Vivendi reported results for the first quarter ended March 31, with sales at French publisher Editis of €163 million, up from €116 last year, a forty percent increase. The gains were attributed to “a boom in the market environment since January 2021” and several bestselling titles, but were also due to a favorable comparison, since France was in lockdown a year ago. Compared to 2019, the company says sales were still up by 20.1% “at constant currency and perimeter compared to the first quarter of 2019 adjusted.” Even with the strong performance at Editis and Universal Music Group (sales up […]
Publishers
Storytel Meets Its Growth Goals for 2020, Sets Aggressive New Targets
Swedish audiobook subscription service Storytel published its 2020 annual report, with total sales of SEK 2.39 billion ($268 million), up from SEK 1.84 billion, exceeding its goal for the year despite a strong Swedish krona. The company’s pretax loss was SEK (210) million, an improvement from SEK (380) million last year, though the company remains focused on growth over profit. “Storytel’s strong expansion focus, which prioritizes growth over profitability, will remain in place as long as customer acquisition creates value and contributes to making more markets profitable at a local level.” (One more market reached profitability in 2020, in the […]
PRH Gains in 2020 On “Growing US Business” and Digital Increases
Bertelsmann reported financial results for 2020, with Penguin Random House showing substantial gains in profit and a strong sales performance with meaningful “organic” sales growth for the first time since Penguin and Random House merger (see table below), helped by a string of acquisitions in 2019. Sales were €3.802 billion, up €166 billion from 2019, or 4.6 percent higher. Operating EBITDA was €691 million, rising €130 over 2019, up 23 percent. In the past Bertelsmann reported actual profit for the PRH joint venture with Pearson, which was €321 million in 2019 — but that measure has been retired now that […]
Bloomsbury Upgrades Expectations for Fiscal Year After “Exceptional” February
Ahead of their formal annual report in June, Bloomsbury announced a “second upgrade” in expectations, after “exceptional” February sales in consumer books, led by Sarah J. Maas’ just-published A Court of Silver Flames. Due to the pandemic the company never issued formal guidance for the fiscal year, which ended February 28; rather, they have benchmarked against “market expectations.” Against current estimates of sales of £171 million and profit before taxation and highlighted items of £14.8 million, the company expects higher sales, and “significantly” higher earnings. Given that, Bloomsbury has “repaid the temporary salary reductions for staff,” taken for three months […]
Quarto Holds onto Modest Profit Despite 7% Sales Decline in 2020
Quarto reported earnings for the year ended December 31, 2020, with sales of $127 million, down from $136 million, a decline of 7 percent. US sales of $76 million were down by $4 million, as were non-UK sales in Europe of $17.4 million. Operating profit was $9.3 million, up modestly from $8.8 million, due to lower administrative expenses. Pre-tax profit of $6.6 million was up from $3.8 million a year ago, primarily due to lower finance costs after they paid down a portion of their debt. At noon in London, the stock was up more than 20 percent from previous close on the […]
Scholastic Trade Up Slightly, While Book Fairs Weigh Heavily on Overall Results
Scholastic reported earnings for the fiscal third quarter ended February 28, with sales of $278 million, a decrease of $96 million, down 26 percent. The decline was mainly due to lost sales in its big book fair business (where sales of $27 million were down 73 percent, a $73 million shortfall) as many schools remained closed. The operating loss excluding one-time items was $(11.9) million, compared to a loss of $(16.8) million a year ago, thanks to “the company’s restructuring and cost saving initiatives, as well as the receipt of certain COVID-related wage and rent subsidies.” One-time expenses included asset […]