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Even with promising semi-annual results from some of our companies, I am sorry to report that our operating revenue and profits for this period fell worldwide from the prior year.
There are several reasons for this decline: We were hit hard by the weak U.S. dollar and the British pound, the currencies which account for 80 percent of our sales revenue, against the euro, the currency for Bertelsmann’s fiscal-year reporting. In North America, we also faced higher publishing and operational costs for freight and paper. There is also no avoiding the reality that in this declining worldwide economy, consumer spending overall is decreasing.
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- Companies:
- Random House Inc.
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