S&S Has 10% Sales Gain in Q2

Revenue at Simon & Schuster rose 10% in the second quarter ended June 30, 2017, over the comparable period in 2016, and operating income increased 8%, S&S parent company CBS reported. It was the second consecutive quarter that revenue at S&S grew by double digits in 2017. Revenue in the most recent period was $206 million, up from $187 million, and earnings rose to $28 million from $26 million a year ago.

The increase was led by growth in print book sales as well as digital audio. Results also include Adams Media, which S&S bought last November. S&S CEO Carolyn Reidy said the company’s children’s, audio, and international divisions all had double digit sales increase in the quarter, while sales in the adult group rose by single digits. With digital audio posting another strong quarter, sales of the format were up 34% in the first half of 2017 over the same period of 2016. Reidy estimated that S&S will increase its title output of digital audio by 20% to 25% for the year.

While digital audio sales continued to rise, e-books continued to fall. Reidy said that for the first six months of the year, total digital revenue was flat.

Revenue for the first half of 2017 was $367 million, a 10.5% increase over the first six months of 2016, while earnings increased 8%, to $42 million.

As well as S&S did in the first half, Reidy said the company is poised for a strong second half of 2017. “We have a killer list,” Reidy said. Heading that list is Hillary Clinton’s new book, What Happened, due out September 12. “It is Hillary Clinton like you’ve never heard her before,” Reidy said.”She put it all out there.” Reidy said Clinton is prepared to promote the book and the company is working on its promotional plans, which will likely include book signings.

Other September releases include Tom Brady’s TheTB12 Method as well as Stephen Colbert’s Midnight Confessions. Other authors with books planned for the fall include Vince Flynn, Stephen and Owen King, Jesmyn Ward, Walter Isaacson, Rachel Renee Russell, and Tucker Carlson.
https://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/74430-s-s-has-10-sales-gain-in-q2.html

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