Quixtar Announces Record FY04 Sales

Quixtar Announces Record FY04 Sales

GRAND RAPIDS,Mich.--Quixtar Inc. reported record sales of $1.1 billion generated by independent business owners (IBOs) for the 2004 fiscal year ended Aug. 31 (FY04). The sales, achieved with the companys I-commerce business model, represented an increase of $65 million over sales achieved during the previous fiscal year (FY03).

In addition, IBOs generated revenues of $68.5 million through Quixtar's online Partner Stores and Services in FY04, an increase of $10.2 million from FY03. For their efforts, the IBOs earned more than $373 million in bonuses and incentives, an increase of $30 million from their remuneration in FY03.

Ken McDonald, managing director of Quixtar, said, We're certainly pleased with the financial results of the past fiscal year, but the biggest success belonged to IBOs who achieved record growth. IBOs earned a record number of bonuses and incentives this year, and we continue to look for new products to enhance their businesses and help them attract younger and more diverse IBOs and customers."

According to Quixtar, growth in FY04 was led by product launches, including Artistry® Time Defiance® Intensive Repair Serum; Tolsom, a skin care line for men; and clear.now acne skin care system. Based on units purchased and overall sales volume, the majority of sales were generated by the launch of several new XS Power Nutrition products. The company said it will continue to build on the momentum gained in its health and beauty segments.