Print Book Sales Rose 16.9% Last Week (publishersweekly.com)

Fourth Quarter Fiscal 2023 - Financial Results: *Net sales of $4.3 billion were up 1% compared to last year, inclusive of an estimated 2 percentage points of negative impact from the sale of Gap China. The addition of the 53rd week contributed approximately 4 percentage points of growth to the fourth quarter. -Comparable sales were flat year-over-year. -Store sales increased 4% compared to last year. -Online sales decreased 2% compared to last year and represented 40% of total net sales. *Gross margin was 38.9%, an increase of 530 basis points versus last year. -Merchandise margin increased 500 basis points versus last year primarily driven by lower commodity costs and improved promotional activity during the quarter. -Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 30 basis points versus last year. *Net income of $185 million; diluted earnings per share of $0.49.

North Equity announced that it has acquired a number of media brands from Bonnier Corporation. The acquisition includes Popular Science, Popular Photography, Saveur, Outdoor Life, Field & Stream, Better You and Interesting Things. The additions complement North Equity’s robust home platform, where Saveur will join BobVila.com and Kitchenistic to form a new food category. They will also create a new specialty media vertical under Popular Science and Popular Photography, and expand North’s growing footprint in the military, tactical and outdoor verticals, where it recently added Task & Purpose, one of the leading digital media properties for active-duty military and veterans.

GAAP Results: Revenue of $493 million (-4%), Operating income of $46 million (-19%), and EPS loss of -$0.35 (-$1.03). GAAP earnings impacted by impairment charges of $52 million related to our held for sale or sold assets and restructuring charges totalling $25 million related to our value creation plan. “Our second quarter and year-to-date overall performance was in line with our expectations as we execute on our value creation plan to make Wiley a stronger, leaner, and more profitable company focused on driving consistent growth in our core,” said Matthew Kissner, Interim President and CEO. “We expect year-over-year revenue improvement in the second half and expect to exit the year with a stronger margin profile. Fiscal 2025 and 2026 is where we will realize the full benefits of our current actions.”