Led once again by its home business division, sales at Educational Development Corp. jumped 20.3% in the third quarter ended November 30, 2003, to $10 million. Sales in the home business unit rose 23%, spurred by a 31% increase in new home sales reps. Sales to bookstores increased 9% in the quarter. The boost in revenue led to a 13.9% increase in net income, to $871,100.
Sales for the first nine months of the year rose 17%, to $24.1 million, and net income increased 12.7%, to $2 million. Sales in the home business unit were up 25% in the nine months, to $18.2 million, while sales in the publishing group fell 2.2%, to $5.9 million. EDC attributed the decline in publishing group sales to a 9.7% drop in sales to the major bookstore chains.
