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US: Scholastic Corporation bounces back into profit

Scholastic Corporation
Image from Scholastic Corporation’s Facebook page

Manhattan-based global children’s publishing, education and media company Scholastic Corporation has reported net income of $81 million for its 2022 fiscal year ending 31 May 2022, compared to a net loss of $10.9 million reported for its 2021 fiscal year.

Revenue for the year was $1.64 billion, up from $1.3 billion reported for 2021.

The company also reported results for the fourth quarter of its 2022 fiscal year ending 31 May 2022. Its net income for the period was $52.1 million, up from net income of $7.7 million reported for Q4 2021. Revenue for the quarter was $514.4 million, up from $401.4 million reported for Q4 2021.

Scholastic Corporation’s president and chief executive Peter Warwick said: “Scholastic’s strong fourth fiscal quarter and full-year results were driven by the success of our strategic and operational initiatives, and the ever-growing demand for our products by children, parents and our long-standing school partners.

“It’s clear that Scholastic has emerged from the challenges of the pandemic even stronger and better positioned for future sustainable growth, as indicated by our higher expectations for fiscal 2023 and the recently announced increase in our regular quarterly dividend. Scholastic’s employees did an amazing job fulfilling our company mission during these uncertain times by embracing every opportunity to increase collaboration and foster innovation.

“Looking ahead to fiscal 2023 and beyond, we see continuing demand for our products and services deeply rooted in the fundamental role of our engaging independent reading materials in the learning goals of children. This goes beyond recovery as there is a renewed focus on the benefits that independent reading and book ownership have for young readers and their overall development. As educators, parents and policymakers look to close the learning gaps exacerbated by the pandemic, Scholastic will continue to be a trusted and preferred partner. In addition, our popular and highly-valued intellectual property will fuel our growth and financial performance, as we continually expand and refresh our deep library of content.”

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