Sales have continued to fall at newspaper and magazine wholesaler Menzies Distribution.
In a trading update for the four months to 31 October, released this morning, Menzies said its underlying revenues had fallen 4%. However, it insisted its “continued focus” on cost control meant operating profits were “consistent” with last year.
The sales decline in the magazine sector had been marginally less pronounced than anticipated, while weekday newspaper sales had benefited from cover price increases, it said.
“In the Sunday newspaper market, substitution rates following the closure of the News of the World remains high,” Menzies said.
“The decrease in volume has however been largely mitigated by the favourable margin mix of the substitution titles.”
Focus On Newspapers & Magazines (3 September 2011)
Carriage hike by Menzies condemned (27 August 2011)