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Barnes & Noble Education Sees More Losses in Q3
Sales at Barnes & Noble Education continue to be hit by the pandemic, with sales for the third quarter ended December 31, 2020, down 18.1% compared to the previous year. Retail sales declined 15.1%.
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Pearson Touts Future as Learning Company
Pearson earned £531 million from the sale of its 25% stake in PRH to Bertelsmann last year. Moving forward, chief executive Andy Bird said, "We exist to help everyone achieve their potential through learning."
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Wiley Revenue Rose 3% in Q3
John Wiley's financial performance in the third quarter ended January 31, 2021, was strong enough for the company to raise sales and earnings estimates for the fiscal year ending April 30.
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HBG Sales Up 3.9% in Sluggish Year for Hachette Livre
Revenue at Lagardère's Hachette Livre slipped 0.4% last year, to €2.37 billion, from €2.38 billion in 2019. Earnings, however, rose 11.8%, to €246 million. Sales at Hachette Book Group rose 3.9% over 2019.
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Restructuring, Covid-19 Leads to Huge HMH Loss
Restructuring charges and the global pandemic took a toll on Houghton Mifflin Harcourt in 2020, as the company reported a 25.8% decline in revenue in the year and a net loss of $480 million, compared to a loss of $213.8 million in 2019. HMH's trade division, which is for sale, had a 6% sales gain.
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Trade Publishing Segment Shines in a Flat 2020
Total industry sales rose 0.1% in 2020 compared to 2019 based on year-end figures supplied by 1,354 publishers to AAP’s StatShot program. The two major trade categories had solid gains in the year while the two big educational segments had declines.
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S&S Posts Double-Digit Gains in Sales, Earnings in 2020
Sparked by a strong fourth quarter, Simon & Schuster finished 2020 with both sales and earnings up about 11% over 2019. A slew of adult nonfiction hits helped to drive the gains.
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Revenue at Reed Exhibitions Sank 71% Last Year
The company behind the London Book Fair, the “retired” BookExpo, and other publishing-adjacent events saw revenue plunge by 71% in 2020 compared to 2019. Reed said that, due to the pandemic, it is managing its 2021 event schedule “flexibly.”
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HarperCollins Has Historic Quarter
In the quarter ended December 31, sales rose 23% at HarperCollins over the comparable period a year ago, and earnings soared 65%. Susan Panuccio, CFO of HC parent company News Corp, said the second period results marked the best quarterly performance in HC's history.
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Trade Publishing Sales Had Big November
Helped by the November release of the blockbuster 'A Promised Land,' sales of adult trade titles jumped 35.4% in November over a year ago and sales in the children/young adult category rose 30.7%.
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Foundry Literary's Cofounder Files Suit Against Former Partner
Peter McGuigan, the cofounder of Foundry Literary + Media, filed a lawsuit against his former business partner, Yfat Reiss Gendell, on Friday. The suit claims that Gendell made illegal withdrawals of more than $860,000 from the former partners' literary agency.
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Sales, Earnings Soared at EDC in Q3
Revenue in Educational Development Corp.'s direct sales division jumped 68.4% in the third quarter ended November 30, 2020, leading to a 63.5% increase in total sales for the publisher. Net income rose 63.5% over last year's third quarter.
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Authors Seek Missing Payments from Shuttered Literary Agency
When the former cofounders of Foundry Literary + Media parted ways in September to launch their own literary agencies, the partners confirmed that thousands of contracts would still be handled by Foundry. It appears that payments to some authors with contracts residing at Foundry have not been going out.
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Industry Stock Prices Fell 4% in 2020
A second-half rally helped to limit the decline of the Publishers Weekly Stock Index to 4% in 2020, as four of the seven companies on the PWSI managed to post an increase in their stock prices compared to the beginning of the year.
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Book Fair Sales Plunge at Scholastic
Revenue at Scholastic's book fairs dropped 79% and total revenue at Scholastic dropped 32% in the quarter ended November 31, 2020, compared to the second quarter of fiscal 2020, as the pandemic led to a significant decline in the number of fairs held. The publisher has tapped two new leaders for its international and educational solutions businesses.
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Adult Trade Sales Had Solid October
Sales in October in the adult trade book segment rose 10.2% over 2019 at publishers that report results to AAP. Sales in the two digital formats had double digit increases in the month and, for the first 10 months of 2020, e-book sales rose 11.5% over 2019, while downloadable audio sales increased 15.8%.
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Wiley Has Sharp Earnings Increase in Q2
Citing “record research output and content consumption, robust online enrollment growth, and broad digital courseware adoption,” net income at John Wiley jumped 53.5% in the second quarter of fiscal 2021 on a 5.3% increase in revenue.
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Earnings Dive at Barnes & Noble Education in Q2
A 22% decline in sales in its retail division led to a 79% drop in net income at Barnes & Noble Education in the second quarter ended October 31, 2020, compared to last year. Textbook sales fell and general merchandise revenue took a big hit.
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Big Publishers Post Big Third-Quarter Gains
The easing of lockdowns and strong increases in digital sales led to double-digit sales gains for four trade publishers that reported financial results for the quarter ended September 30 over the same period in 2019.
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S&S Has Gains in Sales, Earnings in Q3
With sales of both print and digital books rising in the third quarter, revenue at Simon & Schuster increased 28.5% over the quarter ended September 30, 2109, and profits were up 5.5%.
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