Sales Down, Profits Up At HBG

Revenue for the first quarter, ended Mar. 31, 2016, fell 10.3% at Hachette Book Group, compared to the same period last year.

Despite the sales decline, HBG CEO Michael Pietsch said profits rose in the quarter, citing lower unearned advances and strong sales of HBG’s downloadable audio. The sales decline was attributed in part to the release of fewer major hardcover titles, compared to the first period of 2015. E-book sales were also soft in the quarter, making HBG the fifth major trade house to report soft first-quarter e-book sales.