Lagardere Publishing reported results for the first quarter 2020, giving some data to the year’s good beginning and sharp turndown in March. Sales were up 5.6 percent in January and February before the global lockdowns began, followed by a 19 percent decline in March. And the company expects April sales were “down in the region of 45 percent” (which is at least better than the expected 90 percent decline in the Lagardere Travel business). For the first quarter, sales of €457 million were only down €3 million, helped again by the strong US dollar and improving British pound, which added […]
Earnings Reports
Bertelsmann Reports Moderate First Quarter Sales Decline
In a brief trading update, Penguin Random House parent company Bertelsmann reported “satisfactory” results for the first quarter of 2020, saying sales “declined moderately by 2.7 percent to €4.1 billion.” Ceo Thomas Rabe said: “The 2020 business year, with the economic fallout from the coronavirus pandemic, will be a challenge. We started the year well, but have been feeling an increasing impact on our businesses since March. We took a number of measures early on to protect the health of our employees and safeguard our businesses,” including selling a €750 million Eurobond with an eight-year term, among the measures to […]
Pearson North American Courseware Sales Decline 10 Percent In First Quarter
Pearson gave a first quarter trading update April 24, ahead of its virtual annual meeting today. Sales in the company’s North American courseware and International businesses declined 10 percent, while the assessment business was down 3 percent. Partially offsetting these losses, the Global Online Learning business gained 6 percent in sales due to expanded enrollment and new school openings. Per their earlier warning in March, overall first quarter sales fell by 5 percent, “in line with revised expectations.” Importantly, “We have chosen not to furlough staff and are instead re-deploying people as much as we possibly can around the business […]
Quarto Warns On Pandemic Impact, As Hudson Reports on Sales Declines
Quarto released full results for the year ended December 31, 2019, having already provided preliminary results in late March that showed a very modest profit amidst a steep sales decline in its second half. Adjusted operating profit remained flat, at $10 million. The new report is most notable for the company’s current “downside scenario analysis” trying to estimate “the impact of the Covid-19 outbreak on the Group’s trading and cash flow forecasts,” expecting “a material reduction in the group’s revenues and results for 2020.” So far, “the lockdown measures imposed across the globe have led to falling orders and revenues, […]
HMH Reduces Salaries, Withdraws Guidance and More
Following yesterday’s news that HMH Books & Media had temporarily closed its Indiana distribution center as the state is on lockdown, parent HMH issued a business update, announcing a series of cutbacks. The “majority of employees” have been reduced to a four-day work week, at pro-rated pay, while directors and top executives have taken a 25 percent cut in base cash compensation. The ceo has taken a 50 percent reduction in base salary, and “senior leadership” has also taken unspecified salary reductions. They say that all of their warehouses and distribution centers, with additional facilities in Illinois, Missouri, and Florida, […]
Quarto Reports Lower Sales, Marginal Profit in 2019
Quarto reported unaudited results for the year ending December 31, 2019, with sales of $135.8 million, down 9 percent from $149.3 million in 2018, but they returned to a modest after-tax profit of $2.9 million, compared to a loss of $600,000 in 2019. (Full results have not yet been filed with UK regulators, and no other measures — like pre-tax earnings — were provided.) Lead shareholder and ceo C.K. Lau said, “We expect to report profit for the year ahead of the prior year and this represents a pleasing result.” Revenue was just above flat six months ago, so all […]