As predicted in November, Scholastic reported that their revenue in the second fiscal quarter for 2013 has dropped by 10% compared to last year.
This also means that the company’s net profit has fallen down by 24%. These results came in part from lower-than-expected sales of The Hunger Games trilogy, reduced book club sales and decreased orders for educational technology and services.
Here’s more from the release: “Revenue for the second quarter was $616.2 million, compared to $685.3 million a year ago. Earnings per diluted share from continuing operations were $1.89, compared to $2.62 in the prior year period, which included one-time expenses of $0.21 per diluted share related to cost reduction actions.”