Scholastic reports Q2 EPS $2.45 vs. $2.12 last year

Reports Q2 revenue $562.6M vs. $587.9M last year. CEO Peter Warwick said, “During the seasonally important, back-to-school Q2, Scholastic delivered again on its mission and long-term opportunity as we face a currently complex environment in U.S. schools. School Book Fairs achieved higher fair count and solid Q2 sales, and we began the process of strategically repositioning our School Book Clubs as part of the integrated School Reading Events business. Education sales remained stable…We also continued to invest in our strategy to drive long-term growth and shareholder value. We returned over $58M to shareholders through share buybacks and our dividend. Q2 results came in below expectations for profit growth, however, largely reflecting lower than forecast participation and spending in our School Reading Events division, which we expect to continue for the remainder of this school year. As a result, we are adjusting our FY24 guidance as we take steps to target additional revenue opportunities and align spending in the second half of this year…”