No Bounce for Penguin
by Staff -- Publishers Weekly, 1/24/2005
Penguin Group was unable to reverse a soft third quarter in the final period of the year and will have lower than expected results for 2004. In a sales update issued by Penguin's parent company last week, Pearson reported that Penguin "suffered, as tough trading conditions persisted through the holiday season, particularly in the U.S. mass market and backlist titles."
Although a Pearson spokesperson couldn't comment directly on Penguin USA's performance, she said a "hoped-for bounce-back in the fourth quarter didn't materialize." In November, Pearson chief executive Marjorie Scardino said after a strong first six months of 2004, sales at Penguin USA fell in the third quarter. She said Penguin had been hoping that with the presidential election out of the way, business would improve in the final weeks of the year, but that failed to take place.
In education, Pearson reported that Pearson Education would finish the year in line with expectations.
