Things that make me feel better #1 • 8 November 2007 • The SnowBlog
Things that make me feel better #1
Thing #1: hearing that even the big boys are finding it tough out there:
For the second year in a row, HarperCollins has had a poor start to its new fiscal year. Last year, sales fell 6% and earnings dropped 21% in the first quarter, and in the period ended September 30 this year sales fell 11.5%, to $330 million, and operating income plunged 52.8%, to $36 million. "It was a lousy quarter," acknowledged CEO Jane Friedman. "We knew things were going to be down, but we didn't think they'd be down this much."
She attributed the declines to a "terrible" quarter in the U.K. and a significant drop in sales in the children's segment in the U.S.