Scholastic sales were down 7% in the past 3 months
Scholastic has reported that over the course of the past three months, revenue was $215.2 million, a decrease of 7% compared to $232.6 million in the first quarter of 2020. The decline in revenue was due to the school distribution channels due to COVID-impacted delays in school openings, as well as a shift in the timing of the release, as planned, of new titles in the popular Dog Man book series. Partially offsetting these declines were strong audiobook sales in the current period and improved results across a number of education business lines, including digital product subscriptions, teaching resources, summer literacy camps and summer reading programs.