Barnes & Noble Education reported results for the first quarter ended July 27—a typically soft period—with sales of $263.4 million, compared to $264.2 million last year, down slightly due to the closing of underperforming stores and below analysts’ modest expectations. Those closures, plus “lower selling and administrative expenses,” helped with the quarter’s adjusted EBITDA, which improved by $5.2 million to $(20.7) million. But the actual net loss was a big $(99.5) million, up from $(50.4) million, from costs related to the company’s refinancing plan, “including a non-cash charge of $(55.2) million due to the extinguishment of debt caused by the […]
Earnings Reports
Wiley Records Better Operating Income, Lower Sales As They Complete Asset Sales
Wiley reported fiscal first quarter earnings on Thursday morning, for the quarter ending July 31. Sales of $404 million were down 10.4 percent from $451 million a year ago following some asset sales. (Additionally, they completed the sale of Wiley Edge’s India operation at a pretax loss of $19.6 million, and the sale of CrossKnowledge, both on August 31, after the close of the quarter. That completes their planned asset sales.) Earnings rebounded, with operating income of $29 million, compared to an operating loss of $16.3 million a year, which was accompanied by a big non-operating impairment charge. But a […]
PRH US Sales Up in The First Half, As Company Further Increases Stake in Sourcebooks
Bertelsmann released half year results for 2024, with sales at Penguin Random House of €2.276 billion ($2.46 billion), up 8.5 percent, compared to €2.098 billion a year ago, “largely attributable to publishing acquisitions” along with organic growth in the US and Spanish-speaking businesses. Adjusted operating EBITDA was up 12.8 percent or €33 million to €291 million, due to sales and “savings achieved largely through the reorganization of the US business.” Ashley Elston’s First Lie Wins was the top fiction title for the period, while James Clear’s Atomic Habits was the top nonfiction and top backlist title. The next best selling […]
Harper Earnings Grow as Audio Surpasses Ebooks
News Corp reported fourth quarter and full year sales, with a strong final quarter at Harper Collins: Publishing sales grew 15 percent to $512 million. Top titles in the quarter include Julia Quinn’s Bridgerton Series, Lucy Foley’s The Midnight Feast, and Sarah A. Parker’s When the Moon Hatched, with strong Bible sales, and improved return rates as well. EBITDA was $57 million, compared to $16 million last year, attributed to strong sales “and lower manufacturing costs driven by product mix, partially offset by higher employee costs.” The Spotify effect continued as well, as digital audiobook sales exceeded ebook sales for […]
Storytel Increases Profits, Announces New CEO
Storytel released its interim financial report for second quarter of 2024 ended June 30, with sales up 9 percent to SEK924 million ($86.4 million). Operating profit was SEK47 million, up from a loss of SEK(29) million last year, with EBITDA of SEK110 million, compared to SEK42 million in 2023. According to CEO Johannes Larcher, this is “the best financial performance in the history of the company.” “The continued revenue growth coupled with a higher internal share of content, and a significantly improved cost structure due to the measures implemented late last year and early this year, has made us firmly […]
Pearson Expects Higher Ed Growth in the Second Half of the Year
Pearson released their interim financial report for the first half of the year, reporting sales of £1.75 billion ($2.21 billion), down 7 percent from £1.88 billion in the same period last year. Operating profit was flat at £219 million. In Higher Education, sales were £358 million, down 6 percent, with an operating loss of £(1) million. The company said these results are “in line with our phasing guidance,” and due to “currency movements and portfolio changes.” They expect to return to growth in the segment in the second half of the year. Assessments and Qualifications sales were up 2 percent […]