Scholastic reported fiscal second quarter results on Thursday, with sales falling $9.3 million to $601.8 million, and earnings from continuing operations declining to $1.85 a share, compared to $2.02 a year ago. Operating profit of $105.1 million was down 5 percent versus last year. The strong US dollar cost the company $17.2 million in negative foreign exchange impact, and based on those currency “headwinds” as well as a “now settled labor action in Ontario schools that resulted in a substantial drop in reading club and book fair revenues” during the back-to-school period, Scholastic reduced its full-year guidance. Fiscal 2016 sales are now projected to be […]
