Scholastic reports declining revenue, loss in first quarter of the year
The children’s and educational publisher Scholastic Corporation reported first quarter earnings this morning. Scholastic’s first quarter ended on August 31 and the company reported that it had revenue of $276.3 million, compared to $293.4 million a year ago.
For Q1 Scholastic reported a net loss on the quarter of $29.9 million, version a loss last year of $32.1 million.
The company remains driven by its blockbuster hit The Hunger Games, with the company anticipating a spike due to a new film later this year.
“First quarter sales of The Hunger Games were within our expectations, and we expect sales to build in anticipation of the Catching Fire film release later this fall,” said Richard Robinson, Chairman, President and Chief Executive Officer. “Common Core driven opportunities extend into our children’s book business, and market research shows that families depend on our clubs and fairs to find the right books at the right level for their children’s independent reading, which also helps them meet the more challenging Common Core requirements. Our book fair bookings are on track and, in preparation for the new school year, we redesigned our book club flyers to feature grade-specific selections and more non-fiction content for children from pre-K to eighth grade.”
“We continue to execute our strategy to grow profitable sales by providing schools proven, effective print and digital instructional packages and ongoing professional development programs to help with Common Core implementation and by helping teachers and families find and purchase the very best children’s book titles to support children’s independent reading, as we drive efficiencies across our businesses,” Robinson said.