Sale of Women of Faith live events brand partly to blame

HarperCollins reported a drop in sales for the fiscal quarter ending Sept. 30, though the publisher’s overall earnings increased.

Revenue decreased 7%, a $24 million drop, compared to the corresponding quarter in 2012, according to the quarterly report filed by parent company News Corp. The sales slump was “primarily due to softness in the Christian publishing marketplace.”

The report also cited “a $9 million decrease resulting from the sale of the Women of Faith live events business and the decision to exit the third party distribution business.” HarperCollins sold the Women of Faith live events business to WME Entertainment in August, though the publisher made no public announcement of the sale. Thomas Nelson will continue to publish books under the Women of Faith brand.

HarperCollins’ overall earnings during the period in its book publishing segment increased $3 million—an 8% rise—versus the same period the year before, “primarily due to the impact of cost containment initiatives and lower manufacturing costs reflecting the continued shift to e-book sales.” 

E-book sales represented 22% of the publisher’s revenues during the quarter, compared to 15% in the same period of 2012, a 31% increase.

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