Randall White, CEO, Educational Development Corporation today announced record net revenues for the fiscal quarter and six months ended August 31, 2015.
Net revenues for the quarter ended August 31, 2015, were a Company-record $12,606,800 when compared to $6,808,200 for the same quarter last year, up 85%. Net earnings were $644,400 compared to a $3,900 net loss last year.
Net revenues for the home business division, Usborne Books & More were up 152% for the second quarter of fiscal year 2016, compared to the same period in fiscal year 2015. The net revenue gain was primarily driven by new sales associates joining our organization in this quarter, 4,800 compared to 2,300 in the second quarter last year, an increase of 107%. The net sales increase continued in September with sales of this division up