Print drop hits S&S first quarter

Print drop hits S&S first quarter

A fall in physical book sales led to a decrease in revenue in the first quarter of 2015 for Simon & Schuster.

Results released by the publisher’s parent company CBS Corporation were not broken down geographically, but gave publishing revenues for the first three months of this year at $145m, compared with $153m the year before, a decrease of 5.5%.

CBS said the decrease reflected “lower print book sales”.

Digital revenues represented 31% of the publishing’s total revenues, said CBS.

The company said bestsellers for the quarter included Pulitzer Prize-winner All the Light We Cannot See by Antony Doerr, published in the US by Simon & Schuster’s Scribner and in the UK by HarperCollins’ Fourth Estate; and Get What's Yours: The Secrets to Maxing Out Your Social Security by Laurence J Kotlikoff, Philip Moeller, and Paul Solman (Simon & Schuster).

Operating income for Simon & Schuster for 2015’s first quarter was $12m, up 9% from $11m in the first quarter of 2014, “as the revenue decline was more than offset by lower selling and inventory costs”.

CBS, which also owns television stations and cable companies, had revenues of 3.5bn for the first quarter, and operating income of $702m.