In contrast to poor results at HarperCollins, Summer was the first period in 2015 in which S&S was able to increase sales over the comparable period in 2014. For the first nine months of 2015, sales at S&S were down 3%.
Unfirtunately, the results repeated a common thread across the industry. Digital sales were down. In the quarter, e-book sales represented 20.4% of total revenue down from 25.1% last year.
CEO Carolyn Reidy said she is not concerned yet about the drop in e-book sales, noting that part of the decline is due to product mix as well as fewer people buying e-reader devices for the first time. She said S&S analysis doesn’t indicate that higher e-book prices are behind the e-book decline.