Scholastic reported earnings for the fiscal third quarter ended February 28, with sales of $278 million, a decrease of $96 million, down 26 percent. The decline was mainly due to lost sales in its big book fair business (where sales of $27 million were down 73 percent, a $73 million shortfall) as many schools remained closed. The operating loss excluding one-time items was $(11.9) million, compared to a loss of $(16.8) million a year ago, thanks to “the company’s restructuring and cost saving initiatives, as well as the receipt of certain COVID-related wage and rent subsidies.” One-time expenses included asset […]
