Harry Potter publisher earns record profits amidst supply chain crisis

Harry Potter publisher earns record profits amidst supply chain crisis

by Pranali Mehta

Bloomsbury, the publisher of the famous book series Harry Potter, has reportedly revealed groundbreaking profits as well as sales owing to the high demand for publications such as Tom Kerridge's bestselling cookbook during the Covid-19 outbreak.

According to reports, the publisher managed to post such immense profits in the face of a supply chain crisis. The company stated that people have a newfound interest in reading books, with escapism, fantasy, cookery, and social inclusion, all selling well.

As per Bloomsbury, customers ordering sooner than in past years raised sales for the six months ending in August. For the uninitiated, the three months up to Christmas are traditionally the busiest for book sales, as well as many other consumer goods. To guarantee that they acquire enough goods for Christmas, stores and online retailers have increased their stock levels.

The Harry Potter book publisher has also boosted its stock levels, which are now £37 million, up from £26 million a year ago. It has decided to print earlier, ahead of the traditional spikes in the lead up to Christmas as well as the start of the school year in the fall, being flexible as to where it prints.

As per the recorded data, the company's consumer business saw a 29% increase in revenue. Bestsellers included ‘A Court of Silver Flames’ by fantasy writer Sarah J Maas from America, British fantasy authors Samantha Shannon’s ‘The Priory of the Orange Tree’, ‘Piranesi’ by Susanna Clarke, and Michelin-starred chef Kerridge’s ‘Outdoor Cooking’.

Maas' book sales went up to 130%. The publisher reported that Harry Potter earnings were also strong, with the novels remaining one of its best-selling titles, while other children's publications increased by 10%. It published ‘Our Biggest Experiment: A History of the Climate Crisis’ by Alice Bell in July, a couple of months before Cop26 conference, which begins later this week in Glasgow.

Since end of August, two Bloomsbury authors have won significant awards: Abdulrazak Gurnah won the Nobel Prize in Literature, and Susanna Clarke received the Women's Prize.

Source credit: https://www.theguardian.com/business/2021/oct/27/harry-potter-publisher-reports-record-profits-despite-supply-chain-crisis-bloomsbury

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writRead more...