Revenue at Educational Development Corp. nearly doubled in the fiscal year ended February 29, 2016, over fiscal 2015. Sales hit $63.7 million last year, up from $32.5 million in the prior year, according to unaudited results released by the company.
The revenue jump was led by EDC’s home business division where sales soared 151%, to $52.8 million. The division finished fiscal 2016 with more than 19,000 sales associates, up from 7,800 associates at the end of fiscal 2015. Sales associates sell EDC’s line of books through a variety of home-based initiatives, including social media.
EDC chairman Randall White attributed the increase in the number of associates and the related jump in revenue to his decision four years ago to stop selling its books through Amazon.
EDC will release earnings later this year, but White noted that the company has $2.4 million in backorders from February. The company has bought a new processing machine to deal with the backlog and to speed shipments in the future. White expects revenue in the current fiscal year to hit $110 million.
