Swedish audiobook streaming service and publisher Storytel reported results for the first quarter ended March 31, with streaming sales of SEK698.599 million ($74.8 million), up 35 percent from SEK517.075 million a year ago. The growth was fueled by the January acquisition of Audiobooks.com, which also likely led to a pre-tax loss for the quarter of SEK(233.3) million, compared to a loss of SEK(66.1) million in Q1 2021. Print publishing sales were SEK149.3 million, up 19 percent from SEK125.189 million. The company acknowledged a “restructuring of Storytel’s streaming organization” in March, which “was an emotional but undoubtedly necessary next step in […]
Earnings Reports
Steep Drop in Booktopia Earnings; Founder Nash to Step Down
Australia’s online bookseller Booktopia released a trading update for the quarter ending March 31 showing slower growth and a big drop in earnings, accompanied by an announcement that co-founder Tony Nash will step down as ceo once a replacement is found. Sales of $64.5 million AU were down 1% compared to last year, “due to the disrupted start to the academic year.” EBITDA fell 65 percent to $1.5 million, due to increased operating expenses at its distribution center and the lower academic book sales. “Whilst the company is pleased to see revenues continue to grow and expects that to continue, […]
S&S Sees Strong Growth in Q1, Encourages Work/Life Balance
Paramount Global reported first quarter 2022 results on Tuesday morning, with sales at Simon & Schuster of $217 million, up $32 million or 17 percent. The company recorded operating income of $50 million, up significantly over $27 million a year ago. In a memo to staff, ceo Jonathan Karp attributed the continued growth to “the strength of our backlist, favorable returns projections, and the BookTok phenomenon.” He said that, “All of our publishing groups, nationally and internationally, and our distribution client business had double-digit growth.” With those tailwinds Simon & Schuster outperformed the industry, which has been reckoning with very […]
Higher Ed Sales Still Falling, As Pearson Rises Overall
Pearson gave a brief first quarter trading update on Friday. Their actual textbook publishing business, reported through the higher ed segment and still their second-largest division, was down 5 percent, “due to expected declines in US Higher Education reflecting the continued decline in enrollments and courses per enrollment.” International textbook businesses that are up for sale (“under strategic review” in corporate-speak) fell by 11 percent, “as expected.” But overall “underlying sales” — which leave aside currency exchange, which can have a big influence on their actual results, rose 7 percent in the period. Separately, the company announced another new acquisition, […]
WH Smith’s High Street Sales Flat While Travel Recovered
UK retailer WH Smith reported six-month results for the period ended February 28. Sales at their High Street bookstores remained flat at the historically low level of £270 million, which had been down (14) percent a year ago compared to before the pandemic, when sales were £315 million (and that period, in turn, was down from £333 million as of February 2019). High Street trading profit was £35 million, up slightly from £33 million last year. The company said, “Our High Street business delivered a resilient and profitable performance in the period, despite the challenges facing the UK high street…and […]
Lagardere Publishing Gains On Acquisitions and Rising Dollar
Lagardere reported first quarter sales for the period ended March 31, with publishing sales of €554 million, up from €509 million, an 8.7 percent topline increase over the first quarter of 2021. Most of the gains came from acquisitions — adding €25 million in all, including €22 million from Workman, and €17 million in foreign exchange gains, with the euro steadily losing ground against the US dollar and British pound. The sale of Brainbow reduced sales by about €1 million. The company cited the pattern of increased pandemic sales as well, while noting that “March saw the emergence of less […]