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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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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Scholastic Inc. will end a widely criticized policy that made it easier for school book fairs not to sell works with racial, disability and LGBTQ+ themes Continue reading at ABC News
[ ABC News | 2023-10-25 19:50:33 UTC ]
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Scholastic Book Fairs will no longer offer a separate diverse voices book case. But they still fail to address many questions. Continue reading at Book Riot
[ Book Riot | 2023-10-25 14:12:58 UTC ]
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With debates over book bans growing more contentious, the education publishing company tried to find a happy medium that may not exist. Across the nation, it’s time for the Scholastic Book Fair. The beloved and nostalgia-triggering event, where kids go and pick out an armful of books to take... Continue reading at Fast Company
[ Fast Company | 2023-10-25 13:50:00 UTC ]
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The publisher had said it would segregate books with themes on race and gender at school fairs in order to navigate a rash of bans across the country. Continue reading at HuffPost
[ HuffPost | 2023-10-25 04:04:33 UTC ]
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After a public outcry, Scholastic this week said it will discontinue its optional diverse stories collection and pledged to "redouble" its efforts to "combat the laws restricting children’s access to books." Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-25 04:00:00 UTC ]
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Children’s book publisher will allow US districts to include or exclude separate list, a decision that has led to a backlashThe children’s book publisher Scholastic said it will separate titles in its elementary school book fairs by race, gender and sexuality, allowing school districts to... Continue reading at The Guardian
[ The Guardian | 2023-10-18 15:10:12 UTC ]
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Scholastic said that it created its new "Share Every Story, Celebrate Every Voice" offering as a way to protect librarians and school officials dealing with restrictive new state laws and policies, but critics say that the program invites censorship. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-17 04:00:00 UTC ]
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Scholastic has separated out LGBTQ books and BIPOC books into an optional add-on box in a policy some are calling a "bigot button." Continue reading at Book Riot
[ Book Riot | 2023-10-16 14:39:10 UTC ]
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Lower trade book sales and costs associated with the creation of its new School Reading Events business resulted in an operating loss in the quarter at Scholastic. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-09-24 04:00:00 UTC ]
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The former editor explains how she turned her acclaimed publishing world satire into a Hulu series, while learning to 'divide' herself from her heroine. Continue reading at Los Angeles Times
[ Los Angeles Times | 2023-09-13 19:57:43 UTC ]
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In the first half of 2023, publishers struggled to keep expenses down, with multiple companies citing higher costs as the major reason margins shrank in the first six months of 2023. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-09-01 04:00:00 UTC ]
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Safiya Sinclair was raised to be Rastafari; instead, she became a poet. Why it took her more than a decade to write the lyrical memoir 'How to Say Babylon' Continue reading at Los Angeles Times
[ Los Angeles Times | 2023-08-28 15:00:14 UTC ]
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Showing that publishers are better off controlling their own programmatic destiny, news publisher Salon has grown revenue after cutting off access to its inventory for the vast majority of resellers earlier this year. That increase comes that's from being able to charge more for its inventory... Continue reading at AdWeek
[ AdWeek | 2023-08-16 11:53:00 UTC ]
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Scholastic has announced a series of executive changes that will result in a new chief financial officer, president of its international group, and head of its education division. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-08-16 04:00:00 UTC ]
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In a week filled with bad book business news and a down year for the children's book market, Scholastic nonetheless delivered a generally upbeat financial report for its latest fiscal year—thanks in no small part to the company's booming book fair business. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-20 04:00:00 UTC ]
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On Jan. 1, the privately owned business publisher Bloomberg Media shut off its open-market programmatic advertising, a move to better control its user experience and drive advertisers to reach its audience by buying directly from the company itself. Six months later, the strategy produced its... Continue reading at AdWeek
[ AdWeek | 2023-07-18 11:31:59 UTC ]
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The Los Angeles Times says it is cutting 74 jobs due to economic challenges as the newspaper strives to transform itself into a digital media organization Continue reading at ABC News
[ ABC News | 2023-06-07 20:06:25 UTC ]
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