Home Unit Drives EDC
by Staff -- Publishers Weekly, 7/14/2003
With sales in its home business division continuing to soar, Educational Development Corp. reported that revenue for the first quarter ended May 31 rose 13%, to $6.9 million, and net income increased 7%, to $585,900.
Sales in the home business division rose 25% in the quarter, to $4.9 million, as the number of home reps selling the company's line of Usborne books increased by 12%. Sales through EDC's publishing division fell 9% in the quarter, to $2 million. The company attributed the dip to the sluggish retail book market, particularly at the major chains, where EDC's sales in the quarter were down 31%.
