Savvas Learning Company Acquires Outlier.org

Net Sales for the third quarter were $532 million, down 0.2% or $1 million, year over year. The net sales decrease was driven by a $6 million decrease in our Education segment, partially offset by a $5 million increase in our Trade Publishing segment. Within our Education segment, which includes our Basal business and our Extension businesses, the decline in year over year net sales was attributable to our Basal business, inclusive of international sales, which declined by $6 million from $301 million in 2016 to $295 million. Billings for the third quarter of 2017 were $584 million, down 6% or $36 million compared with $620 million for the same period in 2016. The decrease was driven by a $41 million decrease in our Education segment billings, slightly offset by a $5 million increase in our Trade Publishing segment billings. Within our Education segment, the decline in year over year billings was attributable to our Basal business, inclusive of international sales, which declined by $27 million from $338 million in 2016 to $311 million. Net income of $91 million in the third quarter of 2017 was slightly higher compared to a net income of $90 million in the same quarter of 2016, due primarily to the same factors impacting operating income offset by an unfavorable change in our income tax benefit of $5 million, from an income tax benefit of $16 million for the same period in 2016 to an income tax benefit of $11 million in 2017, primarily related to a change to our estimated annual effective tax rate during the prior year period. Click Read More below for additional information.

In response to the recently published results of the 2022 Programme for International Student Assessment (PISA) by the OECD, Intergraf released a statement calling for a balanced approach to education, emphasizing the importance of retaining print materials in the learning process. The PISA 2022 results show a significant decline in student performance in reading, falling by 10 points in OECD countries. This is a substantial drop, equivalent to half a year’s worth of learning in reading. This decline is unprecedented in the history of PISA, as the OECD average score has never changed by more than five points in reading between consecutive assessments. While the COVID-19 pandemic appears to be a factor contributing to this decline, trend analysis reveals pre-pandemic declines in reading performance, thus indicating a long-term problem.

Macy's, Inc. announced an accelerated expansion of its small-format store strategy, potentially tripling the total number of its small-format stores through fall 2025. Beginning in 2024, up to 30 new Macy’s small-format locations will open across the country. This expansion is in addition to the nearly 15 small-format Macy’s and Bloomie’s locations that Macy’s, Inc. currently operates. Paired with a premier digital experience, these small-format stores enhance the company’s store portfolio with a mix of the best on- and off-mall locations, to deliver a seamless shopping experience across channels.