In its second-largest acquisition, Amazon buys the company for $970 million.
For the 2005 fiscal year, Scholastic Corp. grew web sales to almost $240 million and is eyeing new product opportunities, CEO Richard Robinson says in a recent letter to investors.
Internet sales for Scholastic Corp. grew about 40% in fiscal 2005, the company says in a recent shareholder letter from CEO Richard Robinson.
In the letter, Robinson writes that for the 2005 fiscal year ended in May, web sales increased to about $240 million from $200 million in e-commerce sales in 2004. “Last year Scholastic’s total Internet sales, including book clubs, were almost $240 million, ranking us as the number three Internet book seller in the world,” he says.
Scholastic, No. 43 in the Internet Retailer Top 400 Guide to Retail Web Sites, says the sale of new online products such as phonics, values, educational and children’s literature have been well received by customers.
The company, which named Seth D. Radwell as president of e-Scholastic, its online information and e-commerce division, in March, is also eyeing new online opportunities in educational enrichment and remediation products in the 2006 fiscal year.