Sales soar at S&S in fourth quarter

Sales soar at S&S in fourth quarter

Higher sales of print books and digital audio propelled revenue growth at Simon & Schuster in the fourth quarter.

Parent company CBS Corporation has revealed its annual financial results, showing that S&S global sales were up 12% to $235 million in the last quarter.

Operating income at the publisher meanwhile also rose 22% year-on-year to $44 million, reflecting the higher sales.

The company said higher print book sales and digital audio sales was responsible for the revenue growth.

Bestselling titles for the quarter were Leonardo da Vinci by Walter Isaacson, Principles by Ray Dalio, and It by Stephen King.

For the full year, revenue was up $63 million year-on-year to $830 million, with operating income up $13 million to $132 million.

Carolyn Reidy, S&S chief executive, told Publishers Marketplace that digital products made up 22.4% of sales for the year, down from 23.4% a year ago, driven by audio, while e-book sales dropped.

She added: “For the full year every single division was up,” with the children’s division “up significantly.”

Earlier this month, CBS revealed it is exploring a merger with media company Viacom. Reidy told the book trade news outlet that while she couldn't comment on the potential merger, "the one thing we do know is that CBS greatly values us".