EDC Has Soft Quarter
Sales slipped by about 1%, to $11 million, at Educational Development Corp. for the first quarter ended May 31. Earnings were down 9.6%, to $745,200. The revenue decline was attributed to a 7.2% drop in sales in its home business division, which offset a 7% increase in sales in the company's publishing unit.
May Bookstore Sales Slip
Bookstore sales fell 1.4% in May, to $1.06 billion, according to preliminary estimates from the U.S. Census Bureau. Sales for the entire retail segment were up 6.3% in May. For the first five months of 2005, bookstore sales were down 3.3%, to $6.03 billion, compared to a 6.5% increase for all of retail.
Times Announces Great Read
Stepping into the void left by the recently dissolved New York Is Book Country, the New York Times is sponsoring Great Read in the Park, a book-and-author event scheduled for Sunday, October 2, in Manhattan's Bryant Park. Proceeds from the daylong event will benefit the Brooklyn Public Library, New York Public Library, Queens Library and the Fund for Public Schools. Target will sponsor a children's event area. The event kicks off the 70th anniversary of the New York Times bestsellers list.
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