Internet Sales Help Fuel Record Revenues for Dreams

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.

To check out Tuff Stuff's Sports Collectors Monthly fan store, click here.