Reader's Digest Has Weak Third Quarter

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Reader's Digest had another disappointing quarter with sales down 26% in the third period ended September 30, to $230.1 million, while posting an operating loss of $100.1 million, a figure that includes an impairment charge of $85 million. Excluding charges in both the third quarter of 2011 and 2012, the loss fell from $25.9 million to $15.1 million.

The revenue declines were primarily due to a lower active customer base on RD's books and home entertainment products and a reduction in promotional investment across many of its markets in Europe and Asia. Revenue declines were also due to lower sales on some of RD's book product lines in North America, the sale of the Every Day with Rachael Ray publication in October 2011 and declining subscription renewals on certain magazine titles.

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SOURCE: Publishers Weekly
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