Finance
The Covid-19 pandemic led to a 40% decline in fourth quarter revenue at Scholastic and an operating loss of $46 million. The company said it expects a "slower than normal start" to the upcoming school year, and believes it will end the current fiscal year with revenue "slightly below" fiscal 2020.
Revenue at Reed Exhibitions, whose businesses include BookExpo, fell to £201 million, from £684 million in the first six months of 2019, and the group had an adjusted operating loss of £117 million compared to a profit of £231 million a year ago.
U.K. publisher sales rose to £6.3 billion in 2019, 4% higher than in 2018 and 20% higher than in 2015, making 2019 the biggest year ever for U.K. publishing.
Bloomsbury said sales in the first four months of fiscal 2021, which began March 1, rose 18% over the same period a year ago. Revenue in the U.S. increased 38%, and sales of both digital and print books were up overall.
A steep decline in returns somewhat offset a drop in gross sales in May, leading a decline of 12.1% in net sales compared to May 2019. The month did see a jump in adult e-book sales, with sales rising 30.6%.
With most all bookstores closed in the month, total sales fell only 3.5% at the 1,361 publishers that report figures to StatShot.
The Publishers Weekly Stock Index fell nearly 20% in the first six months of 2020.
Barnes & Noble Education said it was surprised to learn that Outerbridge Capital, which owns 13.5% of the company, plans to nominate four of its own candidates to run for B&NE's board of directors.
Fourth-quarter sales and earnings fell at John Wiley compared to fiscal 2019 due to lower sales of print books, test prep programs, and corporate training. Sales for the year rose 2%, though a number of one-time charges led to an operating loss.
Net sales declined only 3.5% in April for publishers who report to AAP's StatShot program. That small drop, however, was due to a significant decline in returns. Publishers are concerned that returns will be heavier than usual when stores reopen and start shipping back unsold titles.