The children’s literature publishing giant posted its 1st quarter earnings, and things are looking good. Earning $287.7 million, a whopping 48% percent increase when compared to Q1 revenue from last year in which Scholastic earned $191.2 million. These numbers certainly speak to a bit of industry revitalization, although Scholastic is still operating at a loss. Given that schools are out during most of the 1st quarter, this is to be expected, and the losses under which the company is operating are down 21% from last year. Scholastic is quite thankful to J.K. Rowling for these good numbers, as expressed by C.E.O Richard Robinson:
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…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.
Here’s to Rowling keeping the publishing industry healthy.
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