Scholastic Reports Fiscal 2024 First Quarter Results
NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal first quarter ended August 31, 2023. The Company typically generates an operating loss in the first quarter, when schools are not in session.
- Adjusted EBITDA (a non-GAAP measure of operations explained in the accompanying tables) decreased $35.0 million to a loss of $70.6 million.
- In the fiscal first quarter, the Children's Book Publishing and Distribution segment's revenues decreased 18% to $102.8 million.
- Book Fairs revenues were $27.3 million, down 4% from the prior year period, primarily due to lower Scholastic Dollar redemptions.
- We expect participation at our in-person book fairs to remain strong in fiscal 2024, with fair count on track to reach approximately 90% of pre-pandemic levels.