The Reader’s Digest Association Inc. reported a net loss of $122.4 million for the second quarter, down from net income of $57.8 million the previous year.
The direct marketer and publisher reported revenue of $765 million for the quarter ended Dec. 31, down from $798 million the previous year.
“As we anticipated last quarter, profits were down in the second quarter and should be higher in the second half because of the timing of investment spending and higher new customer acquisition mailings relative to last year’s quarter,” said CEO Eric Schrier, CEO of the Pleasantville, NY firm in a statement.
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