Finance

Amazon's cost-cutting efforts led to higher earnings in the first quarter, but its online revenue was flat compared to the first quarter of 2022.

HBG CEO Michael Pietsch attributed the 11% decline to a strong first quarter in 2022, plus “a generally softer market, especially for hardcovers.”

For the second month in a row, bookstore sales posted large gains over 2022. According to preliminary figures from the U.S. Census Bureau, February bookstore sales increased 10.7% over last year, rising to $609 million.

Higher costs and lower sales led to disappointing results at three of the four largest trade publishers last year, reviving an old publishing mantra.

Despite a decline in sales, cost controls and a rebound in its custom publishing operation led to a 67% jump in profits for Quarto Group in 2022.

Sales at Penguin Random House rose nearly 5% in 2022, but rising costs resulted in an 11.8% decline in earnings, which dropped to €666 million.

The publisher cited a number of economic factors for a disappointing quarter, including weaker consumer demand for books and lower orders from retailers and wholesalers that are still working through high levels of inventory acquired last year that remains unsold.

Despite high returns, sales for the 1,240 companies that report results to AAP's StatShot program increased 3.5% in January, with the adult books segment leading the way.

A decline in sales in Wiley's academic group and problems in an open access unit led to a 5% drop in sales in the quarter and an operating loss of $67 million. The unexpected results led Wiley to speed up its streamlining efforts and to lower its financial forecast for fiscal 2023.

Year-end figures from the Association of American Publishers’ StatShot program show sales were down in all publishing categories.