Exchange rate fluctuations continue to play tricks with reported results from Pearson and its subsidiaries, including Penguin. Pearson reported that for the first nine months of 2009 total sales were up 20%, but rose only 2% at constant exchange rates. Operating profit was up 19%, or 3% at constant exchange rates. At Penguin, sales were up 12% (but down 4% at constant exchange rates). Pearson said the expected tough retail market conditions were largely offset by a good publishing performance, strong growth in e-book sales (up almost fourfold and with almost 12,000 e-books now available) and good growth in international markets such as South Africa. Third-quarter publishing highlights included continued strong sales of The Help by Kathryn Stockett and the Sookie Stackhouse novels by Charlaine Harris; Jamie's America by Jamie Oliver; Ooh! What a Lovely Pair by Ant and Dec; and Juliet, Naked by Nick Hornby.
Pearson said its North American education group is doing well in the year, despite “challenging conditions” in the U.S. school market. Overall, sales in North American education were up 30% in the first nine months (CER growth of 4%). Although it didn’t release a figure, Pearson said its school group has outperformed the elhi market, where sales were down 21% in the first eight months of the year. Pearson’s higher education group “is having an exceptional year,” the company said, helped by good market conditions.
