School Specialty reports a 15% decline in total sales for the year.
School Specialty, which sells supplemental learning materials online, through catalogs and by a sales force of about 540, ended the year on a positive note in what was otherwise a difficult fiscal 2011.
For the fiscal year ended April 30, School Specialty, No. 130 in the Internet Retailer Top 500, reported:
"We are cautiously optimistic with the business trends we saw in the fourth quarter," says David J. Vander Zanden, president and CEO. "With state income and sales tax revenues starting to exceed most states' internal projections, we believe education budgets should stabilize and could lead to greater budget visibility and spending confidence on the part of educators for the remainder of the calendar year.”
In the fourth quarter, School Specialty reported:
In June, Vander Zanden announced that he intended to retire April 28, 2012, the end of the company’s fiscal 2012. The 56-year-old started at School Specialty as president and chief operating officer in 1998. The company plans to hire a national search firm to help recruit a successor.