Wednesday, December 05, 2018

Publishers Lunch

Barnes & Noble Education underperformed again, with second quarter sales falling 8.1 percent to $815 million, and investors headed straight for the door. Ninety minutes after market open, shares were down approximately 28 percent, to about $4.60 a share, which would be a new all-time low for the stock if it holds. (At that price, the market cap is around $209 million.)

Sales at the College stores declined $54.4 million, with comparable store sales down 5.6 percent, "primarily due to lower textbook sales." Sales from net new stores (new stores less closed stores) declined by $15.2 million, compared to an increase of $21.1 million in the prior year. MBS sales fell $15.9 million, or 11.8 percent, on "lower publisher rental penetration than anticipated, as well as lower net sales of traditional wholesale textbooks."

CEO Mike Huseby says in the announcement, "During the first half of fiscal 2019, BNED accomplished significant milestones in its continued development of the digital services and offerings the industry is demanding. While we are pleased with the improvement in consolidated net income, our focus is on investing in digital growth platforms and offerings for the future while also taking steps to preserve current levels of profitability and cash flow." The company said that its outlook for the full year is now "expected to be at the low end" of its guidance.

Alexa Pastor has been promoted to editor for Atheneum.

Ashley Vanicek has been promoted to PR specialist at Amazon Publishing, supporting Lake Union Publishing and Thomas & Mercer.

Mark Weinstein has joined Diversion Books as senior editor. He was previously an executive editor at Rodale Books,

Staci Burt has joined Grand Central as publicity manager. She was previously at St. Martin's.

Hannah Zirkler joined the Marianne Schönbach Literary Agency in the Netherlands as literary agent/executive assistant.

Kate Atkinson will
publish BIG SKY, her first Jackson Brodie novel since 2010 next year in June with Doubleday UK and Transworld.

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