Calyx & Corolla Boosts Vermont Teddy Bear's Bottom Line
Revenue in the first half of fiscal year 2004 rose about 28 percent.
The increase in net revenue in the second fiscal quarter was attributed mainly to revenue contributed by the Calyx & Corolla floral delivery business segment and higher revenue in the PajamaGram segment. These increases were partially offset by decreased revenue in the BearGram segment. The company acquired Calyx on Aug. 29.
Total orders for the first 14 days of February jumped 27 percent as it shipped about 140,000 St. Valentine's Day orders this year compared with 110,000 last year. The 30,000 additional orders included about 12,500 in the Calyx segment. It also generated about 10,000 more BearGram orders and 7,500 more PajamaGram orders for St. Valentine's Day this year.
Marketing and selling expenses rose to about $5.2 million in the quarter from $4.1 million in the prior-year quarter "due to the addition of catalog and merchandising costs associated with the recently acquired Calyx segment and increased PajamaGram radio and catalog advertising costs," the company said in a statement. Offsetting the increases were reduced marketing and selling costs in the BearGram segment as the company curtailed less profitable advertising.