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HEADING DOWN: Dragged down by ongoing declines in its print properties, French media group Lagardère SA reported third-quarter sales dropped 7.3 percent to 1.88 billion euros, or $2.49 billion. Stripping out negative currency impacts, the decline stood at 4.1 percent.
Dollar figures are converted from euros at average exchange rates for the period.
France’s largest magazine publisher said net sales in magazine publishing dipped 5.7 percent in the quarter, with advertising revenues slipping 11.2 percent and circulation down 5.2 percent.
Last month, Lagardère Active said it would put 10 publications on the block, including the women’s magazine Be, Maison & Travaux and Psychologies Magazine, as part of a plan to focus on brands with a strong potential for digital development.
Lagardère Active is to focus its activities on five segments: women’s magazines, news, mass market, entertainment and family publications. It will keep flagship titles including Elle and its international editions, Paris Match, Télé 7 Jours and Public.
The company maintained its earnings guidance, despite expected declines of 7 percent in advertising sales in the Lagardère Active division. It trumpeted strong performances in other business activities, including travel retail, radio and general literature in the U.S.