Revenues up 2% for Scholastic US

Revenues up 2% for Scholastic US

Scholastic Inc said revenues increased 2% in the third quarter to $382.1m (£257.6m), although overall sales were offset by “reduced local currency revenues” in the UK and Canada.

For the period ending 28th February, operating income rose 2.6% to $35.2m (£23.7m) and operating costs were up, growing 2.3% to $417.3m (£281.4m).

“We continued our positive trajectory of profitable year-over-year sales growth in the third quarter, which is typically a lower revenue quarter for the company,” said chairman, president and c.e.o. Richard Robinson.

In the international division, which includes the UK, sales fell 5.2% and strong sales in Australia/New Zealand and Asia were offset by lower revenues in the UK and Canada, which Scholastic attributed to lower sales of the Suzanne Collins’ Hunger Games trilogy.

The company also revealed that it under its agreement to buy shares in UK company Make Believe Ideas, it has the right to acquire the outstanding shares after four years.

For the first nine months of the year, Scholastic Inc posted overall revenues of $1.33m (£0.9m), compared to $1.27m (£0.86m)for the first nine months of 2014.