US book publisher Scholastic has reported a 6% revenue drop in its Q3 results.

The company generated US$324.9 million in total quarterly revenue, which is US$19.6 million less than its take for the same period in 2022. International revenue decreased by US$11.9 million to US$50.9 million, primarily due to under-performance in Canada and the UK.

“Multiple Scholastic titles again made bestseller lists, but trade sales declined as major book retailers slowed their ordering,” said Scholastic president and CEO Peter Warwick in a release.

This slowdown in orders was a byproduct of major wholesalers adjusting their inventory volume to accommodate supply chain improvements and consumer demand, according to the release. 

On a brighter note, revenue from Scholastic’s children’s publishing and distribution segment was up by US$3 million to US$204 million. And book fair revenue increased by US$27.5 million to US$103.5 million as the publisher got back to hosting a pre-pandemic volume of these distribution-oriented events.

Revenue from the education solutions (products for schools) segment dropped by US$7.2 million to US$70 million. This is a result of lower instructional products sales and fewer programs at US schools, with staffing shortages also delaying purchasing decisions, according to the report. 

Despite the quarterly losses, Scholastic’s first nine months of fiscal 2023 look favorable. For this period, total revenue is at US$1.17 billion, compared to US$1.12 billion for the same period in 2022.

Pictured: Scholastic’s Unicorn Diaries Books.