- Pearson (NYSE:PSO) has slid 8.3% in U.S. trading after it noted nine-month sales held down by North American results that disappointed investors.
- Overall sales fell 7% for the period, weighed by retailer inventory correction in North American Higher Education courseware, though Pearson noted improving trends in September continuing into October so far.
- Sales were off 3% in headline terms but down 10% at constant exchange rates.
- Simplification programs are going well, Pearson says, with 90% of targeted headcount reduction (of 4,000 full-time equivalent employees) already notified. It'll take restructuring costs of about £320M in 2016 with an annualized savings target of £350M.
- The company reiterated full-year guidance and said it's making no changes to its 2018 goals: "Our markets have been challenging but we are managing discretionary costs tightly."