Scholastic Corp Reports Net Loss of $74.2 Million for the Quarter

SCHOLASTIC CORP [SCHL], a leading provider of educational materials and services, reported a net loss of $74.2 million for the quarter ending August 31, 2023. The company's quarterly revenue declined to $228.5 million compared to $262.9 million in the same period last year.

Financial Performance

Despite the challenging market conditions, Scholastic Corp managed to generate $15.8 million in operating income during the quarter. However, this represents a decrease from the $58.1 million operating income reported in the previous year's quarter. The company's cost of goods sold amounted to $130.0 million, reflecting a decrease from $144.5 million. Selling, general and administrative expenses increased to $184.2 million from $162.8 million in the previous year.