penguin Random House
Bertelsmann announced headline results for the first quarter of 2023, with sales up 5.6 percent to €4.8 billion and organic growth of 2 percent. They maintained their full-year forecast of “moderate to significant revenue growth and a stable operating result,” according to cfo Rolf Hellermann. Penguin Random House was a “main revenue driver” for the company, along with a few other divisions, with a “strong first quarter” led by Prince Harry’s SPARE, which the company says sold more than 4 million copies across formats. In a release, chair & ceo Thomas Rabe said, “We are growing significantly and will continue […]
Simon & Schuster Keeps Growing In Q1, As Paramount Acknowledges Sale Process Has “Restarted”
Simon & Schuster continued its hot streak in the first quarter of 2023, reported Thursday morning by parent company Paramount Global, with sales of $258 million, up $41 million from a year ago, and operating income of $58 million, up $8 million. As ceo Jonathan Karp wrote to staff, “All of our publishing divisions increased revenue, and all of our domestic groups had double-digit growth.” International sales were “a little over flat.” In a letter to staff, Karp confirmed what we had already heard from prospective bidders, which is that, “As expected, Paramount has resumed the process of selling Simon […]
Pearson Higher Ed Sales Drop 5%, As Expected
Pearson announced a brief trading update on results for the first quarter of 2023, with overall sales up 2 percent and sales excluding Online Program Management (which is up for sale) and international courseware local publishing (which is being wound down) were 6 percent. “Performance in each of Pearson’s divisions in line with or ahead of our expectations,” the company said in a release. Those expectations were low for Higher Education sales—the only actual publishing division remaining at what has become a testing, workforce skills and English language learning company: The dropped 5 percent, “including the anticipated deferral of Pearson+ sales […]
WH Smith Celebrates Only Small Declines at Their Bookstores
With WH Smith’s High Street bookstores in a long, steady decline, the parent company’s earnings report for the first six months shows only light falloff from last year’s comps. Sales of £266 million were down just £4 million from the same period a year ago, with trading profit of £24 million down £2 million. The company noted a “good performance in books, supported by Prince Harry’s autobiography Spare” and “a good performance from Mother’s Day across our stores and digital channels.” There is no expectation of growth; the company has consistently focused on wringing cash out of the bookstore business: […]
HBG US Falls in First Quarter, While Lagardere Publishing Sales Grow Around the World
Lagardere announced results for the first quarter of 2023, with publishing sales of €570 million, up 3 percent as reported and 1 percent on a like-for-like basis from last year. “In a less dynamic market, Lagardère Publishing maintained strong trading momentum. The difference between reported and like-for-like revenue is primarily attributable to a €12 million positive scope effect linked chiefly to the acquisition of Welbeck Publishing Group and Paperblanks,” the company said in a statement. US sales were less successful, down 11 percent due to “a lighter publication schedule compared to 2022 and in a sluggish book market.” Hachette Book […]