Manhattan-based global children’s publishing, education and media company Scholastic Corporation has reported a net loss of $24.2 million for the first quarter of its 2022 fiscal year, ending 31 August 2021, compared to a net loss of $39.8 million reported for the first quarter of fiscal year 2021.
Revenue for the quarter was $259.8 million, up from $215.2 million reported for Q1 2021.
Scholastic Corporation’s president and chief executive Peter Warwick said: “We executed successfully against our annual operating plan in the first fiscal quarter of 2022, leveraging the momentum and strong results achieved in the last three months of the prior fiscal year, with our strategic growth platforms in trade and education solutions performing ahead of plan. Although the first quarter is typically a quiet quarter with most schools closed for summer recess, all of the company’s major domestic businesses realised solid double-digit top-line growth year-over-year, while the international businesses, primarily Australia and New Zealand, were adversely affected by new Covid restrictions.”
Date published: 6 October 2021