(PRESS RELEASE) Lagardère SCA announced third quarter revenues today, noting “solid activity trends despite a highly uncertain economic environment.” Highlights of the company's financial performance are as follows:
At Lagardère: Third-quarter net sales of €1,982m were up 1.3% on a like-for-like basis and down 5.8% on a reported basis (the difference between reported and like-for-like figures is due mainly to consolidation, with the company’s sale of their international magazine business in mid-2011).
At Hachette Livre: Lagardère’s global publishing division delivered net sales of €601M in the third quarter (down 5.2% vs third quarter 2010 on a reported basis, and down 2.5% on a like-for-like basis, with the difference due mainly to a exchangerate shifts with the dollar and euro). France has seen healthy growth in General Literature in the third quarter, and Hachette Livre’s education business has performed well in France, Spain, and Mexico.
While net sales in the US and UK declined in the third quarter – with key retailer bankruptcies being a key factor – rapid digital growth in English speaking countries is helping to make up for tough economic conditions in those markets, with “the US and UK e-books accounted for, respectively, 21% and 9% of net sales in trade publishing in the first nine months," according to Lagardère's press release.
At Hachette Book Group: Digital continues its rapid upward trajectory at HBG. Ebooks now represent 21% of HBG’s net sales, up from 9% this time last year, 134% growth over 2010. HBG has had 54 titles hit the New York Times ebook bestseller chart in 2011. On the print side of the list HBG has had 163 New York Times bestsellers this year, beating the company’s record of 155 set in 2010. An impressive 38 HBG titles have reached #1 slot in 2011.