Friday, November 5, 2010

Harlequin Digital Sales Jump 73% - The Only Good News in an Otherwise Dismal Third Quarter

PW: "A weak U.S. dollar and economy had a negative impact on Harlequin’s third quarter results with retail sales in North America down, offsetting gains in direct-to-consumer and overseas sales. Overall, Harlequin’s revenue fell 4.1%, to C$117.5 million ($118 million), although operating profits inched up to C$23.0 million from C$22.9 million. Excluding the impact of foreign exchange, sales and earnings would have both increased by about C$1.4 million. Sales and earnings gains in the direct-to-consumer North America unit were led by digital sales. Although parent company Torstar does not breakout digital sales by geography, it said global digital sales jumped 73% in the quarter, to C$9.5 million, representing 8.1% of total revenue. In last year’s third quarter, digital sales represented 4.5% of sales."