Common shares outstanding plus shares underlying stock-based awards totaled 495 million on June 30, 2016, compared with 488 million one year ago. Net sales increased 31% to $30.4 billion in the second quarter, compared with $23.2 billion in second quarter 2015. The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on net sales was $166 million. Operating income was $1.3 billion in the second quarter, compared with $464 million in second quarter 2015. Net income was $857 million in the second quarter, or $1.78 per diluted share, compared with $92 million, or $0.19 per diluted share, in second quarter 2015.
The inaugural list of design-driven books is due out next season
In the latest sign that print book sales are growing, Candlewick Press in Somerville, Mass., is readying a new imprint, Candlewick Studio, which will publish design-driven books with high production values. The inaugural list of four books will release this fall, and it includes Retro Photo: An Obsession by David Elwood (Fairie-ality), a photographic essay on vintage cameras and the kinds of photographs they take.
Karen Lotz, president and publisher of Candlewick Press and managing director of the Walker Books Group, described the imprint as “an expression of our love for the printed book.” She added, “We hope that even from across a bookstore, Candlewick Studio titles will entice book-lovers of all ages to come closer.” Although the inaugural titles are all large-format books, she noted that the press has no plans to impose restrictions on trim size or a quota on the number of titles. “ ‘Just the right books’ will be our mantra,” she said. Lotz held out the possibility of Studio miniatures in the future. “It’s the unique and special presentation of the title that would make it a Studio book,” she added.
As for the decision to launch Candlewick Studio, Lotz noted that the press has a tradition of creating one-of-a kind art-driven books, or “specials,” which don’t fit neatly into a category. “Readers who love print books really do love especially well-made print books,” she said. “And there is great loyalty from these readers to books made with artisanal values in mind. We’ve decided that the bookselling climate right now is ready to embrace a separate line of such titles, where we could showcase them all properly.”