Scholastic sales up 26%
In the US, Scholastic’s revenue grew 26% to US$1.6 billion (A$2.3b) in the year ending 31 May.
The company posted an operating profit of US$97.5 million (A$140.2m) after a loss of US$22.7 million in 2021, due to Covid 19 shutting down book fairs.
The company attributed its strong performance last year to increased in-person book fair attendance, record fair-revenue levels in the US and strong demand for its educational products, as well as on-screen adaptations of titles including ‘The Bad Guys’ and Heartstopper.
Scholastic expects this year’s revenue to grow between eight to 10%. It’s anticipating fair revenue to reach 85% of pre-pandemic levels, while its media arm, Scholastic Entertainment, has more than 35 projects in development.
‘As educators, parents and policymakers look to close the learning gaps exacerbated by the pandemic, Scholastic will continue to be a trusted and preferred partner,’ said Scholastic president and CEO Peter Warwick. ‘In addition, our popular and highly valued intellectual property will fuel our growth and financial performance, as we continually expand and refresh our deep library of content.’
Category: International news