Scholastic forced to cut spending after poor quarterly results
July 16, 2003 at 2:54 PM ET
HPANA (via Reuters)
"We've identified the problems and we're fixing them," said Chief Executive and Chairman Richard Robinson in a call with analysts a day after reporting its results.
Robinson said the school book fair business, which contributed to the weak results, was hurt in 2003 by shortages on listed titles and overall weak book sales.
"Our low end on revenue and profit assumes little growth outside Harry Potter," Robinson said. "Our internal plan, however, will get us toward the upper end of this range."
Scholastic said it will simplify its product selection in the school book fair business, improve teacher benefits and increase its presence in the value, or discount, segment of the book club business.
Sales of Harry Potter are reportedly very strong at over 9 million units so far.
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