Today's Meal
Marisa Vigilante
will join Little, Brown as senior editor on January 2, reporting to Tracy Behar
for her yet-to-be-named new imprint. Previously Vigilante was senior editor at
Rodale.
Follett president and ceo Ray Griffith will retire at the end of the company's fiscal year in March 2018. Patrick Connolly will take over as president and ceo on January 2. He was ceo of Universities Worldwide, a unit of Sodexo that supports the university and K-12 market.
At Ten Speed Press, Daniel Wikey has been promoted to senior marketing manager and Erin Welke has been promoted to senior publicity manager.
Adria Goetz has been promoted to literary manager at Martin Literary & Media Management.
Follett president and ceo Ray Griffith will retire at the end of the company's fiscal year in March 2018. Patrick Connolly will take over as president and ceo on January 2. He was ceo of Universities Worldwide, a unit of Sodexo that supports the university and K-12 market.
At Ten Speed Press, Daniel Wikey has been promoted to senior marketing manager and Erin Welke has been promoted to senior publicity manager.
Adria Goetz has been promoted to literary manager at Martin Literary & Media Management.
Barnes & Noble Education has performed so poorly that an
uptick in profits for their fiscal second quarter -- even as college bookstore
and textbook sales comps fell -- has lifted the stock. With net income for the
back-to-school quarter of $48.4 million, compared to $29.3 million, the stock
rose almost 25 percent in early trading on Tuesday. Even with that, shares are
still down by about a third for the year, and after spending $58.5 million for
Student Brands and $174 million for MBS Textbook Exchange during the year, the
improved market cap is still only about $365 million.
Barnes & Noble College store sales comps were down 4.4 percent, mostly because textbook sales comps were down 5 percent. Sales of $887 million were up $116 million -- which sounds good except that the MBS and Student Brands acquisitions contributed $139.4 million in sales. All of the earnings gain and then some ($21.6 in EBITDA) also came from the acquisitions.
Report
Barnes & Noble College store sales comps were down 4.4 percent, mostly because textbook sales comps were down 5 percent. Sales of $887 million were up $116 million -- which sounds good except that the MBS and Student Brands acquisitions contributed $139.4 million in sales. All of the earnings gain and then some ($21.6 in EBITDA) also came from the acquisitions.
Report
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