Book Fair Sales Plunge at Scholastic By Jim Milliot | Dec 18, 2020
The loss of 79% of its domestic book fair revenue was the major factor in dropping sales and earnings at Scholastic in its second quarter ended November 31. Total revenue declined 32%, to $406.2 million, in the quarter, and operating income fell 54%, to $48.8 million.
Fair revenue fell from $224.1 million in the second period ended November 31, 2019, to $47.7 million in the most recent quarter. The revenue decline was due to a significant drop in the number of in-person fairs held in schools because of the Covid-91 pandemic, Scholastic said. The increase in new online fairs was not nearly enough to offset the downturn of Scholastic’s in-person events. The company said it is hopeful that “after a ramp-up period in the third fiscal quarter,” overall results, and especially the fair business, will start to show improvement in its fiscal fourth quarter, which ends May 31, 2021.
Scholastic Announces New Division Leadership For Education And International
Rose Else-Mitchell to Lead the Company s Combined Education Solutions Business; Beth Polcari Named Head of Scholastic International
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NEW YORK, Dec. 17, 2020 /PRNewswire/ Scholastic (NASDAQ: SCHL), the global children s publishing, education, and media company, today announced two key leadership appointments. Effective January 1, 2021, Beth Polcari, current Executive Vice President and President, Scholastic Magazines Group, will transition to the role of President, International. She succeeds Nelson Hitchcock who, after a 15-year career at Scholastic, will retire at the end of this year. Rose Else-Mitchell is rejoining Scholastic as President, Education Solutions and over the next six months, will work with current Scholastic Education President Greg Worrell and Ms. Polcari to combine their existing two divisions into a single Education Solutions g