Sales rose 3 percent at Scholastic, at $685.3 million, as net income of $82.8 million was up $7.9 million, or more than 10 percent. The company said “improved profits reflected higher sales of educational technology and services, children’s books and ebooks, and classroom and supplemental educational materials.”
Children’s trade book sales of $68.8 million were up sharply from $53.3 million a year ago–making up for declines in the larger book clubs and book fairs units. Overall the children’s book publishing and distribution division was up slightly, with operating margin of $108.6 million up 11.5 percent.
CEO Dick Robinson says in the release, “Children’s Books also performed strongly last quarter. Multiple best-selling Scholastic titles – in print and digital – drove significant growth in Trade sales and higher segment profits. At the same time, we moved forward with key digital initiatives, as we prepare to introduce a Scholastic children’s ereading app and ebookstore in our school channels in March 2012. Further progress with cost reductions in non-digital areas is helping offset continued investment in these initiatives.”
Release