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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Welbeck has appointed Clare Hennessy from Scholastic as its new production director. Continue reading at The Bookseller
[ The Bookseller | 2021-03-15 01:24:07 UTC ]
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Scholastic UK has acquired UK and Commonwealth rights to Kacen Callender's Hurricane Child, with publication slated for June 2021. Continue reading at The Bookseller
[ The Bookseller | 2021-02-16 07:44:38 UTC ]
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CILIP, the Chartered Institute of Library & Information Professionals, has called for planned cuts to the National Library of Wales to be abandoned, ahead of a debate in the Senedd today (3rd February). Continue reading at The Bookseller
[ The Bookseller | 2021-02-03 06:32:21 UTC ]
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Hachette UK has released its latest gender pay gap report, revealing that the mean gender pay gap for Hachette UK Ltd dropped by four percentage points from 25.9% in 2019 to 21.9% in 2020. Continue reading at The Bookseller
[ The Bookseller | 2021-01-26 18:43:45 UTC ]
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Scholastic UK has acquired Escape the Rooms, the "dazzling" children’s book debut from actor Stephen Mangan, illustrated by his sister Anita Mangan. Continue reading at The Bookseller
[ The Bookseller | 2021-01-13 03:30:19 UTC ]
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Revenue at Scholastic's book fairs dropped 79% and total revenue at Scholastic dropped 32% in the quarter ended November 31, 2020, compared to the second quarter of fiscal 2020, as the pandemic led to a significant decline in the number of fairs held. The publisher has tapped two new leaders for... Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-18 05:00:00 UTC ]
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Scholastic saw revenues plunge 32% year on year to $406.2m and operating income fall 54% in the second quarter, as its business continued to be hit by the pandemic, although trade sales rose. Continue reading at The Bookseller
[ The Bookseller | 2020-12-17 18:36:39 UTC ]
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Frankfurt Book Fair has completed its restructure and cut an undisclosed number of roles in what it has called a “painful and far-reaching” process. Continue reading at The Bookseller
[ The Bookseller | 2020-12-17 06:13:00 UTC ]
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New figures show total spending on Great Britain's libraries fell by £20m in the last financial year, as Libraries Connected warned more budget reductions are on the way. Continue reading at The Bookseller
[ The Bookseller | 2020-12-04 10:12:19 UTC ]
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Tomorrow marks sixty years since civil rights icon, activist and writer Ruby Bridges was the first Black child to integrate a Southern elementary school—and today, Scholastic announced three forthcoming books written by Bridges, which will be released from spring 2022-23. The three new books are... Continue reading at Literrary Hub
[ Literrary Hub | 2020-11-13 17:02:57 UTC ]
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The Frankfurt Book Fair has warned job cuts are on the way as director Juergen Boos outlined future “modernising” plans that will see virtual events play a larger part in future fairs. Continue reading at The Bookseller
[ The Bookseller | 2020-11-13 02:55:29 UTC ]
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Bloomsbury has announced it will repay almost £700,000 to staff who took a pay cut during the first months of the pandemic, following the publisher's most succesful interim results since 2008. Continue reading at The Bookseller
[ The Bookseller | 2020-11-03 08:01:03 UTC ]
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Last spring, Pan Macmillan announced the creation of One Boat, a new sustainability imprint from the team behind Bluebird. Its name references the power of “one—the idea that one person can make a significant impact; and that one changed habit can make a big difference”. Continue reading at The Bookseller
[ The Bookseller | 2020-11-01 23:08:18 UTC ]
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The cuts are the biggest since the surge in employees at the time of the Time Warner acquisition in 2018. Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-10-26 17:04:42 UTC ]
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In this David-versus-Goliath battle, mom-and-pop bookstores wrapped themselves in Amazon's familiar brown cardboard as a protest against the retail giant and a plea to shop local. The Instagram-ready stunt, with Amazon lookalike boxes covered in sick literary burns and topical quips, came... Continue reading at AdWeek
[ AdWeek | 2020-10-19 20:06:41 UTC ]
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Plus: Barnes and Noble got hacked, Zoom adds real end-to-end encryption, and more of the week's top security news. Continue reading at Wired
[ Wired | 2020-10-17 13:00:00 UTC ]
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The Victoria & Albert Museum is closing its dedicated bookshop and making 103 roles redundant across its retail and visitor experience teams as the Covid-19 crisis hits its finances. Continue reading at The Bookseller
[ The Bookseller | 2020-10-05 09:58:53 UTC ]
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As Houghton Mifflin Harcourt shifts more of its education publishing business to the creation of digital products, the company said it has implemented a restructuring program that will cut its workforce by 22% in order to save between $95 million to $100 million annually. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-01 04:00:00 UTC ]
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Scholastic UK has acquired two middle-grade books from TV personalities and Diversity dance collective members Ashley and Jordan Banjo. Continue reading at The Bookseller
[ The Bookseller | 2020-10-01 02:08:16 UTC ]
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Cost cuts improved Scholastic's bottom line in the first quarter, but sales at book fairs and book clubs tumbled during the period, and are expected to remain low in the current quarter. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-25 04:00:00 UTC ]
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