Sales and profit both dropped year-on-year at Simon & Schuster's global operations in 2014.
The publisher’s parent company CBS released its fourth quarter and end-of-year results yesterday (12th February) revealing a sales drop of 3.8% to $778m in the 12 months to the end of December 2014. Meanwhile operating profit dropped 5.6% to $101m.
In the fourth quarter, sales were also down to $215m from $225m compared with the same period in 2013, and operating income was down 30%, with publishing OIBDA $27m for the fourth quarter, compared with $37m for the same prior-year, which the company attributed to “lower revenues and higher advertising costs.”
CBS also reported that e-book sales accounted for 24% of S&S's total publishing revenues for the fourth quarter.
The company agreed a new e-book deal with Amazon in October last year which it said was “economically advantageous to S&S and its authors” while also being a return to a version of the agency agreement, giving control of pricing to the publisher.
S&S US said its top-selling books of 2014 were Revival by Stephen King and All the Light We Cannot See by Anthony Doerr.
No breakout from the figures was given for S&S UK, but the company said its bestelling authors of 2014 included Santa Montefiore, Hillary Clinton and Philippa Gregory.