Q3 Sales Dip at HBG
Revenue at Hachette Book Group USA fell 2.8% in the third quarter ended September 30, compared to the same period in 2016. Parent company Lagardere attributed decline to unfavorable comparisons with last year’s third quarter. Lagardere said that last year HBG benefited from strong sales of new releases like Two by Two and Woman of God. Lagardere added that the Perseus publishing properties, which were acquired in March 2016, had a solid quarter. In a statement, HBG CEO Michael Piestsch said despite the sales dip in the third quarter, the company’s revenues through the first nine months of 2017 were “solidly ahead of 2016.” He cited growth in downloadable audio sales and a strong performance from the company's distribution side as high notes. Click Read More below for additional information.