Home Business Leads EDC Growth
Staff -- Publishers Weekly, 5/21/2001
Led by a 15.2% increase in sales in its home business division, total revenues for Educational Development Corp. increased 4.8%, to $17.6 million, for the year ended February 28, 2001. The gain in the home business division, which had sales of $10.2 million in the year, offset a 7.6% drop in sales, to $7.4 million, in the company's publishing division. Net income inched up 1.0%, to $1.1 million.
The home business group had a particularly strong second half of the fiscal year as EDC signed on approximately 1,000 home sales reps who had been let go when Dorling Kindersley closed its home sales unit. As of February 28, EDC had 4,900 home sales reps, an increase of 36% over February 2000. EDC is optimistic that its home business unit will continue to post strong gains throughout fiscal 2002.
To boost sales in its publishing division, EDC is looking to increase the business it does with the major chains, and has started offering more co-op money to stores; these efforts will be "dramatically" increased in fiscal 2002.
