Scholastic reported lower sales in their fiscal first quarter, ending August 31, a period that usually shows a loss because schools are not in session. Revenues of $228.5 million were down $34.4 million (or 13 percent) from a year ago. Earnings suffered more, with an operating loss of $(99) million, $41 million higher than $(58) million a year ago. That included $6.3 million in one-time severance charges for restructuring and cost savings initiatives. Trade sales of $72.9 million were down 19 percent, compared to $90.1 million a year ago, with “lower backlist sales, reflective of the overall retail bookselling market, […]
