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November 15-30, 2003 Edition HarperCollins
Reports Flat Sales
for First Quarter
NEW YORK, NY/11/7/03HarperCollins, owned by News Corp, reported relatively flat sales for the quarter against a robust performance for the previous two years. The company reported global sales of $347 million for the first quarter ended September 30, roughly the same as last year’s first quarter. Operating income increased from $58 million to $59 million.
For three consecutive quarters sales were up only 1.5 percent to $836 million, but profits sagged 6.5 percent to $86 million.
Last summer, HarperCollins CEO Jane Friedman had predicted a challenging year, but says she is pleased with the current performance in light of the still sluggish economy.
News Corp attributed HC’s small sales increase to strong sales for HarperCollins’ The Purpose Driven Life, published by HC’s Zondervan unit, and Lemony Snicket’s Slippery Slope.
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