Scholastic sales down 13%
Scholastic has reported a 13% drop in sales for the year ending 31 May.
Revenue declined US$186.8 million (A$253.6m) to US$1.3 billion (A$1.76b), due to lower sales through Scholastic’s book fairs channels in the US and abroad as a result of Covid-related restrictions.
Scholastic recorded an operating loss of US$22.7 million (A$30.8m), which was a 74% improvement on the operating loss of US$88.5 million (A$120.1) in the prior year. Excluding one-time losses, Scholastic had an operating income of $39 million (A$52.9m) in fiscal year 2021, compared to a loss of US$32.3 million (A$43.8m) in fiscal year 2020.
The drop in revenues comes despite a strong performance in the fourth quarter, with revenues up 41% to US$401.4 million (A$544.9m).
Speaking on behalf of Scholastic’s board of directors, James Barge said the company’s results dramatically improved in the fourth quarter, ‘even as educators around the globe still struggled with transitioning their students safely back to the classroom’.
‘Management’s decisive actions taken throughout the difficult 2021 fiscal year and our employees’ disciplined execution helped to successfully weather the adverse impacts of the pandemic on the Company’s end markets and supply chain,’ Barge said.
As previously reported, Peter Warwick was appointed Scholastic president and CEO following the death of long-time chairman, president and CEO Dick Robinson.
Category: International news