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.
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.
Total online sales across print, e-book, and digital audiobook formats rose 5.6% in 2022, to $12.13 billion, according to Bookstat. The service collects online sales data in real time from Amazon, Apple, and Barnes & Noble.
With a full year of sales from its purchase of Workman Publishing in its pockets, Hachette Book Group saw revenue rise over 2021, but higher costs dropped profits. Results at HBG parent, Lagardère Publishing, followed a similar pattern.
HarperCollins has reached a tentative agreement with its striking union that includes an unspecified increase in minimum salaries. The deal was announced shortly after the publisher reported that sales fell 14% in the quarter ended December 31, and that profits plunged 52%.
Sales from publishers reporting to the AAP's StatShot program were down 6.4% in 2022 compared to 2021. Sales were down in all publishing categories, with print sales off in both trade segments.