John Fallon, Chief Executive said: "We made good progress last year. We increased underlying profits, outperformed our cost savings plan and invested in the digital platforms that are making us a simpler, more efficient and innovative company. We are increasingly well placed to guide our customers through a lifetime of learning and help our partners shape the future of education. We have a lot still to do, but we expect company wide sales to stabilise this year, and grow again in 2020 and beyond." Highlights: Revenue down 1% in underlying terms *Total underlying revenue down 1% year on year, with declines in US Higher Education Courseware of 5% and in US K12 Courseware largely offset by the rest of the business growing in aggregate at over 1%. *Strong performance in our structural growth opportunities with revenue up 10% in Global Online Program Management, 8% in Connections Academy, 4% in Professional Certification (VUE) and Pearson Test of English Academic (PTEA) test volume growth of 30%. *Revenue in North America declined 1%, Core was flat and Growth up 1%. Click read more below for additional detail.
Fourth-quarter highlights •Walmart U.S. comp sales1 on a two-year stack of 6.8% is the strongest growth in 9 years. •Walmart U.S. eCommerce continued to benefit from the expansion of grocery pickup and delivery and a broader assortment on Walmart.com. •Sam's Club comp sales1 increased 3.3%3, and eCommerce sales grew 21%. •Net sales at Walmart International were $32.3 billion, a decline of 2.3%. Excluding currency2, net sales were $34.0 billion, an increase of 2.7%. Click read more below for additional detail.
Fourth Quarter 2018 Consolidated Results: • Operating revenues were $751.4 million, compared to $854.2 million in the fourth quarter of 2017. • Unfavorable changes in foreign currency exchange rates negatively impacted revenues by $4.3 million. • Same store, day adjusted operating revenues declined 8.6% year-over-year. Further adjusting for day trades as compared to the year-ago fourth quarter (one less Sunday, one more Monday), which impacts our print advertising and circulation revenues, the decline was 7.4%, an improvement of over 70 bps from the third quarter 2018 trend. • Total digital revenues were $272.3 million, or approximately 36% of total revenue. • GAAP net loss was $14.2 million, including $56.3 million of after-tax restructuring, asset impairment charges and other costs. Click read more below for additional detail.
Arkansas Business Publishing Group president Mitch Bettis has reached a deal to acquire the company from founder and CEO Olivia Myers Farrell, the pair announced Monday. Effective February 28, the…
Pearson completes another major milestone in its simplification programme with the announcement of the sale of its US K12 courseware business to Nexus Capital Management LP (Nexus) for headline consideration of $250m. Total proceeds comprise an initial cash payment of $25m and an unconditional vendor note for $225m expected to be repaid in three to seven years. Following the repayment of the vendor note, Pearson is entitled to 20% of all future cash flows to equity holders and 20% of net proceeds in the event the business is sold. This additional consideration has been structured to provide Pearson with the potential to capture future upside in the US K12 courseware adoptions market over the coming years. This disposal is an important part of our ongoing work to become a simpler and more efficient company, focused on fewer, bigger opportunities that contribute towards growth and our digital transformation. It will greatly simplify our ongoing technology, systems and office rationalisation. Click read more below for additional detail.
A soft fourth quarter in which revenue fell 7% led to a 0.6% decline in sales for 2018 at Simon & Schuster. Despite the sales decline—from $830 million in 2017 to $825 million last year—operating income rose almost 6% in 2018 over 2017, to $144 million. S&S parent company CBS said the fourth quarter revenue decline was due to lower print book sales. S&S CEO Carolyn Reidy said the company "came up short" on a couple of titles right before Christmas, but that it performed well in the period given the reduction in printing capacity the industry experienced over the holidays. She added that the industry now realizes it is operating in a new environment where printing capacity has declined. Nonetheless, she is confident S&S will adapt to the changing circumstances. Click read more below for additional detail.
Digital advertising revenue continues to grow at a rapid pace. According to the Interactive Advertising Bureau’s latest Internet Advertising Revenue Report, digital ad revenue was $26.2 billion in the third quarter of 2018 -- up a whopping 22% compared to the same quarter a year prior. The report, which was prepared by PwC U.S., found marketers spent a total of $75.8 billion over the first three quarters of 2018. With that explosive growth, the first three quarters of 2018 were the highest-spending on record. Click read more below for additional detail.
◦Bauer Media retains its position as the UK’s biggest selling magazine publisher, with total annual reported copies circulated of over 150m in the last twelve months. ◦In the Women’s Weeklies Classics Bella (weekly) retains its No 1 position, delivering POP and YOY increases and extending its leadership with a 5% increase in market share YOY. ◦No 1 in TV listings (the UK’s biggest magazine category by volume) with TV Choice and Total TV Guide. Bauer titles account for 43% of the market. ◦Bauer continues significant leadership of the Real-Life category with a 5% share of the market ◦heat is the only title in the celebrity weekly market to see both a POP and YOY increase. ◦Closer, heat and Grazia all increase their weekly circulations this period, with heat outperforming the celebrity weekly market. ◦Garden Answers posts 11th successive YOY ABC increase with double digit growth while Garden News is the No 1 weekly gardening title. ◦Country Walking magazine sees its 3rd consecutive year of ABC growth. Click read more below for additional detail.
The Postal Regulatory Commission, in consultation with the U.S. Postal Service, will host an off-the-record technical conference on Friday, February 15, 2019, at 10:00 a.m. EST, to facilitate stakeholder discussion on how best to achieve the objectives outlined in the Presidential Memorandum of August 23, 2018, and to provide an opportunity for the public to share its views on an appropriate rate design for international mail. Postal Service representatives are expected to discuss matters on the technical, policy, or strategic aspects related to competitive Inbound Letter Post Small Packets and Bulky Letters and Inbound Competitive Registered Mail services. The Commission will also house a webex and audio option on the homepage of its website, www.prc.gov, for interested parties to join the technical conference, and via the following direct URL: https://prcmeetings.webex.com/prcmeetings/j.php?MTID=m3d33d235ccb44edcf4a946dccfd3d23e. Click read more below for additional detail.
Gains in the trade and religion segments were offset by declines in the other publishing categories, leading to a small (0.4%) decline in industry sales in 2018, according to the Association of American Publishers’ StatShot program. Total revenue for the 1,375 reporting publishers was $14.55 billion in 2018, down $57 million from 2017. Later this year, AAP will release final figures that include sales estimates from publishers that do not report to the association. According to the StatShot data, the adult trade category had the largest gain in the year, with sales from reporting publishers up 5.1% over 2017, to $5.13 billion. Sales of religious books rose 4.5% in the year and sales in the children’s/young adult category increased 3.3% in the year, to $2.11 billion. Click read more below for additional detail.