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EDC Works to Rebound
Educational Development Corp. continues to work through a host of issues since its sales and earnings peaked in the fiscal year ended February 28, 2021.
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October Was a Rough Month for Publishing Industry Sales
With sales in the adult books and children’s/young adult categories falling 16.4% and 9.9%, respectively, total industry sales dropped 9.3% in October from a year ago for the 1,370 publishers that report results to AAP’s StatShot program.
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Scholastic Posts Second-Quarter Double-Digit Gains in Sales and Earnings
A 19% increase in Scholastic's children's book publishing and distribution segment drove total sales up 12% in the second quarter, while operating income rose 20%.
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Sales Fall in Q2 as Wiley Lowers Sales Forecast for Year
Sales fell 3% at John Wiley in the second quarter ended October 31, largely due to a 14% revenue decline in its academic and publishing learning group. Trouble in the group prompted the company to lower its revenue forecast for fiscal 2023, though its earnings predictions remained intact.
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Publishing Industry Sales Down 4.5% Through September
Total publishing industry sales fell 4.5% through September compared to 2021, with trade sales down 3.3%, at the 1,368 publishers that report revenue to the AAP’s StatShot program. Lower hardcover sales and higher returns were the main drivers in pushing down trade sales.
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New Report Finds NYC Publishing, Bookselling Jobs Fell Between 2010 and 2020
In a report designed to measure the economic impact of NYC's various publishing segments, the first-of-its-kind study found that the number of book publishing jobs dipped 1.7% between 2010 and 2020, while bookselling jobs tumbled 37.1%. The average book publishing salary was $119,000, compared to a $39,000 wage for booksellers.
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Book Sales Continued to Struggle in August
Book sales fell 9% in August compared to a year ago at the 1,367 publishers who report data to AAP’s StatShot program. All segments had declines in the month, with sales of adult books down 9.3% and sales of children’s/young adult books declining 10.9%.
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Profits, Sales Tumble at HarperCollins
Sales dropped 11% and profits plunged 54% in the quarter ended September 30 at HarperCollins. Much lower sales of print books through Amazon impacted the revenue decline, and higher costs across the board contributed to the profit drop.
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S&S Sales Up 10% in Q3, but Profits Are Flat
Though its third-quarter results slowed compared to the first half of 2022, Simon & Schuster remains on track to have a record year, which CEO Jonathan Karp attributed to employees' ability to stay focused on books despite the company being for sale for more than two years.
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Third Quarter Revenue Rose at Hachette Book Group
Helped by the popularity of Colleen Hoover's 'Verity,' revenue at Hachette Book Group rose 4.7% in the third quarter over 2021—a gain that does not include results from Workman Publishing, which HBG bought last September.
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Amazon Sees Slow Growth in Fourth Quarter
Since the summer, many publishers have reported lower orders from Amazon compared to a year ago, and the release of the e-commerce giant’s third-quarter results gave no indication that things will markedly improve in the final period.
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Hoover Can't Stop Weekly Sales Slide
Blockbuster first-week sales of Colleen Hoover’s 'It Starts with Us' was not enough to prevent unit sales of print books from falling 9.1% last week compared to the week ended October 23, 2021.
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Publishing Sales Fell in July
July was a bad month for publishing, with sales falling 14.9% from a year ago for the 1,368 publishers who report to AAP’s StatShot program.
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Print Sales Fell 4% Last Week
Unit sales of print books declined 4.2% last week, as good debuts in adult fiction were not enough to offset declines in adult nonfiction and children's fiction.
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Rising Costs Deepen First Quarter Loss at Scholastic
Higher costs increased Scholastic's first quarter loss to $58.1 million, from $32 million in the first quarter of fiscal 2022, despite a 1.2% increase in sales. The results were "on plan," the publisher said, adding that it still expects sales and earnings in fiscal 2023 to rise over fiscal 2022.
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Publishing Industry Sales Rose by $3 Billion in 2021
Final sales numbers for 2021 from the Association of American Publishers show a 12.3% increase in industry sales, with total sales hitting $29.33 billion, up from $26.1 billion in 2020. Easing of the pandemic in 2021 had a significant impact on industry results.
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Higher Costs Contribute to First Quarter Loss at Wiley
Sales at Wiley were flat in the quarter ended July 31, 2022, but restructuring charges and higher costs, including higher T&E charges, led to an operating loss of $17 million.
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Earnings Fell in the First Half of 2022 at PRH
High inflation and supply chain challenges combined to drop earnings at Penguin Random House 20.7% in the first half of 2022 compared to a year ago. Revenue rose 6.2%, to €1.92 billion, but even there the news was disappointing with parent company Bertelsmann noting that excluding the favorable impact of currency exchange, sales declined from 2021.
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Quarto Posts Big Jump in Profits
Quarto Group reported that revenue rose 9% in the first six months of 2022 over the comparable period in 2021, to $61.9 million, and net income jumped 124%, to $4.7 million.
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Trade Publishing Sales Flat in First Half of 2022
A 2.6% decline in sales of adult titles was offset by a 4.3% increase in sales of children’s/YA books in the first six months of 2022 compared to the first half of 2021. According to AAP's StatShot program, trade sales were $3.82 billion in the first half of the year, compared to $3.84 billion in the first six months of 2021.
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