Business
Scholastic Reports Fourth Quarter and Fiscal 2023 Results
Fourth Quarter Operating Income Up 40% Driven by Improved Results in All Segments Fiscal 2023 Results Meet or Exceed Company's Revised Guidance Board Approves
About this update from Scholastic Corporation
[{"type":"text","content":"Fourth Quarter Operating Income Up 40% Driven by Improved Results in All Segments\nFiscal 2023 Results Meet or Exceed Company's Revised Guidance\nBoard Approves $100 Million Increase in Share Repurchase Authorization, After Company Returns Over $160 Million to Shareholders in Fiscal Year\nNEW YORK, July 20, 2023 /PRNewswire/ -- Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal fourth quarter and full year ended May 31, 2023.\n\n \n \n \n \n \n \n\n \nPeter Warwick, President and Chief Executive Officer, said, \"Scholastic finished fiscal 2023 strongly, with fourth quarter operating income up significantly from last year's record level and full year results meeting or exceeding revised guidance. Successful performance management in response to this year's short-term headwinds, plus the continued benefit of operational efficiencies achieved since the pandemic, contributed to higher margins and profits across all business segments. Last quarter we also continued our investments in long-term drivers of Scholastic's growth and earnings, while returning over $63 million to shareholders through our dividend and share repurchases. In total in fiscal 2023, the Company returned $161 million to shareholders.\n\"Our Children's Books segment continued to perform well in Q4. Segment sales grew 5%, outperforming continuing softness in retail, and profitability rose substantially, driven by operational excellence and operating leverage in Book Fairs. Multiple Scholastic titles, including the latest Dog Man® title, also ranked at the top of children's bestseller lists during the quarter. Education Solutions also delivered higher sales and substantially improved margins last quarter, demonstrating the growing size and contribution of our summer reading business, even as some schools and districts continued to delay purchases of other supplemental programs.\n\"Looking ahead, we are committed to protecting margins and sustaining growth in fiscal 2024, as we execute a multi-year plan for growth, impact and shareholder value creation. Having combined our Book Fairs and Clubs channels into an integrated School Reading Events business last month, we are now in the process of executing against multiple opportunities to grow Scholastic's reach, s...