Scholastic tumbles as Q1 net loss widens amid rising costs

Scholastic

23/09/2022 17:47

** Shares of Scholastic Corp  SCHL.O  fall as much as 12% to
over two-month low of $35.45
    ** Stock last down 10.5%, on course for worst day since
March 2022
    ** SCHL's Q1 net loss widened to $45.4 mln, or $1.33 per
share, from $24.4, or 70 cents, a year earlier 
    ** Company's Q1 operating loss also widened to $58.1 mln,
from $32 mln, a year earlier
    ** SCHL says operating loss increased due to lower sales in
Education Solutions which resulted in an $11.6 mln increase in
the operating loss along with higher cost of goods sold,
primarily reflecting increased freight costs
    ** However, Q1 revenue rose 1.2% to $262.9 mln and
reaffirmed its 2023 forecasts 
    ** Stock has fallen ~10% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))