G+J: Sales and earnings down in 2008

The Hamburg-based magazine publisher Gruner + Jahr suffered significant losses in sales and earnings in the 2008 financial year. Compared to 2007, sales fell by 2.2 percent to 2.77 billion euros, the operating result before special items fell by 14.8 percent to 225 million euros and the return on sales was only 8.1 percent (2007: 9.3 percent). There was also a slump in EBIT, which fell from 226 to 170 million euros. After a satisfactory performance in the first half of 2008, "the economic recession in the second half of the year left its mark on all European advertising markets and thus also on G+J's sales and earnings," the publishing house said in a press release. Growth areas are seen in international markets, in the Expand your Brand process and in a further diversification of business in corporate publishing or in digital marketing.