Book Manufacturers’ Institute Releases Industry Barometer Survey Results for August

Revenues from continuing operations for the quarter were $5.4 billion compared to revenues from continuing operations of $5.9 billion in the prior year's fourth quarter, a decrease of $509.1 million or 8.6 percent. Same store sales from Retail Pharmacy continuing operations for the quarter decreased 1.7 percent over the prior year, consisting of a 2.3 percent decrease in pharmacy sales and a 0.6 percent decrease in front-end sales. Net loss from continuing operations was $483.7 million or $0.46 per diluted share compared to last year's fourth quarter net loss from continuing operations of $25.1 million or $0.02 per diluted share. The decline in operating results was due primarily to $325 million of income tax expense relating to the revaluation of the company's deferred tax assets as a result of the 2017 Tax Act and a charge of $191 million, net of tax, for the impairment of goodwill related to our Pharmacy Services Segment. Click Read More below for additional information.

Bookstore sales continued their strong rebound in 2021 over 2020 in November. Preliminary estimates from the U.S. Census Bureau indicate bookstore sales were $709 million, up 43% over the $496 million in sales from November 2020. This increase followed a 53% sales jump for year-to-year October sales.

A new 2023-2024 estimate projects political advertising revenues will rise to $10.7 billion -- up from an earlier estimate of $10.2 billion, according to AdImpact. This total would show 19% growth versus the 2019-2020 Presidential political advertising period, when political ad revenue totaled $9.02 billion. The advertising research company says this breaks down to broadcast platforms (local and national) estimated at $5.35 billion, with local cable TV systems at $1.93 billion, connected TV at $1.51 billion and digital media at $1.12 billion.