McGraw Hill issued its first annual report under its new fiscal calendar, with the year ending March 31, 2020, along with its fourth quarter results. Fourth quarter billings were flat, at $241 million, and net sales were $279 million with no comparison figure available. COVID-19 had clear negative impact on the quarter: International billings were dragged down $9 million, or 24 percent; higher ed and K-12 were also impacted, due to school closures. Billings were still flat, however, because higher education sales have been shifting from Q3 to Q4. Adjusted EBITDA was a loss of $(39) million, from $(56) million, […]
Earnings Reports
Indigo Had Fourth Quarter Sales Drop and Big Writedowns, Before the Major COVID Impact
Canadian bookseller Indigo reported results for the fourth quarter ending March 28, with a poor finish to what had already been a transitional year for the company. Fourth quarter sales of $178 million (CA) were down 10.6 percent compared a year ago, falling $21 million. Stores were closed for the last two weeks of the quarter because of the pandemic, and the company said those March school break weeks “historically drove meaningful sales.” They showed a big net loss for the quarter almost equal to sales, of $171.3 million. That loss included non-cash impairment of $56.6 million — of which […]
Hudson’s First Quarter Sales Down 23 Percent as Expected
Confirming preliminary estimates offered in April, the travel retailer and book chain Hudson reported first quarter sales for the period ending March 31 of $341.5 million, down 23.3 percent due to COVID-related store closures in airports worldwide. Sales of “literature and publications,” which includes books, fell even further, at $24.6 million, down 31 percent from $35.7 million a year ago. Same-store sales were down 22.5 percent, to $307.4 million. The company recorded a goodwill impairment of $52.3 million, contributing to an operating loss of $(76.3 million), compared to a profit of $15.1 million last first quarter. Beginning in mid-May, as […]
Wiley Reports Moderate Fourth Quarter Sales Decline, Records Steep Net Loss
Wiley announced fiscal fourth-quarter sales for the period ending April 30 of $475 million, compared to $491 million in the same period a year ago — a 3 percent decline, or 6 percent when acquisitions and $7 million in foreign exchange impact are taken into account. They incurred a big net loss of ($158) million, compared to net income of $63 million last year. As expected given global school and office shutdowns, education publishing was down 12 percent, to $84 million from $95 million, and professional learning declined 23 percent, to $66 million. The net loss reflects approximately $110 million […]
Bloomsbury Reports Modest Earnings Growth, While Planning for 65 Percent Sales Decline through July
Bloomsbury reported results for the full year ending February 29, with flat sales of £162.8 million, and pre-tax earnings of £13.2 million, up from £12 million a year ago. One-time charges of £2.5 million included amortization of acquired intangible assets of £1.7 million, acquisitions-related costs of £0.6 million, and coronavirus-related costs of £0.2 million. Adult trade sales were billed as “strong,” with sales of £37.4 million, up from £33.5 million last year, and profit before tax and charges of £1.6 million, up from £0.9 million. Children’s trade declined, however, for the second year running. Sales were £59.4 million, down from […]
WH Smith High Street Profit and Sales Fell in Fiscal First Half — Then April Sales Dropped 74 Percent
WH Smith reported earnings for the six months ended February 29, 2020, with High Street sales of £315 million, down from £331 million — continuing their long, steady decline, this time down 5 percent overall, and 4 percent lower on a same-store basis. High Street profit was £44m in the period, compared to £48 million in 2019. “There was very little impact of COVID-19 on our first-half results, however, inevitably the performance in the second half will be very different,” said ceo Carl Cowling. In late March the chain closed about 60 percent of its High Street stores, along with […]