Educational Development Corporation (NASDAQ: EDUC) recently announced record net sales of $40.4 million for the third quarter ended November 30, 2018.
CEO Randall White announced that for the fiscal third quarter ended November 30, 2018, the company had net revenues of $40,482,600, an increase of $1,572,700, or 4.0 percent, when compared to $38,909,900 for the third quarter of the previous year.
The company’s direct sales division, Usborne Books & More (UBAM) continues to be the largest operating segment of the business. Net revenues of this division for the third quarter ending November 30, 2018 were $37,321,300, an increase of 2.3 percent from $36,470,300 reported in the third quarter ended November 30, 2017. The average number of active direct sales consultants decreased 900, or 2.9 percent, to 30,200 for the quarter ended November 30, 2018, over the average active consultant count in the third quarter of last year.
The company’s year-to-date net revenues in the first three quarters of the fiscal year totaled $95,185,900, an increase of $5,147,900, or 5.7 percent, from $90,038,000 reported in the same period last year.
“During this quarter we saw increased sales activity from our active consultants and also experienced the return of net sales from our Publishing division to historical levels,” said White. “The growth in the active consultant count of our UBAM Division has been challenged over the past few quarters, as has the entire direct selling industry, which has experienced a multi-year decline. Our sales increase, while modest, reflects a much more positive result when compared to the overall industry statistics.”