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.
Earnings Up At Simon And Schuster, Despite Decline In Sales