Revenue at Penguin Random House fell 3.3% in the first half of 2018 compared to the same period a year ago, dropping to €1.48 billion from €1.53 billion a year ago, parent company Bertelsmann reported. Earnings fell 17.0%, from the first six months of 2017, with EBITDA (earnings before interest, taxes, depreciation, and amortization) declining to €171 million. Both Bertelsmann and PRH chairman Markus Dohle attributed the decline in results, in large part, to the negative impact of exchange rates. In his letter to employees, Dohle explained that while “headline” figures were down, excluding the impact of exchange rates “underlying operating revenue and profit numbers for Penguin Random House in U.S. dollars have been stable year over year. This means that the quality of our business and our earnings have been on the same—high—level as in the prior year. Our core business remains very strong globally.” Click Read More below for additional information.
Walmart Inc. (NYSE: WMT) today announced the acquisition of Cornershop, Inc., a leading online marketplace for on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile. This transaction is an important step forward in accelerating the company’s omnichannel capabilities and growth in Latin America. It follows Walmart’s recent investment in Dada-JD Daojia in China and the strategic alliance with Rakuten in Japan.
“We are focused on making life easier for customers and associates by building strong local businesses, powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “Cornershop’s digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmart’s strong supply chain and store network. Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money. We are excited to welcome Cornershop to the Walmart family.”
Walmart has entered into a definitive agreement to acquire Cornershop, Inc. for $225 million. Cornershop is a leading online marketplace for crowdsourced, on-demand delivery in Mexico and Chile and is rapidly building scale, with the number of unique users doubling in the past 12 months. Cornershop’s three founders, Oskar Hjertonsson, CEO; Daniel Undurraga, chief operating officer; and Juan Pablo Cuevas, chief technology officer, and their teams, will continue to lead the business.
Cornershop will remain an open platform that will continue to deliver from a variety of retailers, extending the convenience and availability of food, health & wellness and packaged goods for customers in Mexico and Chile. Closing of the transaction is subject to regulatory approval and is expected by the end of the year. For more information on this acquisition, please visit the Walmart de México website and the Walmart Chile website.