Profits Spike at Random House
The nation’s largest trade book publisher reports that its earnings, before interest and taxes, surged 72.5 percent in the first half of 2011.
Random House attributes the increase in profits to a strong performance by its bestsellers and to large ebook gains. The publisher experienced 200 percent growth in ebook sales, according to a letter Random House chairman Markus Dohle sent to employees.
Digital sales so far in 2011, have already surpassed sales for all of 2010. They account for more than 20 percent of revenue.
However, tree books remain important to the company. In his letter, Dohle said strong print sales “reminds us that the print side of our business is an indispensable contributor to our greater publishing success.”
Read the full Publishers Weekly article here.
