Despite a third quarter with financial results below expectations, Scholastics issued revised guidance for the fiscal year ended May 31, 2025, that boosted its profit expectations back to $140-150 million for the year. The company had dropped the forecast to be approximately $140 million when its third quarter results were released in March. Adjusted EBITDA (earnings before income, taxation, depreciation, and amortization) in fiscal 2024 was $136.9 million.

In its announcement, Scholastic also announced that it has retained an advisor to look for investment partners who would be interested in buying the company’s New York City headquarters, as well as its distribution centers in Missouri, and lease the facilities back to Scholastic. The company added that the revision reflected “successful cost management and solid execution in the fourth quarter.”

At the end of last month, Scholastic combined its trade publishing and book fairs and book club businesses into the Scholastic Children's Book Group under the leadership of Sasha Quinton—just after it announced that Ellie Berger was stepping down as president of the trade group. Also in May, Scholastic reorganized its educational solutions group, where a supplemental publishing business has suffered due in part to uncertainty surrounding federal funding to schools.

The restructuring and proposed real estate sale are part of Scholastic’s efforts to boost both its profitability and share price. The publisher’s stock market shares were listed at $19.12 per share when markets opened on June 23. A year ago at this time, its share price was hovering over $35 per share; the stock’s 52-week low was $15.77.

Scholastic also announced that it has opened a search for two independent directors following the news that board members John Davies and David Young will retire at the company’s upcoming annual meeting. In a statement, president and CEO Peter Warwick said Scholastic will provide further details on the progress it has made refining its operating structure as well as its outlook for fiscal 2026 during the release of fiscal 2025 results, which will be made in July.

This story has been updated.