Scholastic Q3 Results ‘On Track’

Revenue at Scholastic rose 3% in the third quarter ended February 28, over the comparable period a year ago, from $336.2 million to $344.7 million. However, investments to improve the company’s profitability and one-time charges led to a net loss of $49.2 million in the most recent quarter, up from $15.4 million a year ago.

Despite the higher loss, Scholastic chairman Dick Robinson said the company’s results were in line with expectations. He noted that Scholastic is upping its per-share earnings forecast for the fiscal year ending May 31.

All three operating units posted sales gains in the quarter. Revenue in Scholastic’s largest group, children’s book publishing and distribution, rose slightly in the quarter, to $199.4 million (up from $199.0 million in the prior year period.)

While book club sales fell 4% in the quarter, sales rose 2% in both the book fair and trade division. The increase in the trade unit was led by new and backlist titles by Dav Pilkey, and series like Captain Underpants, Bad Guys, Wings of Fire, I Survived, and Five Nights at Freddy’s.

In the education segment, revenue rose 3% over the prior year period. The increase, Scholastic said, was driven by higher sales of customized classroom libraries, and stronger custom publishing in the company’s consumer magazine channel.

read more/source: https://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/76372-scholastic-q3-results-on-track.html

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