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Barnes & Noble Education Cuts Loss on Small Sales Gain
Barnes & Noble Education has released preliminary financial results that showed company revenue rising 1.5% in the fiscal year ended April 27, 2024, and net loss falling to $63 million, from $90 million a year ago. Total sales were $1.57 billion. B&NE expects to receive final approval for a refinancing package in June.
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Sarah J. Maas Flies Bloomsbury to Record Highs
Sales of books by the romantasy superstar rose a total 161% in fiscal year 2024, leading to a 57% jump in profits on a 30% increase in sales for Bloomsbury in the year ended February 29.
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EDC Has Small Fiscal 2024 Profit Despite Big Sales Decline
Sales and profits at Educational Development Corp. soared in the early months of the pandemic, but the company has labored to downsize its business after overexpansion led to rising expenses.
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Publishing Industry Sales Were Flat in the First Quarter of 2024
Trade publishing sales saw declines in the first quarter, precipitated by drops in the adult nonfiction and children's/YA categories, although audio continues to be a bright spot.
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HarperCollins Profits Slow Down in the Third Quarter
HarperCollins eked out only a small profit in its latest quarter, with a 14% increase in digital audiobook sales insufficient in offsetting softer sales to Walmart and Costco and slowing sales of romance books and children's books.
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U.K. Publishing Sales Rose 3% in 2023
Revenue for U.K. publishing in 2023 was £7.1 billion, about $8.9 billion at current exchange rates, the U.K.'s Publishers Association reported. Growth areas included exports and digital audiobooks, which saw double digit growth.
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Full Steam Ahead for Amazon in Strong First Quarter
Driven by its cloud computing unit, sales and earnings at Amazon posted big first-quarter gains this year.
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First Quarter Sales Rose 3% at HBG
Good performances at its English-language divisions, including a 3% gain at Hachette Book Group, helped to increase first-quarter sales at Lagardère Publishing to €576 million, a 1.1% gain over 2023.
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With Nonfiction Soft, Print Book Sales Fell 1.7% in First Quarter
Led by books by Sarah J. Maas and Rebecca Yarros, fiction sales were up in the first quarter this year, but nonfiction declines resulted in a 1.7% drop in total unit sales of print books.
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Publishing Sales Inch Up in 2023 Per AAP Sales Report
The 1,225 publishers that report sales to the Association of American Publishers’ StatShot program saw sales rise 0.4% in 2023 over 2022, according to preliminary data. Generally speaking, it was a good year for religious titles and a rough one for children's books, and audiobook sales continued to grow.
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Penguin Random House Sales Rose 7% in 2023, but Profits Dipped
A series of acquisitions made in 2023 helped boost sales at Penguin Random House in 2023, but higher costs led to worldwide earnings slipping by roughly $2.17 million, to about $720 million.
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Scholastic Posts Mixed Third Quarter Results
A solid performance by Scholastic's trade group and international division offset revenue declines in book clubs and book fairs, leaving total sales at the company basically flat in the quarter ended February 29, 2024, with the comparable period a year ago.
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More Challenges Arise at Barnes & Noble Education
Barnes & Noble Education reported higher sales and lower losses in the quarter ended January 27, 2024, but those results were overshadowed by news that the company continues to struggle to find ways to shore up its financial position.
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February Print Sales Dipped 0.5%
Unit sales of print books dipped 0.5% in February compared to February 2023, at outlets that report to Circana BookScan. Kristin Hannah's 'The Women' was the top seller in the month, followed by Laura Nowlin's 'If Only I Had Told Her' and Sarah J. Maas's 'A Court of Thorns and Roses.'
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Wiley Sees Light at the End of the Tunnel
Wiley’s ongoing restructuring and streamlining efforts began to bear some fruit in the quarter ended January 31, 2024, prompting the company to raise its earning forecast for the fiscal year ending April 30. CEO Matthew Kissner said that the company expects continued “material performance and profit improvement in fiscal 2025 and 2026."
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Sales Fell 6.8% at Hachette Book Group in 2023
Revenue at Hachette’s U.S. division fell 6.8% last year and was the weakest performer in Lagardère's publishing group, where total sales increased 2.2%, to €2.81 billion, and profits slipped by €1 million, to €301 million.
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With Sarah J. Maas Sales Booming, Bloomsbury Ups Its Financial Forecast
As 'House of Flame and Shadow' hits number one in numerous markets around the world, publisher Bloomsbury predicts that total sales for the company will increase by 10% over last year.
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Indigo Sales Dropped 12% in Q3 and Profits Plunged
Just days after it revealed that it had received an offer to take the company private, Canada's Indigo Books & Music released its financial results for the crucial holiday season—and as even CEO Heather Reisman admitted, the results were “disappointing.”
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Profits Soar at HarperCollins as Audio Sales Boom
A 29% increase in sales of digital audio, coupled with lower costs, resulted in a 67% increase in profits at the publisher in the quarter ended December 31, 2023, over the comparable period a year ago. Total sales were up 4%.
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Independent Publishers Group Finds Some New Directions
The biggest independent book distributor in the U.S. sees opportunities in 2024 both here and in the U.K., where it has finally stabilized the United International Distribution business it bought in 2021—and where a 2023 change in Amazon's sourcing requirements has left a hole CEO Joe Matthews says he hopes IPG can fill.
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