UK solid at Scholastic

The international division--including UK, Canada and Asia--drove profits up by 26% to $24.3m (£13.1m) on sales growth of 16% to $369.7m (£200m) for the year. The figures were helped by exchange rate gains; excluding the gains, sales rose by 4%. Export sales and growth in Canada had driven the division’s performance. But for the fourth quarter, operating profit was down 26% to $5.5m (£3m) on sales up 15% to $102.2m (£55.2m).

Scholastic had a tough year in its US direct-to-home business, and US trade sales excluding Harry Potter, particularly backlist. Group profit was flat at $58.4m (£31.6m) on sales that grew 14% to $2.2bn (£1.2bn). Fourth quarter profits fell 22% to $22.5m (£12.2m) on sales up 5% to $587.4m (£317.5m).
liz.bury@bookseller.co.uk