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.