Children’s book publisher Scholastic earned $282.7 million during its fiscal first quarter 2017, up 48 percent from $191.2 million in Q1 2016.
Operating loss from continuing operations was $63.1 million versus $79.5 million during the same timeframe last year, a 21 percent improvement. (The publisher often sees losses during the first quarter since schools are not in session). First quarter revenues increased in all three segments – Children’s Book Publishing and Distribution, Education, and International.
“Trade publishing was the standout in the quarter with the release of Harry Potter and the Cursed Child, Parts One and Two, the eighth story in the Harry Potter franchise, and, as anticipated, we recognized the most significant portion of the script book’s sales in this quarter,” stated Richard Robinson, chairman, president and CEO of Scholastic. “We are looking forward to the release of the Fantastic Beasts and Where to Find Them original screenplay by JK Rowling late in the second quarter, as well as licensed publishing related to the Fantastic Beasts film and the original Harry Potter movies.”