Publisher Scholastic Corp. (NASDAQ:SCHL) saw its first-quarter results miss expectations lacking last year's record-breaking sales of ‘Harry Potter and the Cursed Child, Parts One and Two’, but noted that it has a new Harry Potter book coming out in 2018
Scholastic reported a first quarter net loss of US$63.7mln, or $1.81 per share, wider than the US$39.6mln, or US $1.15 per share loss it posted at the same stage a year earlier.
The group’s adjusted loss per share was US$1.67 for the quarter, more than the consensus loss per share estimate of US$1.34.
The publisher saw its revenue fell to US$189.2mln, down from US$282.7mln a year earlier, also below consensus for US$208.3mln.
Scholastic pointed out that the year-earlier period had included the publication of the Harry Potter play script, which was the best-selling book in North America at the time.
The company added that it typically reports a loss in its fiscal first quarter because most US schools are not in session and it reaffirmed its 2018 outlook for revenue of US$1.65 bn to US$1.70bn and diluted earnings per share from US$1.20 to US$1.30.
In pre-market trading, Scholastic shares were 5% lower at US$36.60.