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Soft Fourth Quarter Foils Scholastic's Fiscal 2024 Hopes
After posting lackluster financial results for the first nine months of fiscal 2024, Scholastic’s hopes for a good fourth quarter did not materialize, with the company posting a 10% decline relative to last year’s record quarter and finishing the year down 7% from 2023.
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Publishing Industry Sales Kept Rolling in May
Despite some trouble spots, book sales rose 10.9% in May at publishers that report results to AAP's StatShot program. Total sales were up 5.5% over the first five months of 2023.
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R&L Acquisition, Sarah J. Maas Boost Outlook at Bloomsbury
In a July 16 trading update ahead of its annual general meeting, Bloomsbury said its recent acquisition of Rowman & Littlefield’s academic publishing business and strong trade sales paced by Sarah J. Maas’s titles underpin "the confidence we have in the future."
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Sales of Comics and Graphic Novels Fell 7% in 2023
After topping $2 billion for the first time in 2021, sales of comics and graphic novels in North America fell 7% in 2023, to $1.87 billion, according to estimates from 'ICv2.' Despite the decline, sales remained well above 2019 levels.
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Religion Print Sales Up 12% in First Half of 2024
'Mostly What God Does' by Savanah Guthrie was the top-selling religion book in the first half of the year, with Bibles and titles by Lysa TerKeurst and Sarah Young also fueling a strong start to 2024.
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With Fantasy on Fire, Print Book Sales Are Catching Up to 2023
Books by Sarah J. Maas and Rebecca Yarros, among the bestselling books of 2024 so far, sparked a huge increase in the adult fantasy category and helped keep print sales roughly flat with the first half of 2023.
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Booktopia Files for Voluntary Administration
The future of the Australian online bookseller has grown more uncertain with the appointment of a firm to undertake “an urgent assessment of Booktopia’s business.”
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Barnes & Noble Education Puts a Wrap on a Turbulent Fiscal 2024
The college bookstore operator closed the fiscal year ended April 27, 2024, with a smaller loss than fiscal 2023, new financing, a new CEO, and a new board.
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Booktopia Seeks Extension for Its Trading Suspension
The struggling Australian online retailer hopes to hear by the end of the week if any party or parties will come to its financial rescue.
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Sales of Religion Books Stay Hot
Strong demand for hardcover titles helped to drive up sales of religion books 38% in April over a year ago, according to the AAP's most recent StatShot report.
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Publishing Industry Sales Were Hot in April
April was far from the cruelest month for book sales, with the 1,277 publishers that report results to AAP’s StatShot program showing a 18.3% increase over April 2023 following a flat first quarter. Every major category posted an increase over a year ago.
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Wiley Looks Ahead After a Transitional Fiscal 2024
With its divestiture program nearing completion, positive indicators in its research group, and ongoing generative projects, Wiley expects sales and earnings to bounce back in fiscal 2025.
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B&NE Names New CEO, Completes Refinancing Package
In complementary moves, Jonathan Shar was promoted to CEO of Barnes & Noble Education following the completion of a new financing package that includes a 100-to-1 reverse stock split.
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Webtoon Entertainment Will Go Public
The webcomic giant had worldwide revenue of more than $1.2 billion last year, and paid creators more than $2.8 billion between 2017 and 2023.
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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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