Bloomsbury released a brief trading update for the year ending February 29, further expecting sales to be “significantly ahead” of market expectations that were revised upwards in December to £291.4 million and profit before taxation and highlighted items of £37.2 million. The success is thanks to Sarah J. Maas’s HOUSE OF FLAME AND SHADOW, which hit number 1 in the US, UK, Australia, and elsewhere when it was published on January 30, as well as her 15-title backlist. As such, “Bloomsbury is investing further in fantasy writing on the newly launched Bloomsbury General list.” “I am overjoyed to report an […]
Earnings Reports
Profits Fell at Waterstones
Waterstones’ primary holding company recently reported full fiscal year results through the end of April 2023, showing increased sales but much lower profits, following the acquisition of Blackwell’s. Sales reached £452.5 million, up from £400 million in the previous fiscal year — but operating profit fell sharply to £13.9 million, down from £57.6 million the prior year. The lower earnings included 15.4 million in “exceptional items.” The company says they absorbed a £7 million impairment charge on Blackwell’s carrying value after acquiring it in August 2022. The report says that, “disruptions to the distribution centre, caused by the implementation of […]
“Digital Disruptions” Continue to Hit Indigo’s Sales
Indigo released its earnings report for the quarter ended December 30, reporting sales of $370.6 million Canadian ($272.3 million USD), down 12 percent from $422.7 million in the same period the year before. The company continues to attribute the downturn to “disruptions throughout 2023” that actually happened before the reporting period, including a cyber attack last February and “the pre-mature launch of a new digital platform.” When asked on a call with investors on Friday, CEO Heather Reisman declined to share what the problems with the digital platform were. Of the online business, she did say, “it has certainly stabilized […]
Digital Formats Boost Harper Sales
News Corp announced earnings for its second quarter ended December 31, reporting sales at HarperCollins of $550 million, up 4 percent from the previous year. In a release, News Corp CEO Robert Thomson said the company “believe[s] there are strong prospects for further growth as difficult macro conditions ease in some of our markets.” The company attributed the sales increase to lower returns and an increase in digital sales, which were up 15 percent, “driven by strong market growth for downloadable audiobook sales, as well as the contribution from a new Spotify partnership.” Digital purchases made up 21 percent of […]
Bookstore Sales Fall At WH Smith
UK retail chain WH Smith released a preliminary trading update for the period ended January 20, reporting overall sales up 8 percent. The upswing is driven by the company’s travel stores, which grew 13 percent. High street bookstore sales, on the other hand, fell 4 percent from last year, as expected. “We maintained good stock availability and we exited Christmas with a clean stock position,” the company said in a release. “We are on track to deliver our targeted full year cost savings of £10m.” “The Group is trading well and is in its strongest ever position as a global […]
Pearson Full Year Sales Meet Updated Guidance
In a brief trading update before their full annual sales report on March 1, Pearson’s new CEO Omar Abbosh was pleased with the company’s 2023 performance. Abbosh succeeded Andy Bird at the beginning of the year. “Pearson saw strong strategic and operational progress in 2023 leading to financial performance ahead of our initial expectations,” he said. “The group is well positioned to seize growth opportunities and deliver long-term future value for all of our stakeholders. I look forward to leading the next phase in Pearson’s ongoing evolution.” For the full year, sales excluding OPM (Online Program Management, or virtual learning, […]