Comps Down at BAM, Sales Up
Books-A-Million reported quarterly results that benefited from the addition of over 40 former Borders stores last fall. For the third quarter ended October 27, sales rose 11%, to $104.7 million, despite a 3.6% decline in comparable store sales. Net loss from continuing operations for the third quarter was $2.8 million, down from a loss of $3.8 million in the comparable period in 2011.
Scholastic Cuts Earnings
Citing lower than expected sales in its Educational Technology and Services segment, as well as in its book fair and book club businesses, Scholastic cut its earnings estimate for the fiscal year ending next May to $1.40–$1.60 per diluted share, from $2.20–$2.40. Projections for revenue have been cut to $1.8 billion– $1.9 billion, from earlier projections of $1.9 billion– $2.0 billion.
Courier Has Gains in Fiscal ’12
A 1% increase in sales in Courier Corp.’s manufacturing segment offset a 6% decline in its publishing group, resulting in total revenue for the fiscal year ended September 29 inching up to $261.3 million, from $259.4 million in fiscal 2011. Net income jumped to $9.2 million, from $134,000. Earnings in both years were influenced by one-time charges.
News Corp. Eyeing S&S
The Wall Street Journal reported that News Corp., parent company of HarperCollins (and WSJ), has begun talks with CBS about acquiring Simon & Schuster. Discussions were described as being in a preliminary stage.
Book Comps Down at Hastings
Book comp sales fell 1.4% at Hastings Entertainment for the third quarter ended October 31, while total store revenue declined 6.7%, to $101.3 million.