Finance

Solid backlist and digital audio sales contributed to third-quarter gains at HarperCollins, Hachette Book Group, Simon & Schuster, and Houghton Mifflin Harcourt.

Sales at the Hachette Book Group rose 5.1% in the third quarter of 2018 over the same period a year ago, led by backlist sales and a number of good frontlist performances, including Sally Field’s 'In Pieces.'

Strong backlist sales, in addition to a 55% jump in sales of digital audiobooks, led to a 42% increase in earnings at HarperCollins in the quarter ended September 30, 2018, over the comparable period a year ago.

Boosted by a new licensing agreement for '1984' and 'Animal Farm,' sales and earnings at Houghton Mifflin Harcourt’s trade division both soared in the third quarter ended September 30, 2018, over the comparable period a year ago.

Indigo CEO Heather Reisman attributed the sales decline and higher loss in the quarter to the chain's continued investment in renovating its stores.

Stock prices at only two of the 11 companies on the Publishers Weekly Stock Index rose in October, Barnes & Noble and Educational Development Corp.

After completing another solid quarter, Simon & Schuster CEO Carolyn Reidy said that while business was soft in October because of distractions caused by the upcoming election, she believes sales will rebound after the midterm elections on November 6.

The trade and religion segments continued to be the industry’s bright spots through September, according to figures released by the AAP through its StatShot program.

Although sales rose 29% in the third quarter (ended September 30) over the comparable period a year ago, investors had expected more rapid growth. Still, profits jumped to $2.9 billion, up from earnings of $256 million a year ago.

In the six month period ended August 31, 2018 revenue in Bloomsbury's adult group rose 22% over the comparable period in fiscal 2018, offsetting a 2% decline in sales in the children's division.