I know for us... we don't do "catalog" sales so to speak. We invest only in special events... a Fall FUNdraising Carnival and Breakfast with Santa, mainly. Although there are several other "small" events that we do as well. The income isn't huge for them but the expense is even less (we normally make more then 90% profit) so it works out.
The only type of "catalog" sale, if it can even be called that, is through our spirit wear, which we use Spirit and Pride, have a $2 profit per item and little hassle. The only other item is the spring fundraiser which is to directly benefit the PTO art program (we provide all of the supplies and the teacher's salary). We have the art teacher work with the kids to create a special art project in the earlier part of the year, send it to Silver Graphics, they send back a "personalized" order form to each family and the families can order items from that form with the kid's art work. They have everything from mugs, note cards and ornaments to small garden flags, t-shirts, and dish towels. Their selection is amazing! The cost of each item (as a parent) seems high... but I would rather pay that price for an ornament of my child's art work then a box of chocolates or popcorn, which seems to be the common feel among our parents. We schedule it so items are back by Mother's Day and the parents love that it is personalized and not generic AND that it is directly tied to the project it supports.
