and more.
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Trade Publishing Sales Had Big November
Helped by the November release of the blockbuster 'A Promised Land,' sales of adult trade titles jumped 35.4% in November over a year ago and sales in the children/young adult category rose 30.7%.
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Foundry Literary's Cofounder Files Suit Against Former Partner
Peter McGuigan, the cofounder of Foundry Literary + Media, filed a lawsuit against his former business partner, Yfat Reiss Gendell, on Friday. The suit claims that Gendell made illegal withdrawals of more than $860,000 from the former partners' literary agency.
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Sales, Earnings Soared at EDC in Q3
Revenue in Educational Development Corp.'s direct sales division jumped 68.4% in the third quarter ended November 30, 2020, leading to a 63.5% increase in total sales for the publisher. Net income rose 63.5% over last year's third quarter.
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Authors Seek Missing Payments from Shuttered Literary Agency
When the former cofounders of Foundry Literary + Media parted ways in September to launch their own literary agencies, the partners confirmed that thousands of contracts would still be handled by Foundry. It appears that payments to some authors with contracts residing at Foundry have not been going out.
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Industry Stock Prices Fell 4% in 2020
A second-half rally helped to limit the decline of the Publishers Weekly Stock Index to 4% in 2020, as four of the seven companies on the PWSI managed to post an increase in their stock prices compared to the beginning of the year.
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Book Fair Sales Plunge at Scholastic
Revenue at Scholastic's book fairs dropped 79% and total revenue at Scholastic dropped 32% in the quarter ended November 31, 2020, compared to the second quarter of fiscal 2020, as the pandemic led to a significant decline in the number of fairs held. The publisher has tapped two new leaders for its international and educational solutions businesses.
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Adult Trade Sales Had Solid October
Sales in October in the adult trade book segment rose 10.2% over 2019 at publishers that report results to AAP. Sales in the two digital formats had double digit increases in the month and, for the first 10 months of 2020, e-book sales rose 11.5% over 2019, while downloadable audio sales increased 15.8%.
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Earnings Dive at Barnes & Noble Education in Q2
A 22% decline in sales in its retail division led to a 79% drop in net income at Barnes & Noble Education in the second quarter ended October 31, 2020, compared to last year. Textbook sales fell and general merchandise revenue took a big hit.
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Wiley Has Sharp Earnings Increase in Q2
Citing “record research output and content consumption, robust online enrollment growth, and broad digital courseware adoption,” net income at John Wiley jumped 53.5% in the second quarter of fiscal 2021 on a 5.3% increase in revenue.
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Big Publishers Post Big Third-Quarter Gains
The easing of lockdowns and strong increases in digital sales led to double-digit sales gains for four trade publishers that reported financial results for the quarter ended September 30 over the same period in 2019.
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