In a short (and general) third-quarter trading update, Bertelsmann says that its “strict cost discipline is producing positive fiscal developments.” Sales fell 4.5 percent of 3.6 billion euros, as net income improved to 87 million euros (up from just 15 million euros a year ago). For the the first nine months of their fiscal year, sales are down 6.6 percent and operating EBIT has declined almost 19 percent. No divisional figures were provided.Statement
International News
Erik Engstrom Takes Over at Reed Elsevier After CEO Ian Smith Quits
Ian Smith has unexpectedly left his post as ceo of Reed Elsevier after just eight months on the job, leaving “by mutual agreement” according to a company statement. Chairman Anthony Habgood says “Ian has had the difficult task of leading Reed Elsevier during unprecedentedly turbulent economic times.” Elsevier’s top executive for the past five years Erik Engstrom, 46, takes over immediately as ceo. In a separate release, the company moved up its six-month trading update to today: “The major professional markets, accounting for the majority of Reed Elsevier’s business, are proving more resilient than most but not immune from late […]
Even with Ambitious Comp, Lagardere Publishing Still Growing
Lagardere’s publishing unit reported another sales increase for their fiscal third quarter, up 4.5 percent at 684.6 million euros, even though the period is compared against the beginning of the big Stephenie Meyer breakout in July 2008. The company also had to contend with a weakened dollar and a still-weak pound, yet at HBG US, “the pace of sales growth remained very strong through the summer at over 15 percent despite a tough comparative.” Looking forward the company does concede that publishing “faces a particularly challenging fourth-quarter comparative, as the success of the Stephenie Meyer saga drove like-for-like sales growth […]
More Reports, from Courier, Quarto and Canongate
In other corporate earnings reports, Courier finished a tough year down 10 percent in sales in the fourth quarter. Their publishing unit–comprising Dover, the recession-struck Creative Homeowner, and Research & Education Association–dropped another 28 percent in sales for the quarter, at $11.9 million, though much of gap is due to Creative Homeowner discontinuing its distribution operation earlier in the year. The group had operating income of $928,000 for the period, down from $1.3 million a year ago. For the full year, the publishing group’s sales were $46.8 million, down 24 percent from $61.9. The company says Dover and REA were […]
Another Good Quarter for Harlequin
Harlequin continues to outshine parent company Torstar’s other assets as the book publisher turned in another positive quarter even as overall results at Torstar declined. Harlequin reported sales of $122.5 million (Ca), up 3.7 percent from a year ago, though most of the growth was due to a stronger Canadian dollar. The company says “growth in North America direct-to-consumer and overseas revenues more than offset declines in North America retail.” Operating profits rose 22 percent to $22.9 million, with almost half the gain coming from foreign exchange. Torstar says “at Harlequin, we anticipate stable results in the fourth quarter including […]
Bookselling: Borders Will Ship It If They Don't Have It; Leading Australian Chains May Go Public
We’ve always wondered why any (and every) bookstore–chain or indie–doesn’t offer to ship you for free any book that is not in stock. After all, in an internet-everywhere age, customers know they can go to any browser and accomplish the same thing. But Borders appears to be the first to figure this out, announcing today a “promise to customers that if they do not find an item in stock in a Borders store, and that item is among the more than one million titles available on Borders.com, Borders will find it and pay the shipping costs to the customer’s home.” […]