US bookstore sales are down 5.1% in the first six months of 2019. Sales from January through June saw over $4.59 billion in revenue, down from $4.84 billion a year ago. It is not surprising that sales are down this year, so many political books came out in 2018, primarily from Trump insiders and the biggest-selling novel of the year, The President is Missing. It remains to … [Read more...] about US Bookstore Sales are Down 5.1% in the First Six Months of 2019
Bookselling News
Indigo Books experiences a decline in revenue
Indigo is the largest bookseller in Canada and the Toronto-based company says its revenue totalled $192.6 million for the period ended June 29, down $12.8 million from $205.4 million for the same quarter the previous year. Comparable sales, including stores and e-commerce, fell 7.6 per cent. Indigo stated that the reasons why revenue was down due to too many promotions and … [Read more...] about Indigo Books experiences a decline in revenue
Barnes and Noble agrees to be sold
Barnes and Noble has agreed to be sold to the Hedge Fund Elliott. This is the same company that purchased the largest bookselling chain in the United Kingdom, Waterstones. Waterstones CEO James Daunt, who is credited with turning the bookselling chain around, will be the new CEO of B&N when the deal closes in a few months. B&N will finally have stability in the higher echelons … [Read more...] about Barnes and Noble agrees to be sold
Barnes and Noble might be sold to a New York Hedge Fund
There are many reports from the Wall Street Journal and Forbes that Barnes and Noble is going to be sold to Elliott Management Corp, a New York Hedge Fund. The Financial Times said that Elliott would offer $6.50 a share in a deal that values the chain at $476 million. Elliott is run by the billionaire Paul Singer, who has experience in the book business. It acquired … [Read more...] about Barnes and Noble might be sold to a New York Hedge Fund
Indigo Books and Music reports a $36.8 million dollar loss in 2018
Indigo Books and Music has reported a loss of $36.8 million dollars in 2018, whereas in 2017 they generated $22.0 million in profit. Total comparable sales, including both online sales and comparable store sales, decreased by 1.1%. One of the big reasons why the largest bookselling chain in Canada suffered a loss was because of major store renovations, relocations, store … [Read more...] about Indigo Books and Music reports a $36.8 million dollar loss in 2018
Penguin Random House and Hachette will distribute to Indie Bookstores
Baker and Taylor is closing their wholesaling business this summer and this has put thousands of independent bookstores without a book distributor. In order to pick up the slack Penguin Random House, Hachette and the Independent Publishers Group have announced new programs to get their titles into bookstores in the United States. Penguin Random House has an Indie Express … [Read more...] about Penguin Random House and Hachette will distribute to Indie Bookstores
Baker and Taylor is no longer distributing books
Baker and Taylor is no longer distributing books to bookstores and they are instead going to focus on libraries. Baker & Taylor's subsidiary businesses in the U.K. and Mexico are also not affected by this change. The Ingram Content Group is now going to be the sole book distributor for bookstores in the United States. "Public libraries have always been core to Baker … [Read more...] about Baker and Taylor is no longer distributing books
Hachette states that ebooks account for 7.9% of global revenue
Hachette has reported that in 2018 global revenue was €2.52 billion. Canada and the US accounted for 29% of their revenue, which was around $736 million dollars. This was an overall increase of 27% from 2017. In a prepared statement, HBG CEO Michael Piestsch said: “HBG’s increased profits in 2018 were the result of superb publishing across our divisions, solid revenue … [Read more...] about Hachette states that ebooks account for 7.9% of global revenue
Barnes and Noble had a profitable holiday quarter
Barnes and Noble has announced that in the last three months of 2018 they generated $1.2 billion and net income was $66.9 million. Comparable store sales increased 1.1%, which was their best performance in several years. Book sales decreased 1.2% for the quarter. Trade paper, kids and young adult book sales fell short. Allen Lindstrom the CFO of B&N said that "Online sales … [Read more...] about Barnes and Noble had a profitable holiday quarter
Amazon is going to focus on opening up more bookstores
Amazon is in the process of shuttering 87 pop-up stores and they instead will focus on opening up more bookstores. This will provide a better avenue to sell Kindle e-readers, books and Alexa enabled products. “Across our Amazon network, we regularly evaluate our businesses to ensure we’re making thoughtful decisions around how we can best serve our customers,” an Amazon … [Read more...] about Amazon is going to focus on opening up more bookstores