Sales at Hachette Book Group rose 4.1% in the first quarter ended March 31, over the comparable period a year ago. HBG parent company Lagardere reported that total sales in its publishing division increased 6.1%, to €440 million ($447 million), in the first quarter. The rise in total sales included the addition of €18 million ($19.5 million) in revenue from the publishing division of Perseus which HBG bought in March 2016. According to Lagardere, the increase at HBG was due to solid sales in its Center Street division, led by good performances of Trump’s War and The Shack. The 4.1% gain at HBG excludes revenue from Perseus as well as Yen Press; HBG sold a majority stake in the imprint to Kadokawa last April. click Read More below for additional detail
The U.S. Postal Service reported total revenue of $17.1 billion for the third quarter of 2018 (April 1, 2018 – June 30, 2018), an increase of $402 million, or 2.4 percent, compared to the same quarter last year.
First-Class Mail revenue declined by $134 million, or 2.2 percent, and Marketing Mail revenue increased by $63 million, or 1.6 percent. Total mail volume declined by a combined 397 million pieces, or 1.2 percent, compared to the same quarter last year. Shipping and Packages revenue increased by $475 million, or 10.2 percent, on volume growth of 102 million pieces, or 7.5 percent.
The net loss for the quarter totaled $1.5 billion, a decline in net loss of $651 million compared to the same period last year, the result of nonrecurring adjustments to retirement and retiree health benefit plans to account for revised actuarial assumptions. Excluding the effects of these adjustments, the net loss for the quarter increased by $507 million.
“The root cause of our financial instability is a flawed business model that is imposed by law. We encourage the Congress to engage in a broad public policy discussion and pass postal reform legislation,” said Postmaster General and CEO Megan J. Brennan. “We support legislation under consideration in the current Congress which would provide immediate flexibility to the organization, allow the Postal Service to invest in our future and continue to provide the prompt, reliable, efficient and universal service the public expects.”
Brennan added that in addition to enactment of postal reform legislation, continued aggressive postal management action and regulatory changes, including a less rigid and more responsive pricing system, are required.
Total operating expenses were $18.5 billion for the quarter, a decline of $240 million, or 1.3 percent, compared to the same quarter last year. Inflationary pressures on salaries and benefits, as well as fuel and transportation costs were offset by the actuarial changes referred to above.
“After adjusting for actuarial changes related to retirement and retiree health benefit plans, the quarter results reflect ongoing trends. The secular declines in mail are somewhat offset by package growth, and labor productivity continues to improve,” said Chief Financial Officer Joseph Corbett. “However, absent changes to our business model, net losses are expected to continue.”
details at: http://about.usps.com/news/national-releases/2018/pr18_062.htm