Scholastic reported lower sales in their fiscal first quarter, ending August 31, a period that usually shows a loss because schools are not in session. Revenues of $228.5 million were down $34.4 million (or 13 percent) from a year ago. Earnings suffered more, with an operating loss of $(99) million, $41 million higher than $(58) million a year ago. That included $6.3 million in one-time severance charges for restructuring and cost savings initiatives. Trade sales of $72.9 million were down 19 percent, compared to $90.1 million a year ago, with “lower backlist sales, reflective of the overall retail bookselling market, […]
Earnings Reports
Wiley’s Q1 Sales Were “As Expected” After Reorganization
Wiley reported earnings for the first quarter of fiscal 2024, with sales of $451 million, down 7 percent. Operating loss was $(16) million, an increase of 4 percent. Adjusted EBITDA fell 10 percent to $60 million. “Our Q1 performance was as expected as we continue to execute on our plans and position Wiley for the future,” president and ceo Brian Napack said. “While Research was down due to an unusual publishing pause in the second half of last year, we are seeing underlying strength and momentum returning, including growing article volumes, higher journal impact scores, and new partner signings. We […]
BNED Benefits from Closing Underperforming Stores
After an eventful summer which included a delayed full-year SEC filing, renegotiated loans to narrowly avoid collapse, and two new board members to oversee “strategic options,” Barnes & Noble Education announced results for the first quarter of fiscal year 2024, ended July 29 (which is typically a soft quarter for the company). Sales for the quarter were $264.2 million, up from $254.7 million last year (remember: sales for the same quarter in fiscal 2019 were $338 million). Net loss was $(50.4) million, compared to $(52.7) million, and gross profit was $50.6 million, down from $56.0 million. In the retail segment, […]
Penguin Random House Sales Gain on Acquisitions and International, As Profits Are Flat
Bertelsmann reported results for the first six months of the year on Wednesday morning, with Penguin Random House recording sales €2.098 billion—up 9.5 percent versus €1.916 billion a year ago, due to a mix of acquisitions, international growth and the strength of Prince Harry’s memoir SPARE. But operating EBITDA remained flat even with the sales increase, at a relatively modest €258 million (compared to €257 a year ago, and a record €324 million in 2021). Interim ceo Nihar Malaviya wrote to staff that the flat earnings “should come as no surprise, as industry inflationary cost pressures and increased costs across […]
Quarto Sales and Earnings Fall After Closing Distro and Toy Businesses
Quarto announced results for the first half of the fiscal year ended June 30, with sales of $52 million, down 16 percent from $61.9 million in the same period in 2022. The sales decline was in part due to the company closing their distribution service and selling their Smart Lab toy imprint. Adjusted operating profit was $3.1 million, compared to $6.1 million last year. The company also noted that the book market overall has been more challenging in 2023 than 2022, though they expect it to pick up in the rest of the year as inflation is past its peak. […]
Harper’s Sales and Earnings Fall to Close “A Tough Year”
Harper Collins reported a weak end to a difficult fiscal year, with fourth quarter sales of $446 million down $67 million from a year ago, 13 percent lower. EBITDA suffered even more, at just $16 million, compared to $47 million a year ago. $20 million of that gap was due to the calendar — with an additional 14th week included in last year’s quarter. The company also lost some revenue to foreign exchange. Broadly, News Corp. cited “lower book sales due to lower consumer demand industry-wide, [and] weak frontlist performance, which contributed to higher returns.” Earnings fell on a mix […]