Books selling, thanks to Harry
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After a long dry spell, major booksellers are reporting that the rebound effect from the latest “Harry Potter” book has exceeded expectations, raising hopes for continued growth.
In the quarter ended Aug. 2, for instance, Barnes & Noble reported earnings of $13.7 million, or 20 cents a share, up from $1.4 million, or 2 cents, in the same period last year.
Also in the second quarter, Borders Group reported profit of $4.5 million, or 6 cents a share, up from $3.4 million or 4 cents.
In a conference call recently with investors, Barnes & Noble Chief Executive Stephen Riggio cited sales boosts from J.K. Rowling’s “Harry Potter and the Order of the Phoenix” along with Sen. Hillary Rodham Clinton’s (D-N.Y.) memoir, “Living History,” and Oprah Winfrey’s latest book club choice, “East of Eden.”
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