Scholastic reported earnings results yesterday afternoon for the first quarter of fiscal 2021, ending August 31. Sales were $215 million, down 7 percent compared to $233 million last year, due largely to the delayed reopening of schools. Trade revenue was down $2.2 million, to $71.9 million compared to $74.1 million last year, as the new Dave Pilkey Dog Man book released on September 1, the first day of the second quarter. (“It’s doing extremely well and is outpacing the Dog Man from the year before,” ceo Dick Robinson said on the conference call for analysts.) Book clubs and fairs remained […]
Publishers
Wiley’s Earnings Rebound, with Slight Increase in Sales
Wiley reported first quarter sales for the period ended July 31, with sales of $431 million, compared to $423.5 million last year’s period, an increase of 2 percent. EBITDA was $81.8 million, compared to $57.5 million, up 42 percent and outperforming analysts expectations. Education Publishing sales were $64.1 million, down 2 percent from last year’s period. Consistent with the long-term trend, there were “continued market pressures on print books.” The release noted, “Digital content and courseware growth accelerated while print textbooks continued to decline sharply.” Professional Learning declined 21 percent, as COVID-19 closures impacted in-person corporate training. In Education Publishing, […]
“Resilience” at PRH US Keeps Companywide Sales Down Slightly In First Half
Bertelsmann reported results for the first half of the year on Tuesday morning, with book publishing as one its more resilient divisions during the pandemic. Sales at Penguin Random House were down 1.4 percent, or €23 million, at 1.627 billion. Operating EBITDA was 7.9 percent lower, at €209 million, €18 million lower than a year ago. As at other publishers, a 15 percent increase in digital sales (which had been roughly 20 percent of overall sales) helped offset declines in print sales during the pandemic. Unlike other publishers, remember that PRH’s accounting practices now count the full consumer price paid […]
People, Etc.
Dawn Davis, founder and publisher of 37 Ink, is leaving Simon & Schuster to become editor in chief of Bon Appetit magazine. She succeeds Adam Rappaport, who resigned in June after photos surfaced of him in an offensive Halloween costume in 2004. Canadian independent publishers ECW Press and Annick Press will begin a partnership in January, in which majority ownership of Annick Press will transition over five years from publisher Rick Wilks to ECW co-publisher David Caron. The companies will “remain separate entities, with staff, brands, finances, and editorial mandates unchanged, but will embark on a new collaboration between the […]
People, Etc.
Bridget Monroe Itkin has been promoted to senior editor at Artisan Books. Wah-Ming Chang has been promoted to vice president of company culture and senior managing editor, books at Catapult/Counterpoint/Soft Skull. In the UK, Lucy Hale has been hired for the new role of publisher for Pan, reporting to Jeremy Trevathan. She had been deputy ceo of Hodder & Stoughton, Headline, Quercus and John Murray until last October, when her position was eliminated. Before working for Hachette UK, Hale had been at Pan Macmillan as UK sales director and international sales director. Audio New publisher Levine Querido has an exclusive […]
China Literature Says “Lack of Resilience” Led to Big Operating Loss
Online literature and entertainment platform China Literature announced results for the six months ended June 30, with sales of RMB3.26 billion ($460.5 million), up from RMB2.97 billion in the first six months of 2019. Most significantly, however, the company recorded a major operating loss of RMB3.56 billion ($502.2 million), compared to earnings of RMB527.7 million last year — mostly due to the devastating impact of the pandemic on film and TV production and consumption. Company ceo Cheng Wu said, “The sudden outbreak of the COVID-19 pandemic and a complex and changing macro-environment had a negative impact on our business. The […]