Vermont Teddy Bear Net Revenue Up Slightly in 2003

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The Vermont Teddy Bear Company Inc., Shelburne, VT, announced annual net revenues yesterday of $40.28 million during its fiscal year ended June 30, an increase of $1.28 million, over results for the 2002 fiscal year.


Sales in the PajamaGram business segment increased to $5.27 million in fiscal 2003 from $295,000 in 2002. The increase was partially offset in fiscal 2003 by a drop in BearGram sales of $3.67 million.


Net revenues from the company's retail operations increased by $179,000, or 5.4 percent, in fiscal 2003, as the result of adding a second retail location in Waterbury, VT. Corporate/wholesale revenues were $354,000, down from $639,000 in 2002.


On Aug. 29, the company purchased Calyx & Corolla, a floral mail order and catalog business. In its fiscal year ended June 30, it generated about $16.8 million of net revenues and gross margin in excess of 50 percent.


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