Scholastic US reports rise in revenue
In the US, Scholastic has reported a four percent increase in revenue over fiscal 2016 for the year ending 31 May 2017, reports Publishers Weekly.
Operating income at the publisher increased 17% from US$93.4m (A$117.5m) to US$109.1m (A$137.2m), while net income rose to US$52.3m (A$65.8m), up 29.1% on fiscal 2016.
Scholastic’s children’s book publishing and distribution group saw a five percent increase, led by its trade division, which was boosted by US sales of J K Rowling’s Harry Potter and the Cursed Child and Fantastic Beasts and Where to Find Them. Other key titles for the Scholastic trade division were the ‘Dog Man’ and ‘Captain Underpants’ series.
Gains in trade were offset by sales declines in books clubs, which dropped 12%, and book fairs, which were down two percent.
Internationally, Scholastic sales stayed largely steady, rising by one percent to US$376.8m (A$474m). Scholastic Australia posted strong results, but was hit by discontinuing its software distribution.
Category: International news