Bertelsmann in Q1 revenue decline

FRANKFURT, Germany -- German media conglomerate Bertelsmann reported a dip in revenue in Q1 2008, with sales slipping 3.9% to 4.2 billion euros ($6.5 billion). Net profit, however, was a solid 35 million euros ($54 million) compared to a 70 million euros loss in Q1 2007.

Bertelsmann blamed the revenue decline on the weak U.S. dollar and British pound, which cut into the company's Euro sales figures and on the decline in CD sales at its U.S. music club business.