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Harry has epic effect on Scholastic’s Q1 performance

New York-based Scholastic Corporation rode the last instalment of the Harry Potter franchise to a 75% increase in revenue over Q1 last year. From a net loss of US$46.9 million in 2006, the publishing company brought in US$586.9 million this past quarter, thanks in large part to record-breaking sales of Harry Potter and the Deathly Hallows released on July 21.
September 21, 2007

New York-based Scholastic Corporation rode the last instalment of the Harry Potter franchise to a 75% increase in revenue over Q1 last year. From a net loss of US$46.9 million in 2006, the publishing company brought in US$586.9 million this past quarter, thanks in large part to record-breaking sales of Harry Potter and the Deathly Hallows released on July 21.

The Children’s Book Publishing and Distribution division racked up US$342.5 million in sales, a 200%-plus increase from the prior year. And the company’s consumer products and TV arm (Media, Licensing and Advertising segment) had a good quarter as well, posting a more modest 8% increase to US$17 million, driven by more robust sales of interactive products. The division’s operating loss improved too, going down to US$5.1 million from US$6.1 million, spurred by additional deliveries of TV series for which expenses had already been amortized.

About The Author
Gary Rusak is a freelance writer based in Toronto. He has covered the kids entertainment industry for the last decade with a special interest in licensing, retail and consumer products. You can reach him at garyrusak@gmail.com

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