Scholastic reported fourth quarter and full year results for the period ended May 31. For the quarter, sales were down 10 percent to $475 million, owing to lower book club sales, “as a result of the resizing efforts to create a smaller, more profitable core business,” the company said in a release. Adjusted EBITDA was down 21 percent to $90.7 million and operating income decreased 49 percent to $47.2 million, due to lower sales per book fair, as well as decreased sales in the Education Solutions segment. “That’s in contrast to our expectations for modest growth,” CEO Peter Warwick said […]
