Dreams, Inc., announced revenues for the quarter that ended Dec. 31 soared 47 percent compared to the same period a year ago, thanks in part to strong online sales during the holiday shopping season.
Revenues for the quarter were a record $36.5 million, while revenues for the nine months of its fiscal year were up 44 percent to a record $59.7 million. Net income for the quarter was up 14 percent over 2006 to $2.4 million, while net income for the nine months was $792,000, down about 50 percent from the same period a year earlier.
“These were record-breaking periods for Dreams as we continue to manage our impressive growth, integrate our acquisitions and invest in future revenue-producing initiatives,” said Ross Tannenbaum, Dreams’ president and CEO.
Tannenbaum said special promotional discounts at its FansEdge.com website during the final six weeks of last year helped the company generate $20 million in Internet sales and reduce inventory amounts to targeted levels.
He also said the company is on track to meet its goal of $91 million in consolidated revenues for the current year. The first FansEdge brick-and-mortar location is scheduled to open in the Chicago market in April, and additional store openings are planned for later this year. Also opening this year is a new Field of Dreams store in Las Vegas and new venues are planned for the company’s 365 Live autograph signing program.
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