Trade book sales were down slightly at Scholastic, by 2 percent, in their fourth quarter, at $38.5 million, though the segment finished the year up almost 15 percent at $189.4 million. Companywide, sales were $545.8 million for the last quarter, up 1 percent from a year ago, and earnings from continuing operations before taxes were down 21 percent at $43.2 million. But after-tax net income declined less, down 15 percent at $24.8 million–and because of the company’s stock repurchase program, net income of 78 cents a share were almost level with a year ago–and they were ahead of analysts’ expectations […]
Earnings Reports
Borders Is “A Major Thorn” In Courier’s Results
In other quarterly results, Courier Corporation reported sales of $61.9 million for their third quarter, down 5 percent from a year ago, “helped by solid gains in textbook sales but hurt by the continuing fallout from the bankruptcy proceedings” at Borders.”The situation at Borders continued to be a major thorn in our side,” said ceo James F. Conway III in the release. “The resulting shrinkage in trade demand affected both our own publishing segment and the publishing customers we serve as a manufacturer.” They say Borders was a “key customer” for their Research & Education Association imprint and as result, […]
Briefs: BBC Takes Big Writedown on Lonely Planet; Collins Buys A&R Franchise Stores
BBC Worldwide write down nearly £34 million (or $54 million) on the value of Lonely Planet, after paying £42 million earlier this year for the remaining 25 percent of the company outside of its control. (The BBC bought a 75 percent stake in 2007 for £89 million.) “The strength of the Australian dollar in recent years has led to challenging sales conditions for the Lonely Planet business,” said the company in a statement. “This has been compounded by declines since 2008 in key travel guide markets suffering from the impact of the global financial crisis.” The rise in the Australian […]
Briefs: Indigo Changes Product Mix and Plans Speedier Returns; Pan Mac Earnings; and More
Starting this fall Indigo will add more shelf space for giftware, toys and lifestyle products while cutting back on space for books. And at a vendor-relations meeting last week, the chain also reportedly informed suppliers it will evaluate book sales after 45 days and return underperforming titles soon after. The change in plans has Canadian publishers worried about supply chain inefficiencies and the potential expense of having to push back publication dates to take advantage of holiday sales. Quill & Quire Pan Macmillan offers a numbers-free earnings update for the first 24 weeks of the fiscal year, ending July 8. […]
Bookselling: Malone on BN; BA Objects to Amazon/Book Depository, WHSmith Store Comps Decline
Attending the Allen & Company conference in Sun Valley, Liberty Media ceo John Malone spoke publicly about the potential Barnes & Noble buyout for the first time since the possible merger was announced back in May. “It would be a bit of a flier for us, on whether or not Barnes & Noble can play competitively with the likes of Apple and Amazon in the digital transformation,” he said. “That’s really the bet.” Malone characterized the steep decline in brick-and-mortar bookselling as akin to those who survive a smallpox epidemic: “If you’re still alive, well, maybe you got a chance […]
Holland’s Arbeiderspers and Balans Are Merging Into Other Units; HMV Takes Big Writedown on Waterstone’s Sale; and More
Holland’s WPG (Weekblad Pers Groep) is merging some its well-known imprints in response to difficult market conditions. Arbeiderspers is going to merge with Bruna, relocating to Utrecht next January while maintaining a small office in Amsterdam. And Balans is going to merge with De Bezige Bij. Now that Waterstone’s has been sold, former parent company HMV reveals in its annual earnings report that the bookseller’s overall sales fell 14.4 million pounds for the year (with comps falling 3.8 percent) at £499.2 million, but operating profit rose to £9.5 million, compared to £2.8 million the year before. HMV also took a £110.5 million pound writedown […]