Barnes & Noble reported fourth quarter and full year earnings Tuesday morning, and the results show even more clearly the divide between the company’s burgeoning digital growth and its still-declining brick & mortar business. For the year, sales rose 20 percent to just under $7 billion, a company record. The marked increase in sales owed to a huge jump at BN.com (with sales up 65 percent to $858 million) and the inclusion of a full year of sales from BN College, which reported full-year sales of $1.8 billion. Superstore comps were up 0.7 percent for the year because of digital, […]
Earnings Reports
Wiley Softens At Year-End, With Strong Digital Growth
Wiley’s fourth quarter sales rose 2 percent to $445 million, with adjusted net income flat at $28.5 million. But those earnings were down a penny on a per share basis, at 46 cents a share, and declined 5 percent on a currency-neutral basis. Analysts were expecting 3 cents more per share in earnings, and $7 million more in sales than reported. A strong performance in higher education was offset by softness in Professional/Trade (P/T), which fell 3 percent to $110 million, due to “foregone sales” related to Borders’ bankruptcy. They say Borders “represented about 5 percent of projected P/T sales” […]
Earnings: Pan Macmillan Q1 Digital Sales at 8 Percent; Digital Spending Causes Q4 Earnings Drop for Indigo
Pan Macmillan said digital sales for the first quarter of 2011 made up 8 percent of total revenue, and they expect that number to rise to about 10 percent for the full fiscal year. (That puts them at the high end of UK publishers disclosing ebook sales so far.) Over the same period, the publisher’s sales of print books have also shown “double-digit sales growth.” The Bookseller In contrast, in a statement timed with their annual meeting, Quarto said US ebook sales of their illustrated books are heading towards a projected 2 percent of sales. They add, “there is talk […]
Digital Accelerates At Bloomsbury, Which Announces Digital Drama Library with Faber
Bloomsbury, which is readjusting its fiscal year, reported results for the 14 months ending February 28. Since the publisher already disclosed 12-month results recently, we’ll only delve into the highlights and what’s new. Their ebook sales continue to accelerate. They were £1.5 million for all of 2010, and have now registered £1.1 million for the first two months of 2011. Chief executive Nigel Newton says in the release, “This is an exciting time for Bloomsbury: demand for digital delivery, including e-books, is increasing significantly; it will change the publishing business model creating one worldwide market. The recent organisation change is […]
Layoffs at Barnes & Noble Distribution Warehouse; Big Q1 Earnings Drop for BAMM
Barnes & Noble laid off an unspecified number of employees at its distribution warehouse in Monroe, NJ earlier this week. In addition, the Social Security Administration is looking into possible discrepancies in employment information at the center, though a BN spokeswoman said “the reduction in workforce … has nothing to do with the Social Security inquiry,” and declined to say how many employees were being questioned in the matter. MyCentralJersey.com Sales for Books-A-Million’s first quarter dropped 11 percent to $104 million, with store comps falling 13.2 percent from last year (when the company reported a 3.6 percent drop from 2009.) […]
In April, Borders Has $32.1 Million Operating Loss–And $132.2 Million Total Loss
Borders reported sales of $101 million for the month of April and “other revenue” (primarily from the liquidators) of $72.1 million–producing an operating loss of $32.1 million. But they lost another $98.4 million in “reorganization items” that includes “amounts related to estimated claims arising from the closure of certain stores and the rejection of related leases.” The total one-month tally is sales of $173.1 million, and a net loss of $132.2 million. The monthly operating loss appears to be growing–for most of March it was $24.3 million, and for most of February it was $28.3 million.