In a brief trading update before their full annual sales report on March 1, Pearson’s new CEO Omar Abbosh was pleased with the company’s 2023 performance. Abbosh succeeded Andy Bird at the beginning of the year. “Pearson saw strong strategic and operational progress in 2023 leading to financial performance ahead of our initial expectations,” he said. “The group is well positioned to seize growth opportunities and deliver long-term future value for all of our stakeholders. I look forward to leading the next phase in Pearson’s ongoing evolution.” For the full year, sales excluding OPM (Online Program Management, or virtual learning, […]
Publishers
Scholastic Adjusts Outlook After Lower Sales in Q2
Scholastic released its second quarter earnings report for the period ended November 30, with results lower than expected for a historically strong quarter at the beginning of the school year. Sales were down 4 percent to $562.6 million, due to “reduced, more targeted promotional spending and the elimination of unprofitable orders in Book Clubs, as the channel is repositioned to a smaller, more profitable core.” Adjusted EBITDA was $124 million, up from $122.3 million, again due to lower promotional spending, as well as better supply chain costs. Operating income was just about flat at $101.3 million. Trade book sales were […]
Bloomsbury Says It’s Outperforming Expectations
In a brief trading update, Bloomsbury reported that sales are “comfortably ahead” of analysts’ expectations for their fiscal year, ending February 29, and profits are running “materially ahead” of projections. Chief executive Nigel Newton says those results are being “driven by the continued phenomenal demand for fantasy fiction,” and in particular by Sarah J. Maas’s 15 titles. The company compares its results to expectations of sales for the full year of £274 million and profit before taxation and highlighted items of £32.9 million. Last year set records for the company in both sales and earnings, with revenue of £264 million […]
Sales and Earnings Fall at Wiley As It Reorganizes
On Wednesday morning Wiley reported fiscal second quarter results, showing declines in sales and earnings, in line with their previously announced reorganization plans. Sales of $493 million were down 4 percent from $515 million a year, and operating income of $46 million was down 19 percent from $57 million. They took impairment charges of $52 million against the various businesses that have been up for sale, and recording restructuring charges against layoffs. PL had reported a New Jersey WARN notice regarding the termination of 103 people between mid-November and mid-January, and a spokesperson confirmed that was just part of “a […]
Harper’s Rebound Begins
After what HarperCollins CEO Brian Murray had called “a tough quarter, and a tough year,” the publisher has begun a turnaround in results. Fiscal first quarter sales were $525 million, up $38 million from $487 million a year ago (but still behind the $546 million they recorded in 2021). Margins rebounded as well, with EBITDA of $65 million — similarly up from $39 million a year ago, but still behind $85 million in 2021. The company cited “lower manufacturing costs, primarily due to product mix, and lower freight and distribution costs as supply chain challenges and inventory and inflationary pressures […]
Bertelsmann Sales Down Slightly in Q3
Bertelsmann briefly announced results a third quarter sales update, with revenues of €4.9 billion ($4.9 billion), compared to €5.1 billion in the same quarter last year. The company expects a “moderate” increase in full-year sales with a stable operating profit and a slight decline in EBITDA, following the sale of their shares in Majorel. As usual, there are very few divisional specifics. Looking at the first nine months together, they highlight Penguin Random House’s success from early in the year, with Prince Harry’s SPARE still their top-selling title. The only third quarter releases mentioned are picture books. “Despite an overall […]