Sales inched up at Lagardere Publishing in the first quarter, rising €6 million to €576 million, “thanks in particular to the success of bestsellers in the United Kingdom and the United States.” US sales rose 3.4 percent — after a tough performance a year ago — helped by digital audio, science fiction sales at Orbit, and Liz Cheney’s Oath and Honor. In the UK, where they publish Rebecca Yarros, sales gained 4.8 percent. In France, however, sales dropped 4.8 percent.
Earnings Reports
WH Smith Continues to Sell Fewer Books
UK-based retailer WH Smith remains “clear and consistent” in their strategy and results, showing a regular modest decline: Sales for the six months ending February 29 of £256 million were down by £10 million (just under 4 percent) and profit of £22 million was down by £2 million. They will be expanding an in-store boutique initiative with Toys ‘R Us, adding 30 store-in-stores by the end of the year, and they continue to make clear that their flexible lease portfolio leaves them willing and able to close locations if they don’t like the terms: “We only renew a lease where […]
Lagardere Publishing “Expects 2024 to be A Less Favorable Year”
Lagardere released their entire full-year report for 2023, adding detail to the financial results it announced in February. The company says it “expects 2024 to be a less favorable year” due to the end of curriculum reform in Spain and the lack of a new Asterix title. The division “will actively pursue its strategy of targeted acquisitions in its core publishing business as well as in adjacent growth markets with business models similar to book publishing, such as board games and stationery.” The decline in US sales last year “was mainly attributable to Grand Central,” as Colleen Hoover’s 2023 release […]
PRH Grows on Acquisitions, SPARE
Bertelsmann announced full year results for 2023, with sales at Penguin Random House of €4.532 billion, up 7.3 percent from €4.223 billion last year. The company attributed the sales increase to acquisitions (taking a majority stake in Sourcebooks and the acquisition of Callisto Media’s publishing assets) as well as strong sales of bestsellers, particularly SPARE. Operating EBITDA was €664 million, compared to €666 million in 2022. “Profits were dampened by negative exchange rate effects, inflation-related cost increases and a positive effect in the previous year from the sale of a building,” the company said in a release. “Special items” accounted […]
Strong Backlist Sales Can’t Offset Scholastic’s Seasonal Losses
Scholastic announced results for the fiscal third quarter ended February 29, with sales of $323.7 million, nearly even with $324.9 million a year ago. “Lower U.S. Book Clubs revenues of approximately $14.4 million related to the strategic repositioning of the business, were offset by strong trade publishing revenues in the U.S., Canada and the UK, which benefited from the sales of popular book series titles,” the company said in a release. Operating loss increased 26 percent to $(34.9) million, while adjusted EBITDA decreased 33 percent to (7.2) million. In Children’s Book Publishing and Distribution, the good news was that consolidated […]
BNED Continues to Look For a Solution
Barnes & Noble Education reported results for the third quarter ended January 27, with sales up 4 percent to $457 million from $438 million last year, due to “higher course material sales.” The net loss improved to $(9.9) million from $(22.1) million, but the company still cannot make money and that remains an existential problem. Facing a deadline from their lenders, significant debt and an ever-sinking stock, the company took the unusual step of canceling their investor call, “due to the advanced and ongoing discussions with third parties to evaluate a range of options to strengthen its liquidity and financial […]