Hachette saw sales of e-books surge 250 per cent in February, helping to offset losses suffered at its parent company, it has been reported.
The publisher’s chief executive officer Tim Hely Hutchinson suggested 2012 would be a promising year, despite Lagardere experiencing a 4.4 per cent dip in sales in 2011, theBookseller.com revealed.
Success of Stephanie Meyer’s Twilight series had kept the publisher afloat over the past three years, however, the business was said to have returned to a “normal degree of profitability” as demand for the saga weakened.
Lagardere also saw its EBIT drop 11.4 per cent on a reported basis in 2011, which was partly attributed to retailer difficulties, including the closing of Borders in the US and REDgroup in Australia.
Across Hachette’s entire division, e-books accounted for six per cent of total revenue, making up ten per cent of adult trade market sales in the UK at the end of December.
According to a recent report by the Telegraph, booksellers saw a drop in sales of £28 million for the first eight weeks of 2012 as the rise of e-books continued to take hold.
Follow The London Book Fair on twitter, facebook and linkedin for the latest show and publishing news.