Scholastic shares retreated after the company logged lower sales in the fiscal first quarter, citing tight school budgets.

The stock shed 13% to $30.41 in after-hours trading. Through the close, shares were up 16% this year.

Sales in the latest quarter fell 4% to $216.8 million. The decline was primarily due to lower revenue in the company's education and children's book publishing businesses, the company said.

In education, increased pressure on school and district budgets dinged sales, Chief Executive Peter Warwick said. School reading events, which are part of the children's book business, had minimal activity in the first quarter, and book fair sales were down.

The company's loss widened to $71.2 million, or $3.77 a share, from $71.1 million, or $2.83 a share the year before.

Scholastic affirmed its full-year outlook for revenue growth of 2% to 4%, and adjusted earnings before interest, taxes, depreciation and amortization of $135 million to $145 million.