‘D’ for decline
Scholastic Corp. had its worst day in 20 years after the children’s educational media and publishing company posted another loss on declining sales and lowered its forecast for the year.
New York-based Scholastic lost $19.2 million in the third quarter, or 57 cents per share, as sales fell 6% from last year. Scholastic, which produces children’s books, magazines and interactive tools, posted sales of $325 million in the period.
The company says it expects revenue growth of 4% for the full year, down from a previous estimate of between 8% and 10%.
CEO Peter Warwick said he expects tough market conditions to continue into the fourth quarter, but that “the long-term outlook for the importance of children’s books and of solutions to raise literacy rates remains as strong as ever.”
The Week In Financial Markets
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2023-03-26T07:00:00.0000000Z
2023-03-26T07:00:00.0000000Z
https://edition.nwaonline.com/article/284283894311315
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