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B&N Education Gets a Liquidity Lifeline
The country's largest operator of college and high school stores reached agreements with different lenders to give it more financial flexibility, helping to avert the possibility of the company closing.
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Hachette Book Group Has Soft First Half of 2023
Sales at Hachette Book Group fell 8.6% in the first six months of 2023 compared to the first half of 2022, parent company Lagardère reported. Sales for all of Lagardère Publishing rose 2.5%, but profits dropped 16%.
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Book Fairs Boost Scholastic Results in Fiscal 2023
In a week filled with bad book business news and a down year for the children's book market, Scholastic nonetheless delivered a generally upbeat financial report for its latest fiscal year—thanks in no small part to the company's booming book fair business.
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Publishing Industry Sales Were Flat in May
A 14.1% decline in May in the children's/YA segment was offset by gains in sales of adult books and college course materials, leading to total sales in the month holding even with 2022.
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B&N Education Faces More Financial Pressures
The country's largest operator of college bookstores said that if it doesn't improve its financial position soon, it could issue a warning about its chances of staying in business.
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Religion Book Sales Fell 6% in 2022
Final industry estimates from the AAP show that sales of religious books fell 6% in 2022 from 2021, dropping to $1.27 billion last year from $1.35 billion in 2021. Digital audiobooks and hardcover sales fell 42% and 9.5%, respectively.
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Publishing Industry Sales Fell 7.6% in April
Publishing industry sales couldn't keep up the pace in April, with all segments of the business but higher education suffering declines in the month.
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Wiley to Restructure After Challenging Year
With results down in fiscal 2023, Wiley announced that it will offload non-core assets in fiscal 2024 and focus on its research and learning groups.
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Publishing Industry Sales Rise 3.2% in Q1 of 2023
Total publishing industry sales rose by 6.6% in March over a year ago—enough to precipitate a 3.2% bump in sales for the first quarter of 2023.
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Publishing Sales Finished 2.6% Below 2021 Last Year
A 16% increase in sales in the pre-K–12 educational materials segment helped to counter declines in the other major categories, resulting in total publishing sales of $28.1 billion in 2022, the Association of American Publishers reported.
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Bloomsbury Has 'Best Ever Performance'
Helped by expansion into non-consumer markets as well as overseas, sales and earnings at the U.K.-based publisher both rose 15% in fiscal 2023, with revenue in the U.S. topping $150 million.
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EDC Sales, Earnings Plunged in Fiscal 2023
Educational Development Corp., whose business soared during the pandemic, continues to struggle to find a firm financial footing in the new normal.
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Financial Results Show Some Improvement at HarperCollins
After falling 12% in the six-month period ended December 31, 2022, sales steadied at $515 million at HarperCollins in the quarter ended March 31, 2023, though earnings fell again, dropping 9%.
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Publishing Industry Sales Inched Up in February
Gains in religious and higher educational publishing offset dips in the trade segments in February, resulting in a 0.2% sales gain for the 1,240 publishers that report sales to AAP's StatShot program.
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S&S Posts Record Quarter, Could Be Sold by End of Year
Sales rose 19% and earnings were up 16% at Simon & Schuster in the first quarter, and executives at parent company Paramount Global said there is a possibility the sale of the publisher could be completed this year.
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AI Concerns Drop Chegg Stock by 48%
The stock price of Chegg, the online learning platform for university students, fell 48% Tuesday, after its CEO reported that a spike in interest by students in ChatGPT resulted in lower than expected results in the first quarter.
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Online Sales Flat at Amazon in Q1
Amazon's cost-cutting efforts led to higher earnings in the first quarter, but its online revenue was flat compared to the first quarter of 2022.
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Sales Fell in First Quarter at Hachette Book Group
HBG CEO Michael Pietsch attributed the 11% decline to a strong first quarter in 2022, plus “a generally softer market, especially for hardcovers.”
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Large Trade Publishers See Flat Sales for 2022
Higher costs and lower sales led to disappointing results at three of the four largest trade publishers last year, reviving an old publishing mantra.
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Bookstore Sales Jumped in February
For the second month in a row, bookstore sales posted large gains over 2022. According to preliminary figures from the U.S. Census Bureau, February bookstore sales increased 10.7% over last year, rising to $609 million.
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