Earnings held even at $1.9 million in the fiscal year ended February 28 at Educational Development Corp. Sales at the children’s publisher and distributor fell 2.4%, to $28.7 million.
Sales at EDC’s largest division, Usborne Books and More, fell 11%, to $19.2 million. The unit includes EDC’s home party plan group that has 8,000 individual sales reps that sell EDC’s line primarily through homes, schools and libraries. The number of orders fell 8% in the division last year and sales per order dipped 0.4%. In the publishing division, which sells EDC’s list to retailers, sales rose 16%, to $9.5 million. The gain was led by a 36% increase in sales through the large bookstore chains and a 23% increase in sales to smaller bookstores and gift stores.
Despite the decline in sales at UBAM and increase in the retail division, EDC said in its 10-k filing it still believes its best opportunity for growth lies with UBAM.
