Navigation

Follow Authorlink:

All about publishing a book, getting help to convert a PDF to eBook, and keeping up with publishing industry news

Penguin Profits and Sales Drop in First Six Months

Pub Date:

MAIN NEWS HEADLINES

July 23 – July 29, 2012 Edition Penguin Profits and Sales Drop in First Six Months New York, NY/Authorlink News/July 27, 2012—Parent company Pearson reported today that profits at its Penguin Group publishing group declined 48% in the first six months of 2012, and sales dropped by 4% to £441. Pearson attributed the decline to soft sales at Penguin Group USA.

The children’s and YA division in the US performed well during the period. International sales in this category increased 12%..

Meanwhile, for all of Penguin Group, e-book sales increased 33% in the first six months of 2012 and accounted for 19% of worldwide sales, or about 84 million pounds. .

Penguin Group chairman John Makinson noted that outside of Penguin USA, the company was either on track or ahead of last year, and said that DK had an “excellent” first six months. .

Makinson and Penguin USA CEO David Shanks predicted that Penguin USA and the group as a whole will do better in the second half of the year. A strong adult frontlist in the U.S. , including books by Neil Young Ken Follett, Patricia Cornwell, Nora Roberts, Dolly Parton, Kofi Annan, Zadie Smith Junot Diaz, should help the company perform close to sales levels in the second half of 2011, Makinson said. Shanks said Penguin USA is off to a good start, helped by Bared to You, its answer to Fifty Shades.

Penguin is one of three founding members of Bookish. According to Publishers Weekly, Shanks said that it is all but certain that the site will launch in September. He said the Department of Justice action held up plans as Bookish needed to discuss various legal issues pertaining to possible oversight by the DoJ and how two “settling” publishers—Simon & Schuster and Hachette—and one continuing to challenge the DoJ, Penguin, can work together. The issues have been resolved and Bookish “looks good for September” Shanks said.