It can't all be blamed on the Wall Street meltdown and the credit crisis.
Scholastic has reported a net loss of $44.7 million from first quarter sales. Last year looked a lot different, with a net profit of $3.3 million, helped enormously by $240 million from Harry Potter --and that in what is usually a bleak time of the year for sales, school students being out to play. CEO Dick Robinson reckoned that the difference in the balance sheet was "largely" due to "a challenging market." However, the lack of a Harry Potter must have had a lot to do with it -- in the children's book publishing and distribution division, revenue fell from $296.8 million to $61 million.
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What a difference one author and one book can make to one company!
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