UPDATE 2-Scholastic posts wider quarterly loss

(Adds results details, conference call comments)

NEW YORK, Sept 25 (Reuters) - Publisher Scholastic Corp (SCHL.O) on Thursday posted a wider-than-expected quarterly loss compared with the year-earlier period, which included sales of the blockbuster final Harry Potter book.

Its net loss fell to $49.1 million, or $1.30 a share, from a loss of $2.8 million, or 7 cents a share, in its first quarter ending in August.

The publisher of children's books, which typically posts a loss in its first fiscal quarter when schools are not in session, said its loss from continuing operations was $1.18 per share.

Sales declined about 46 percent to $285 million from $531.3 million. The year-ago period included $240 million in sales related to the Harry Potter series.

Analysts had expected a loss of $1 a share, on revenue of about $295 million, according to Reuters Estimates.

"We are on track to reduce headcount and achieve $25 to $35 million in annualized cost savings, having implemented a voluntary retirement program, frozen hiring and reduced costs for paper, printing, postage and in other areas in the first quarter," Chief Executive Richard Robinson said in a statement.

On a conference call with analysts, the company said that it suspended annual salary increases, implemented a voluntary retirement program and has frozen hiring.

It does not expect to be significantly affected by Time Warner's decision to move the debut of the latest Harry Potter film to the summer of 2009. It was to begin around this year's holiday season.

Scholastic said it continues to expect "solid profit and margin growth (excluding Harry Potter)" in fiscal 2009, with revenue of $2.0 billion to $2.1 billion and earnings per diluted share of $1.75 to $2.10.

Analysts had expected a profit of $1.89 per share in that period on revenue of $2.0 billion.

Shares of Scholastic fell 2.8 percent to $26.64 in early trade on Nasdaq on Thursday. (Reporting by Franklin Paul, editing by Derek Caney)