Barnes & Noble reported that store sales fell 2 percent to $950 million in their second quarter, with same-store sales down 3.2 percent (the smallest comp decline in the past six quarters, believe it or not). BN.com sales rose 9 percent at $120 million, and College sales for a one-month period only of $65 million were down 0.2 percent on a same-store basis. They reported a lost of $24 million, or 43 cents a share–with 30 cents of operating loss and 13 cents attributed to the College acquisition. Worrisome to both Wall Street and the trade, BN warned that they […]
Finance
Morpeth Rises At Headline; Job Cuts As Nonfiction is Reduced
The Headline Publishing Group has announced their new executive line-up following the departure of two key executives, but also indicated a strong shift away from nonfiction (following a tough year for such books in the UK) and unspecified job reductions as a result. Jamie Hodder-Williams officially takes over as chief executive of Hodder & Stoughton and Headline, reporting to Tim Hely Hutchinson and replacing the retiring Martin Neild. Current joint deputy managing director Jane Morpeth has been promoted to managing director of the Headline group, and she joins the board of Hachette UK. Fiction publishing director Marion Donaldson moves up […]
Bookselling: Palin Sales Said to be 700k In Opening Week; Hudson Picks The Help As Best of the Year; Germany's Thalia Buys Out
A “publishing official close to” Sarah Palin says that GOING ROGUE sold 700,000 copies in its first week on sale. Earlier, Harper had confirmed another leak that the book sold 300,000 copies the first day alone. Last Friday, the publisher announced a new printing would bring the copies in print to 2.5 million units.AP Hudson Booksellers picked Kathryn Stockett’s THE HELP as their best book of 2009. The chain operates 65 full-service bookstores and 350 bookstore/newsstands in airports and other terminals, with 2009 book sales of $93 million. The rest of their Best Fiction list includes: The Year of the […]
Looming Nielsen Magazine Sale Could Include Book Publications
Though the report of a sale of the Hollywood Reporter, Billboard and other titles owned by Nielsen Business Media was not announced Friday as The Wrap had originally reported, Paid Content has found additional sources to confirm the basic story of a pending sale to News Communications and other investors. Run by James Finkelstein, NC owns The Hill and Who’s Who among other publications. Paid Content says the sale “is about two weeks away.” By their account, Nielsen will sell nearly all of the magazine and online properties, retaining their trade show division and properties in some “international territories” though […]
With No Buyer Yet, Concern Over the Fate of Borders UK
Concerns about the fate of Borders UK rose over the past few days, as the Times declared Sunday the struggling chain is “on the verge of collapse” after a potential deal with WH Smith fell apart (first reported by Retail Week, and linked here on Friday.) RW had reported that “an alternative buyer of Borders UK is being sought and the retailer is understood to have received several expressions of interest.” Asked for comment by the Guardian, WH Smith “refused to confirm reports that it had pulled out of the deal,” but they too warned the company “appeared to be […]
Barnes & Noble Answers Burkle with Poison Pill, As He Keeps Buying
Following investor Ron Burkle’s accumulation of a large block of BN stock, the company’s board announced yesterday the passage of a “shareholder rights plan,” aka poison pill–largely out of favor now (except at companies where the founder still controls a third of the stock). The adopted the measure “in response to the recent rapid accumulation of a significant portion of Barnes & Noble’s outstanding common stock” and insist it “is intended to protect the company and its stockholders from efforts to obtain control of the company that are inconsistent with the best interests of the company and its stockholders.” The […]