Indigo’s Holidays Up
Indigo Books & Music reported that revenue for the third quarter ended December 27 rose 2.3%, to C$330 million. Same-store sales at the Canadian chain rose 2.2% at its superstores, while comp sales increased 3.2% at Coles. Revenue at its online segment dropped 2.6%, to C$30.1 million. Pretax profits dropped 3.6%, to C$40.1 million. Indigo also announced that it will soon launch a new digital venture, Shortcovers, which will allow customers to download digital files to their mobile devices.
HC Offers Buyout
HarperCollins is offering voluntary retirement packages to employees over age 55 and with at least five years’ tenure. The company would like to hear back by February 3 from those who are interested in the buyout, and wouldn’t rule out the possibility of layoffs at some point.
RD Cuts 280
Reader’s Digest has eliminated about 8% of its worldwide workforce, or about 280 positions. The publisher is not closing any businesses. Other cost-saving measures include unpaid time off in both fiscal 2009 and 2010 and a suspension of matching contributions to the company’s 401(k) retirement plan.
'Book World’ Closing
Rumors that the Washington Post might close its Sunday standalone book review, Book World, proved correct—the Post announced that the last issue of Book World will appear February 15. Reviews will run in an online Book World, while print book coverage will appear in the Outlook and Style & Arts sections.
Media Sales Up 16% at Amazon
Revenue at Amazon’s North America media segment, home to books, rose 16%, in 2008, to $5.35 billion. The increase was much faster than any book-related competitors, but was slower than the overall increase for the company, which posted a 29% gain, to $19.17 billion, and a 36% increase in net income, to $645 million. Fourth-quarter North American media sales increased 7%.
Demand for the Kindle exceeded expectations in the fourth quarter, and the company is expected to introduce a new version of the Kindle at a February 9 press conference.
Gaiman, Krommes Take Kids’ Awards
Neil Gaiman won the 2009 Newbery Medal for The Graveyard Book (HarperCollins), while Beth Krommes won the 2009 Randolph Caldecott Medal for The House in the Night (Houghton Mifflin), written by Susan Marie Swanson.
MHE Results Down
A 5.4% decline in sales in its school education group led to a 2.5% decline in total revenue at McGraw-Hill Education in 2008. Total MHE revenue fell to $2.64 billion, while school group sales declined to $1.4 billion. Revenue in its higher education/professional/international segment increased 0.9%, to $1.3 billion. Profit fell 20.9%, to $316.4 million, a figure that includes $29.3 million in restructuring charges.
Rodale Up
Sales at Rodale Books rose 3.5% in 2008 across the trade and direct channels, parent company Rodale said. Sales for all of Rodale slipped 0.5%. Revenue from books sold online increased 47.1%.
