In the UK, WH Smith reported results for the first half of their year, ending February 28, that look encouraging against the backdrop of weak UK retail sales in general and the continuing troubles at competitor Waterstone’s and HMV in particular. Sales still fell, mind you, with same-store and overall sales at their High Street stores down 6 percent, travel-store comps down 3 percent. But profits, which were decent to begin with, remained flat. So they earned £47 million on High Street sales of £473, and £25 million on flat overall travel store sales of £213 million. The company says […]
International News
Frankfurt to Expand Rights Center
While today’s focus is on a full London Book Fair, where the rights center has sold out its 575 tables, organizers of the Frankfurt Book Fair have announced the expansion and reenvisioning their rights center. Previously located on part of one floor in hall 6, this year it will encompass all of hall 6. A new StoryDrive Business Center will comprise part of that expanded agents center, presenting “a new meeting place for representatives of the film, games and book industries.” FBF director Juergen Boos underscores that in the digital transition, “the business of content has taken on even more […]
Random Adds Fiction Line, Hogarth, to Crown in the US and Chatto in the UK
Random House begins the London Book Fair by announcing a new fiction imprint, Hogarth, which is part of the Crown Publishing Group in the US and part of Chatto & Windus in the UK. Molly Stern will lead the US line, which aims to publish eight to 10 books a year, and Clara Farmer will lead the UK version, which will issue a smaller list drawing from the US titles. The announcement says the units will have “a close, but non-exclusive, editorial relationship.” Lindsay Sagnette and Zachary Wagman are also acquiring for the US list; Becky Hardie and Poppy Hampson […]
More Warnings and Speculation On HMV and Waterstone’s
Struggling UK chain HMV reduced their profit expectations for the third time so far this year, telling investors they expect full-year profits of about 30 million pounds, reduced from their estimate of 38 million pounds at the beginning of March. HMV shares have declined more than 20 percent in today’s trading, down to a mere 12 pence per share. The good news is that their lenders–whose borrowing convenants they expect to violate–have given the chain an extra two months, until July 2, to “test” those convenants. That gives the company just a little breathing room to sell some assets in an attempt […]
Borders Lease Costs, Remaining Australian Stores for Sale, and Indie Closings
In reporting their recent quarterly earnings, Agree Realty took a $7.7 million impairment charge related to four leases for Borders stores that are currently being liquidated and another two stores that were closed earlier in the year. They retain exposure on additional store leases, as well as the lease on the Borders headquarters building in Ann Arbor. The company reduced their dividend by 22 percent because of Borders, which they say “should provide the company with sufficient liquidity and flexibility to accommodate any further development in the bankruptcy.”Crains Detroit Last Friday the Borders bankruptcy judge declined to hear arguments on […]
Announcements: Russia at BEA, Harper Offers “Book Perks”
BEA will host Russia as guest of honor in their Global Market Forum program in 2012. Russia holds a similar role at this year’s London Book Fair. BEA organizers say that “Russia plans to have 50 Russian writers plus another 50 editors and publishing executives coming to New York for these events, which will include both a cultural and a professional component.” HarperCollins has officially launched a groupon-esque site, BookPerk.com. They carry–and push out–a series of offers for signed and deluxe editions of books and other “extras” like movie tie-in tickets along with contests (like a “perk of the day” […]