MEDIA
03/28/2008 02:45 am ET Updated May 25, 2011

Harry Potter Helps Keep Scholastic In The Black

Harry Potter and the Deathly Hallows came through for Scholastic in the first quarter ended August 31, helping to drive up revenue 75%, to $586.9 million. Hallows, along with the six previous Potter titles, contributed sales of $240 million in the period, propelling revenue in the children's book publishing and distribution segment to $342.5 million from $112.6 million. The huge influx of sales resulted in an operating profit in the segment of $2.7 million in the quarter, compared to an operating loss of $67.3 million last year. For all of Scholastic, the company had a loss of $2.8 million compared to a $46.9 million loss in last year's first quarter.

The big gain in trade sales helped to offset a 7% drop in book club revenue in the period as well as a 14% decline in book fair sales. Sales in the continuity segment rose 3%, to $46.4 million.

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