Scholastic reported a 9.6% increase in total revenue (to $318 million) for its first quarter last month. Net loss was down to $27.1 million from $35.2 million.
According to a Publishers Weekly article, the numbers reflected higher sales of educational products and services to schools, as well as, increased sales of children's books in retail trade channels.
Scholastic's educational and technology services group saw sales up 18% and its classroom and supplemental materials publishing group had a 25% increase.
Sales were up 6% (to $77.3 million) for Scholastic's children's book publishing and distribution group, with the gain coming entirely from the trade segment (which also posted a 10% increase) thanks mainly to sales of the Hunger Games series in both print and e-books, as well as Harry Potter. These
Revenue fell at book clubs and book fairs, but that was expected because the first quarter is traditionally slow for both.
International revenue rose to $87.7 million from $81.9, reflecting a $9.8 million foreign exchange benefit.
The media, licensing, and advertising segment fell 37%, due to a planned decrease in custom marketing programs for third-party sponsors and higher, non-recurring production revenue.
Scholastic expects revenue for the full fiscal year to be about $1.9 billion.
After the announcement, Scholastic Corporation stocks (SCHL) increased 5.8% to $27.43.
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