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Wiley to Restructure After Challenging Year
With results down in fiscal 2023, Wiley announced that it will offload non-core assets in fiscal 2024 and focus on its research and learning groups.
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Publishing Industry Sales Rise 3.2% in Q1 of 2023
Total publishing industry sales rose by 6.6% in March over a year ago—enough to precipitate a 3.2% bump in sales for the first quarter of 2023.
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Publishing Sales Finished 2.6% Below 2021 Last Year
A 16% increase in sales in the pre-K–12 educational materials segment helped to counter declines in the other major categories, resulting in total publishing sales of $28.1 billion in 2022, the Association of American Publishers reported.
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Bloomsbury Has 'Best Ever Performance'
Helped by expansion into non-consumer markets as well as overseas, sales and earnings at the U.K.-based publisher both rose 15% in fiscal 2023, with revenue in the U.S. topping $150 million.
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EDC Sales, Earnings Plunged in Fiscal 2023
Educational Development Corp., whose business soared during the pandemic, continues to struggle to find a firm financial footing in the new normal.
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Financial Results Show Some Improvement at HarperCollins
After falling 12% in the six-month period ended December 31, 2022, sales steadied at $515 million at HarperCollins in the quarter ended March 31, 2023, though earnings fell again, dropping 9%.
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Publishing Industry Sales Inched Up in February
Gains in religious and higher educational publishing offset dips in the trade segments in February, resulting in a 0.2% sales gain for the 1,240 publishers that report sales to AAP's StatShot program.
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S&S Posts Record Quarter, Could Be Sold by End of Year
Sales rose 19% and earnings were up 16% at Simon & Schuster in the first quarter, and executives at parent company Paramount Global said there is a possibility the sale of the publisher could be completed this year.
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AI Concerns Drop Chegg Stock by 48%
The stock price of Chegg, the online learning platform for university students, fell 48% Tuesday, after its CEO reported that a spike in interest by students in ChatGPT resulted in lower than expected results in the first quarter.
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Online Sales Flat at Amazon in Q1
Amazon's cost-cutting efforts led to higher earnings in the first quarter, but its online revenue was flat compared to the first quarter of 2022.
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Sales Fell in First Quarter at Hachette Book Group
HBG CEO Michael Pietsch attributed the 11% decline to a strong first quarter in 2022, plus “a generally softer market, especially for hardcovers.”
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Large Trade Publishers See Flat Sales for 2022
Higher costs and lower sales led to disappointing results at three of the four largest trade publishers last year, reviving an old publishing mantra.
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Bookstore Sales Jumped in February
For the second month in a row, bookstore sales posted large gains over 2022. According to preliminary figures from the U.S. Census Bureau, February bookstore sales increased 10.7% over last year, rising to $609 million.
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Profits Jumped at Quarto Group in 2022
Despite a decline in sales, cost controls and a rebound in its custom publishing operation led to a 67% jump in profits for Quarto Group in 2022.
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Profits Fell 11% at Penguin Random House in 2022
Sales at Penguin Random House rose nearly 5% in 2022, but rising costs resulted in an 11.8% decline in earnings, which dropped to €666 million.
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Scholastic Has Soft Third Quarter
The publisher cited a number of economic factors for a disappointing quarter, including weaker consumer demand for books and lower orders from retailers and wholesalers that are still working through high levels of inventory acquired last year that remains unsold.
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Publishing Industry Sales Rose 3.5% in January
Despite high returns, sales for the 1,240 companies that report results to AAP's StatShot program increased 3.5% in January, with the adult books segment leading the way.
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Wiley Has Disappointing Third Quarter
A decline in sales in Wiley's academic group and problems in an open access unit led to a 5% drop in sales in the quarter and an operating loss of $67 million. The unexpected results led Wiley to speed up its streamlining efforts and to lower its financial forecast for fiscal 2023.
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Preliminary AAP Sales Find a 6.4% Decline
Year-end figures from the Association of American Publishers’ StatShot program show sales were down in all publishing categories.
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S&S Sales Topped $1 Billion in Record 2022
With all of its operating groups reporting sales gains, revenue and profits hit record levels in 2022 at Simon & Schuster. CEO Jonathan Karp called the year "stratospheric."
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