Gannett July Revenue Down 12% As Classifieds Stay Depressed

By: E&P Staff Gannett Co. Inc. reported its July revenue fell 12%, adjusted for currency differences between the dollar and British pound.

Results for the nation's largest newspaper publisher were depressed by the continuing slump in classified ad revenue.

At its U.S. newspapers, classified sales were down 25.4% for the seventh period ended Aug. 3. Like its peers, Gannett was hit hard by swooning revenue from real estate, down 34%; help-wanted, down 32.8%; and automotive, down 19.7%.

Retail advertising revenue fell 10.5% in the month. "In the U.S., across all products, the decline was led by softness in the telecommunications, department stores, home improvement and furniture categories," Gannett said.

National ad revenue fell 9.2%.

At the flagship USA Today, ad revenue dipped 5.5% on paid ad pages of 242 compared to 276 in the year-ago period. Advocacy, home and building and packaged goods categories grew in the period while the telecommunications, pharmaceutical, technology, automotive and retail categories lagged last year, Gannett said.