Trade Leads Q1 Sales at Scholastic
Scholastic got the fiscal year 2019 off to a good start with sales in the first quarter ended August 31, up 15% over the comparable period in fiscal 2018, hitting $218.4 million. The operating loss was cut to $83.8 million, down from $101.8 million a year ago.
The sales gain was mainly fueled by the company’s children’s book publishing and distribution group, where revenue rose 40% over the comparable quarter last year. Part of the increase—$12 million—was due to an accounting change, but sales grew in all three segment of the group.