Why Scholastic Stock Dropped on Friday

Shares of (NASDAQ: SCHL) were down 12% as of 10:06 a.m. ET on Friday after the company delivered worse-than-expected financial results for the fiscal first quarter ending in August.

Revenue of $228.5 million came in well below the consensus analyst estimate of $269 million. Scholastic also missed on the bottom line, with a per-share loss of $2.35, worse than analysts anticipated.

Consumer-facing companies have reported mixed results this earnings season, which has caused extra volatility for retail stocks. Scholastic was not immune to the cool macroeconomic environment that is still impacting consumer spending.

Source Fool.com