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TAL Education Group Cuts Prelim. Q4 Sales Guidance From $959.1M-$980.9M To $850.1M-$871.9M

BEIJING, Feb. 28, 2020 /PRNewswire/ -- TAL Education Group (NYSE:TAL) ("TAL" or the "Company"), a leading K-12 after-school tutoring services provider in China, today announced preliminary estimated

Benzinga · 02/28/2020 22:02

BEIJING, Feb. 28, 2020 /PRNewswire/ -- TAL Education Group (NYSE:TAL) ("TAL" or the "Company"), a leading K-12 after-school tutoring services provider in China, today announced preliminary estimated revenues for the fourth quarter of fiscal year 2020 ending February 29, 2020.

TAL currently expects its preliminary estimated total net revenues for the fourth quarter of fiscal year 2020 to be in the range of US$850.1 million and US$871.9 million, representing year-over-year growth in the range of 17% to 20%, respectively. Without giving effect to the impact of potential change in exchange rate between Renminbi and the U.S. Dollar, the estimated year-over-year revenue growth rate is expected to be in the range of 20% to 23% for the fourth quarter of fiscal year 2020. The Company previously announced its outlook which estimated the total net revenues for the fourth quarter to be in the range of US$959.1 million and US$980.9 million. The weaker-than-expected revenues are mainly due to the impact of the outbreak of coronavirus in China and precautionary measures taken by the Company with respect to its offline business, which was partially offset by the growth in student enrollments in online courses and related revenues for the quarter.   

The above preliminary estimated revenues for the fourth quarter of fiscal year 2020 ending February 29, 2020 reflects TAL's current and preliminary view, which is subject to uncertainty and change.