Children's book publisher Scholastic Corp. slashed its 2013 profit guidance and said revenue will be $1 billion lower than expected because schools are spending money on curriculum and holding back on orders, fearing federal spending cuts. Shares fell $6.34, or 20%, to $25.50 in light after-hours trading. The company also said sales are lower than expected for The Hunger Games trilogy as well as in its book club business. And Hurricane Sandy hurt business in its School Book Fair and School Book club businesses in the Northeast. Scholastic now expects to earn $1.40 to $1.60 per share for the year ending May 31, down from its prior forecast of $2.20 to $2.40 per share. It expects revenue of $1.8 billion to $1.9 billion, down from an earlier outlook for $1.9 billion to $2 billion. Scholastic cited two top reasons for the shortfall. One is that schools are spending money on training to get ready for Common Core, a set of uniform benchmarks for math and reading. That's leaving less money for spending that would go to its profitable educational technology products. Scholastic also said schools are delaying spending decisions "due to continued uncertainty regarding the federal budget." A series of automatic spending cuts and tax increases are set to take effect at the beginning of 2013 unless Congress and the White House can make a deal to avert them. Scholastic plans to announce fiscal second-quarter results in mid-December. Continue reading at 'Crains New York'
[ Crains New York | 2012-11-21 00:00:00 UTC ]
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Children's book publisher Scholastic Corp. slashed its 2013 profit guidance and said revenue will be $1 billion lower than expected because schools are spending money on curriculum and holding back on orders, fearing federal spending cuts. Shares fell $6.34, or 20%, to $25.50 in light... Continue reading at Crains New York
[ Crains New York | 2012-11-21 00:00:00 UTC ]
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Scholastic Corporation has said it expects business in the fourth quarter to be affected by coronavirus-related school closures and it is taking "agressive actions to reduce operating expenses throughout the Company" as a result, including the temporary closure of warehouse and distribution... Continue reading at The Bookseller
[ The Bookseller | 2020-03-19 15:51:43 UTC ]
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Led by a strong performance in its trade division, revenue at Scholastic rose 7% in the first quarter ended August 31, 2019, over the comparable period in fiscal 2019. The net loss was cut to $58.5 million, from $61.3 million in last year’s first quarter. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-09-20 04:00:00 UTC ]
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The editors of Scholastic News featured the "8 Coolest Kids We Met in 2013," a roundup of the most inspiring, courageous, and innovative kids featured in the magazines this year. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-12-20 00:00:00 UTC ]
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Gains in its educational technology group were not enough to offset declines in the children’s book publishing and distribution unit resulting in a 5.8% decline in total sales at Scholastic for the first quarter ended August 31. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-19 00:00:00 UTC ]
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Heather Morris’ The Tattooist of Auschwitz (Zaffre) has secured a fourth non-consecutive week in the UK Official Top 50 number one spot, selling 17,106 copies through Nielsen BookScan’s TCM—a bump of 11% in volume week on week. Continue reading at The Bookseller
[ The Bookseller | 2019-02-06 00:00:00 UTC ]
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Not unlike the adult side of the business, children's publishing in Canada looks to be headed for a pretty good 2013 overall. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-20 00:00:00 UTC ]
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Not unlike the adult side of the business, children’s publishing in Canada looks to be headed for a pretty good 2013 overall, despite limited school and library budgets and reduced inventory and heavy return rates at Indigo Books and Music stores. Rick Wilks, director of Annick Press, points to... Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-20 00:00:00 UTC ]
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Scholastic has acquired 100% of the economic interest in 9 Story Media Group, a Toronto-based creator, producer, and distributor of children’s content. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-12 04:00:00 UTC ]
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Penguin Random House strengthened its grip on the picture book lists and made gains on the frontlist fiction lists, which Scholastic still rules. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-02-02 05:00:00 UTC ]
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Two prominent novelists have broken with PEN America over the organization’s decision to platform controversial actor and outspoken ceasefire opponent Mayim Bialik, as well as its relative silence on the unfolding genocide in Gaza (which so far has claimed the lives of at least 120 writers,... Continue reading at Literrary Hub
[ Literrary Hub | 2024-01-31 20:56:06 UTC ]
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Amazon-owned online audiobook and podcast service Audible is laying off about 5% of its workforce Continue reading at ABC News
[ ABC News | 2024-01-11 22:47:05 UTC ]
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Haji Glover returns as CFO to Scholastic, following a short stint with Amazon. Ken Cleary takes up Scholastic's international lead. The post Scholastic Names Haji Glover CFO; Ken Cleary Moves to International appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-01-08 19:00:03 UTC ]
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Stocks that traded heavily or had substantial price changes on Friday: Lennar, Scholastic fall; Costco, Steel Dynamics Continue reading at ABC News
[ ABC News | 2023-12-15 21:17:56 UTC ]
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CEO Peter Warwick attributed lower than expected second quarter results to a “complex” school environment characterized by “growing polarization in U.S. society and politicized schools and school boards.” Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-12-15 05:00:00 UTC ]
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Books once included in Scholastic's optional Share Every Story, Celebrate Every Voice collection, along with additional books with inclusive content, will become part of regular book fair shipments next year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-12-04 05:00:00 UTC ]
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Unionized magazine employees at Scholastic have reached a tentative agreement with management, establishing a $65,000 salary floor, general wage increases, ratification bonuses, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-12-01 05:00:00 UTC ]
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What is SkyTree Book Fairs? The new book fair attempting to take the place of Scholastic in schools–but it's not what you think. Continue reading at Book Riot
[ Book Riot | 2023-11-27 17:16:53 UTC ]
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