HMV reported sales for the first six months of their fiscal year (ending October 25), showing revenue of 235.1 million pounds at their Waterstone’s unit declined 3.8 percent overall, and 3.1 percent on a same-store sales basis. The company notes that without the impact of last year’s release of Harry Potter and the Deathly Hallows, same-store sales declined just 1.4 percent. The bookseller showed an operating loss of 9.3 million pounds for the period, 4.5 percent more than last year’s loss of 8.9 million pounds. The company says increases in costs included 1.5 million pounds towards their supply chain overhaul. […]
Perseus Adds Pay Freeze
Perseus ceo David Steinberger wrote to employees today about “steps we feel we need to take right now” as the company, while “successful, is also being affected by the economic downturn.” He announces “several temporary across the board steps that we feel are the fairest way to go.” The company is “suspending” annual pay increases and matching contributions to pension accounts, and will hold open all positions that are not currently filled. Steinberger adds, “We feel we need to takes these steps now, while making sure that we don’t interfere with our plans to grow the company over the long […]
NPR Cuts Staff–and Two Staples of Book Coverage
NPR is laying off 64 people and eliminating 21 other open positions while cutting expenses, including the elimination of two shows, Day to Day and News and Notes, both of which are produced by NPR West. The two shows, which regularly feature authors and books, will go off the air on March 20.NPR
People, Award News, and More
In the marketing and publicity departments at Tor and Forge; Phyllis Azar has bee promoted to executive director of marketing; Patty Garcia has been promoted to director of publicity; Brian Vaughan moves up to the new position of director of publishing operations; Joseph Bendel takes the new position of manager of publishing operations; and Jennifer Kaufler has been promoted to marketing manager. In the UK, Pan Macmillan non-fiction publisher Richard Milner will leave at the end of next week to explore “new opportunities.” In awards, the American Library Association has announced nominees for their new YA debut award for books […]
Layoffs at Chronicle
Chronicle Books reduced its staff by five percent on Monday, citing the economic environment and a planned cutback in new adult titles for 2010. The company’s children’s book line is growing, PW reports, though backlist sales have been in steady decline.
UK Book Chains Fare Worse than Trade
Revenue from sales at UK High Street booksellers (like Waterstone’s and WH Smith) fell 12.7 percent in the week ending December 6–almost five points worse than the overall decline in sales tracked by Nielsen BookScan. The Telegraph says “high street book sales are plummeting as discounting, the growth of internet operators such as Amazon and dwindling consumer spending hits retailers.” As a result, “Discounting is becoming more aggressive as retailers fight to win customers with consumer spending dwindling in the wake of the economic downturn.”Telegraph