New Releases Spark Another Big Book Sales Week (publishersweekly)

Learning technology company HMH announced that three of its solutions have been honored in EdTech Digest’s 2024 EdTech Cool Tool Awards. HMH Read 180 was named the winner in the literacy/reading category. HMH was also named a finalist for two of its integrated solutions – English 3D and HMH Math 180. Presented by EdTech Digest, the EdTech Awards recognize people for outstanding contributions in transforming education through technology to enrich the lives of learners everywhere. HMH Read 180 was named winner in “Literacy/Reading Solution”: HMH Read 180 represents a blended learning solution meticulously designed to elevate literacy proficiency and cultivate a growth mindset in Grades 3--12. Functioning as an intervention program, it extends essential support to all students reading below grade level, encompassing those with disabilities, special education requirements, and multilingual learners.

Despite a drop in sales in 2017 and store closings, the mood was mostly upbeat at the 2018 Diamond Retailer summit, held April 6-8 in conjunction with the C2E2 pop culture convention in Chicago. Many retailers indicated to PW that they are beginning to see a slight upturn in sales in recent months. But this comes after a year in which sales were down in every category. According to figures released by Diamond Comics Distributors—which distributes comics and graphic novels to a network of about 2,000 specialty comics shops around the country—periodical comics sales were down 10% in 2017 compared to 2016, graphic novels declined 9% and the number of direct market stores served by Diamond slipped about 1%. Click Read More below for additional information.

*Domestic revenue of $9.57 billion decreased 13.1% versus last year primarily driven by a comparable sales decline of 12.7%. *Domestic online revenue of $2.97 billion decreased 14.7% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was 31.0% versus 31.7% last year. *Domestic gross profit rate was 22.0% versus 23.7% last year. The lower gross profit rate was primarily due to: (1) lower services margin rates, including pressure associated with the Best Buy Totaltech membership offering; (2) lower product margin rates, including increased promotions; and (3) higher supply chain costs. *Domestic GAAP SG&A was $1.73 billion, or 18.1% of revenue, versus $1.85 billion, or 16.8% of revenue, last year. *International revenue of $760 million decreased 9.3% versus last year. This decrease was primarily driven by a comparable sales decline of 4.2% in Canada and the negative impact of approximately 420 basis points from foreign currency exchange rates. *International gross profit rate was 23.4% versus 24.3% last year. The lower gross profit rate was primarily driven by lower product margin rates.