Skip to main content

Expecto Patronum Huge Sales, Spell Works For Now

  • Author:
  • Updated:

The latest Harry Potter book is the fastest selling book in U.S. history, with publisher Scholastic estimating that the title sold 8.3 million copies over the weekend since the 12:01am Saturday release. Major retailers Borders, Barnes & Noble and Amazon all sold over 1 million copies and many book retailers offered discounts on the $34.99 cover price to charge additional purchases (translation - please read something else... we'll settle for the trivia on the back of our coffee cups, which is more literary than Rowling's prose).
It seems that the wild Potter sales expectations were mostly priced into Scholastic's (Nasdaq:SCHL) stock, up over 1% in daily trading, but down over 3% in the last week since the Company released earnings.
As for who dies in the book - the answer is publishing. Scholastic posted slight revenue and net income gains for the quarter, but declining revenue and profit for the fiscal year, suggesting that even Harry Potter can't save the publishing sector.
Harry Potter and the Magical Coattails [Wall Street Journal]