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UK

Now that Quercus Has Sold New Shares, They Revise Guidance

December 17, 2008
By Michael Cader

Citing “exceptionally challenging recent market conditions,” the UK’s Quercus warned thatsales and profits for 2008 will fall below expectations. Trade book sales will range between 6 million and 6.5 million pounds, with what had been slim profits to begin with evaporating to breakeven for the whole group (including steady contract publishing sales of 4 million to 4.3 million pounds). The company says “a significant program of cost-cutting has been implemented, including a reduction in current staff costs and a review of the company’s future staffing requirements. Quercus just completed raising 1.75 million pounds in a share offer after they were […]

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Another 10 Percent Drop in the UK

December 16, 2008
By Michael Cader

Weekly sales figures from Nielsen BookScan show book sales expenditures in the UK via tracked outlets declined 10.5 percent compared to the same week a year ago, ending December 13. Unit sales fell less, by 5.4 percent, with discounting pushing down the average selling price.

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Sales Down at Waterstone's–And Getting Worse

December 11, 2008
By Michael Cader

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. […]

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UK Book Chains Fare Worse than Trade

December 10, 2008
By Michael Cader

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

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BookScan UK: Sales Down Again

December 9, 2008
By Michael Cader

For the last week, sales revenues tracked through Nielsen BookScan in the UK were 6.9 percent below the same week from a year ago, “the biggest weekly decline since July” (when the comparison was to last year’s Harry Potter release.) For the year, however, sales are just slightly negative, down 0.8 percent.Bookseller

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UK Prize for The Rest Is Noise

December 3, 2008
By Michael Cader

A prize a day keeps the blues away. This time last year Alex Ross’s THE REST IS NOISE was making multiple Top 10 lists in the US and now it is the “the clear and undisputed winner” of the Guardian First Book Prize in the UK. Guardian literary editor Claire Armitstead, said: “In some quarters this book has been seen as not having a popular appeal. Our prize – which, uniquely, relies on readers’ groups in the early stages of judging – proves that, on the contrary, there is a huge appetite among readers for clear, serious but accessible books.”Guardian

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