In the United States, Scholastic’s revenue increased 26% to US$1.6 billion (A$2.3 billion) in the year ending May 31.
The company recorded an operating profit of US$97.5 million (A$140.2 million) after a loss of US$22.7 million in 2021, due to the closure of book fairs by covid19.
The company attributed its strong performance last year to increased attendance at in-person book fairs, record US revenue levels and strong demand for its educational products, as well as adaptations on screen titles such as “The Bad Guys” and Heart stroke.
Scholastic expects revenue this year to grow 8-10%. It expects its fair revenue to reach 85% of pre-pandemic levels, while its media arm, Scholastic Entertainment, has more than 35 projects in development.
“As educators, parents and policy makers seek to address the learning gaps exacerbated by the pandemic, Scholastic will continue to be a trusted and preferred partner,” said Scholastic President and CEO, Peter Warwick. “In addition, our popular and highly valued intellectual property will fuel our growth and financial performance as we continually expand and refresh our deep content library.”
Category: International News