Finance

Just days after it revealed that it had received an offer to take the company private, Canada's Indigo Books & Music released its financial results for the crucial holiday season—and as even CEO Heather Reisman admitted, the results were “disappointing.”

A 29% increase in sales of digital audio, coupled with lower costs, resulted in a 67% increase in profits at the publisher in the quarter ended December 31, 2023, over the comparable period a year ago. Total sales were up 4%.

The biggest independent book distributor in the U.S. sees opportunities in 2024 both here and in the U.K., where it has finally stabilized the United International Distribution business it bought in 2021—and where a 2023 change in Amazon's sourcing requirements has left a hole CEO Joe Matthews says he hopes IPG can fill.

Gains in both the children's/young adult books and religion categories were enough to offset declines in the other major segments in November at the 1,225 publishers that report sales to the AAP.

Two investment firms led by Canadian billionaire Gerald Schwartz—an Indigo board member, husband of founder Heather Reisman, and the company's majority owner—has made an offer to acquire the remaining shares of Canada's largest bookstore chain.

A strong holiday shopping season, an improved fulfillment operation, and cost cuts including an estimated 27,000 layoffs resulted in a $30 billion profit for Amazon in 2023 following a loss of $2.7 billion in 2022.

More titles, publishers, and services led to record revenue in 2023 at the digital marketing company, said CEO David Steinberger.

The independent audiobook publisher's catalog topped 70,000 titles last year as it entered into more partnerships.

The U.K–based publisher has begun a tender offer to acquire more than 11 million common shares as it delists from the London Stock Exchange’s main markets.

Sales of religious print books remain solid through October, offsetting slow digital sales.