Is Simon & Schuster a Bargain at $1.7 Billion? (publishersweekly.com)

Grainger reported results for the third quarter 2020 with sales of $3.0 billion, up 2.4% and up 4.6% on an organic daily basis compared to the third quarter 2019 driven by significant share gains in the U.S. segment and strong growth in the endless assortment businesses. Daily sales for the quarter increased 2.4% as compared to the 2019 third quarter. Organic daily sales, which exclude revenues from the divested Fabory and China businesses from the prior year results, increased 4.6% as compared to the 2019 third quarter. These sales increases were fueled by share gains in the U.S. segment and significant growth in the endless assortment businesses which more than offset declines in the Canada segment. Reported and adjusted gross profit margin for the third quarter of 2020 was 35.6%. This compares to reported and adjusted gross profit margin in the third quarter of 2019 of 37.3%. The unfavorable variance was driven by pandemic-related mix headwinds, particularly noticeable in our U.S. segment, and the continued business unit mix impact from the faster growth in our lower-margin endless assortment businesses.

Savvas Learning Company, a next-generation K-12 learning solutions leader, announced today that it is partnering with Brainingcamp to provide easy-to-use digital manipulatives that make math learning even more visual and interactive, enabling students to build deep understanding of mathematical concepts. Savvas will offer Brainingcamp’s high-quality, digital math manipulatives with its newest K-8 math programs: the award-winning enVision Mathematics © 2024 and the brand-new, student-centered Experience Math © 2025. Manipulatives, traditionally physical objects used in classrooms, provide an active, hands-on approach to learning that have been proven to help promote students’ engagement and increase their conceptual understanding of math. Complementing physical manipulatives, digital manipulatives make use of expanding technology in classrooms, allowing students to explore concepts more deeply through additional functionality and animation as well as more readily collaborate through screen sharing, onscreen writing, and text tools.

*Net sales of $1.1 billion down 5% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 34% to $639 million reflecting robust growth in every month of the quarter. *Gross profit rate improved 230 basis points to 60.5% on higher average unit retail and slightly lower average unit cost. *Operating income of $116 million and $131 million on a reported and adjusted non-GAAP basis, respectively, as compared to $122 million and $125 million last year, on a reported and adjusted non-GAAP basis, respectively. A summary of results for the full year ended January 30, 2021 as compared to the full year ended February 1, 2020: *Net sales of $3.1 billion down 14% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 39% to approximately $1.7 billion. *Gross profit rate improved by 110 basis points to 60.5% on higher average unit retail and flat average unit cost. *Operating loss of $20 million and operating income of $52 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $70 million and $83 million on a reported and adjusted non-GAAP basis, respectively.