Today, Scholastic reported results for the Company’s fiscal 2018 second quarter ended November 30, 2017. You can see the complete press release here.
“The second quarter’s solid results, with operating profit close to last year’s level, confirm that we are on track to achieve our fiscal year 2018 goals when revenues and profits were expected to be lower after last year’s best-selling new Harry Potter releases. Based on these results, we are affirming guidance for the year.” said Richard Robinson, Chairman, President and Chief Executive Officer. “Our strategic technology transformation, a core component of our Scholastic 2020 plan, is beginning to deliver increasing value to our business units. Scholastic 2020 is a three-year program to increase operating profitability by 2020 through improved marketing efficiency and simplified business processes leading to lower operating costs.
In the second quarter of fiscal 2018, trade children’s book publishing exceeded expectations with exceptionally strong performance from Dav Pilkey’s best-selling Dog Man series and other new titles. The clubs and fairs channels had improved profitability for the quarter, while education was down, as expected, with continued investments in an expanded sales force that should bring higher revenues and profits commencing in the fourth quarter. Likewise, new management appointments in Asia are expected to strengthen the Company’s international direct sales operations in future periods.
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