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Earnings Up At Simon And Schuster, Despite Decline In Sales

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Despite a 5.5% decline in sales, adjusted operating income at Simon & Schuster rose 10.9% in the third quarter, to $29.5 million. Revenue in the period fell to $217.7 million. For the first nine months of the year, earnings jumped over 42%, to $46.7 million, despite a 2.4% decline in sales to $559.1 million. S&S CEO Carolyn Reidy credited the strong earnings improvement to a variety of factors. "We've been working hard on cost containment for 18 months and it is paying off," she said. "We've also had a good publishing program." Strong gains internationally, particularly in the U.K. where sales are up by double digits, has also contributed to the improved results.

Read the whole story at publishersweekly.com

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