Pandemic losses hit Scholastic despite good trade sales

Pandemic losses hit Scholastic despite good trade sales

Scholastic has reported a 10% revenue drop for the fiscal year to end May 2020, to $1.49bn, with an overall loss of $88.5m, after Covid-19 battered its fourth quarter. 

Revenues plunged 40% year on year in the fourth quarter to $284m, as a result of school closures and the cancellation of book clubs and fairs due to the virus. 

Scholastic made an operating loss of $46.2m in the fourth quarter, which was "directly attributable" to the pandemic, it said. For the full-year, it recorded a loss of $88.5m after operating income fell $113.5m; the loss included a $40m non-cash write down of inven...

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