Educational Development Corp. posted record revenue of $32.5 million for the fiscal year ended February 28, 2015, a 25% increase over fiscal 2014. Net earnings rose to $859,200 in the year, up from $357,600.
In a statement, Randall White, CEO of EDC, said the results represent “a significant turnaround in our history.” White, who noted that sales were up in both of EDC's operating divisions, was particularly proud of the 5% sales increase posted by the publishing division.
The sales bump in the publishing division occurred despite White’s decision three years ago to discontinue doing business with Amazon, which had accounted for about 20% of the unit’s sales. The $11.5 million in sales was the highest in the group’s history, and was the result of a 5.5% gain in sales through smaller retail stores and a 4.2% increase at national chain stores.
While the publishing division had a good year, the biggest increase came in EDC’s home business division, Usborne Books & More. Net revenue increased 39%, to $21.0 million, due to a 62% increase in the number of sales consultants who sell the EDC line directly to consumers. EDC had 7,800 consultants at the end of the fiscal year.
