Profits Jump at Lagardere Publishing
-- Publishers Weekly, 8/27/2009 1:51:00 PM
Lagardere, which earlier this year reported an 11% increase in sales in its book publishing group to just over billion euros, said Thursday that recurring EBIT (earnings before interest and taxes) before associates jumped 61.1% to 112 million euros. The profit gain, much like the increase in sales, was attributed to Stephenie Meyer whose books continued to hit bestseller lists not only in the U.S. but in the U.K., Australia and France as well.
Lagardere’s U.S. subsidiary, Hachette Book Group, used the financial release to tout its prospects for the fall. According to HBG, excitement about the film release of New Moon in November continues to build, taking books sales with it – the most recent releases include Eclipse trade paperback edition and Breaking Dawn Special Edition (features exclusive Breaking Dawn concert series DVD and full color poster). Julie Powell’s memoir Julie and Julia has turned into a bestseller thanks to the film, and next month the company will release the late Sen. Edward M Kennedy’s memoir True Compass. Other potential bestsellers include James’s Patterson’s I Alex Cross, The Last Song by Nicholas Sparks, True Blue by David Baldacci, Malcolm Gladwell’s What the Dog Saw and Nine Dragons by Michael Connelly.
