'Harry Potter' publisher Scholastic drops on weak FY21 sales outlook

Scholastic

24/07/2020 16:28

** Shares of Scholastic Corp  SCHL.O , the U.S. publisher of
the "Harry Potter" series, drop 9.5% to $25.77
    ** Co expects FY 2021 revenue to be "slightly" below FY 2020
(https://bit.ly/3eY6MRa)
    ** Says it is planning for a slower-than-normal start to the
2020-21 school year
    ** Posts Q4 revenue down ~40% to $284 mln as schools were
closed from March through May due to the COVID-19 pandemic
    ** SCHL reports Q4 loss of $13 mln, vs year-ago profit of
$17.9 mln
    ** Stock down ~26% YTD, as of last close

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))