In a world where we do everything online, consider this: Independent bookstores are on the rise, while e-books are on the decline. Does this mean that the verdict is finally in on e-books? Does this mean that people, or at least the market forces through which they manifest, have chosen the paperback over the Kindle edition? It seems that may be the case. And there are a litany of reasons why. Independent bookstores are the places where you drop in for the latest paperback, listen to a reading from a favorite author or find a unique gift for a unique friend. And they’re thriving. According to the American Booksellers Association (ABA), a non-profit trade organization for indie book shops, its membership grew for the ninth year in a row in 2018, with stores operating in more than 2,400 locations. Not only that, sales at independent bookstores are up approximately five percent over 2017. Click read more below for additional detail.
in EBITDA (earnings before interest, taxes, depreciation, and amortization) in the quarter ended December 31, 2018, over the comparable period a year ago. Profit in the most recent quarter (the second period of fiscal 2019) was $88 million, up from $78 million a year ago. Revenue in the quarter increased 6% over 2018, to $496 million.
In a statement, Robert Thomson, CEO of HC parent company News Corp, said the publisher’s gains were due in part to “the burgeoning of [sales] of digital audio.” Sales of digital audio jumped 58% over last year’s second quarter, and News Corp reported that digital sales rose 12% in the period, as softness in e-book sales was offset by the gains in audio. Digital sales represented 17% of consumer revenue in the quarter, up from 16% a year ago.
Looking at its segments and titles, News Corp reported that sales were up in the general books group as well as in its Christian publishing division. Among the company’s top sellers were Homebody by Joanna Gaines and The Next Person You Meet in Heaven by Mitch Albom, as well as the continued success of Girl Wash Your Face by Rachel Hollis.
For the first six months of fiscal 2019, HC’s EBITDA was up 24% over the first half of fiscal 2018, to $156 million. Sales rose 5%, to $914 million.
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