HarperCollins Profits Plummet
HarperCollins parent company News Corp. reported its fiscal first-quarter results, including a $33 million decrease, from $36 million to $3 million, in HarperCollins' operating income compared to the same period last year. Last year, the $36 million in profits represented a 35-percent decrease from the year before.
The company attributed this year's loss to "higher returns provision in North America combined with lower third-party distribution income."
Bright spots in HarperCollins' first-quarter results included strong sales of "The Story of Edgar Sawtelle," an Oprah's Book Club selection, by David Wroblewski; "The Way of the World" by Ronald Suskind; and "Big Words for Little People" by Jamie Lee Curtis.