By Edward Nawotka
The biggest news of the day by far has been Penguin’s earnings report: The strengthening of the dollar against the pound turned a ” 6% sales decline in the first six months of 2009 into an 11% increase,” wrote Jim Milliot in PW. The UK’s Bookseller explained that “Penguin Group’s results for the first half of 2009 show sales up 11% on a headline basis to £452m, with operating profit down 19% to £21m. But on an underlying basis sales were down 6%, with operating profit down 23%.” However you parse it, it’s a bit sobering.
Penguin chairman John Makinson said that books have sold better than anticipated, though it’s still “challenging.” Dorling Kindersley and Rough Guides were the poorest performing of the company’s imprints.
Lastly, also in PW, Richard Nash recounts his career at Soft Skull Press and outlines his vision of the future, much as he did here a couple of weeks ago. His new venture has changed names, from The Round Table to Cursor.