Finance
Total revenue at Educational Development Corp. dropped 8% in the first quarter of fiscal 2020, to $27.6 million, from the comparable period a year ago. Earnings, meanwhile, fell from $1.8 million a year ago to $1.3 million.
Publishers’ sales of audiobooks rose 24.5% in 2018 over 2019, reaching $940 million, according to the recent sales survey sponsored by the Audio Publishers Association. Digital audio accounted for 91% of sales.
With print unit sales of adult fiction falling 5.1% in the first half of 2019 compared to the same period in 2018, overall units dropped 1.9% in the period.
Sales of adult trade books fell 4.4% in April. Despite the decline, adult trade sales were up 0.5% over the first four months of 2018. In the children/young adult category, April sales increased 6.7% and were up 9.1% over the first four months of 2018.
Sales at Barnes & Noble Education fell 7.7% in the fiscal year ended April 27, 2019 compared to fiscal 2018 as the company continue to shift its business model to one that relies more heavily on digital delivery of content.
The AAP, in its annual report, found that, in 2018, sales declines in the education and professional segments offset gains in trade, resulting in a 1.6% drop in total revenue for the year.
In its 10-K filing with the SEC, Barnes & Noble reported that comparable store sales of books fell 3.9% in fiscal 2019 compared to fiscal 2018. Non-book categories did better, with comp sales up 1.9%.
The bookseller managed to post net income of $3.8 million for the fiscal year ended April 27, compared to a loss of $125.5 million in fiscal 2018, despite a 3.0% revenue decline compared to its last fiscal year.
Sales of adult trade books rose 2.4% in the first quarter of 2019, over the comparable period in 2018, while sales in the children/young adult category increased 9.7%.
A 7% sales decline in its publishing business offset gains in John Wiley's solutions division and a small gain in research, leading to a 1% sales increase in fiscal 2019 over 2018. Operating income fell 3%.