In its second-largest acquisition, Amazon buys the company for $970 million.
Web sales for The Spiegel Group were up 66% in May over May 2000, while overall sales declined 5%.
Although it doesn’t break out the dollar sales, The Spiegel Group reported today that Internet sales grew 66% in May over May 2000. It was the only increase the company experienced. Spiegel’s overall May sales were down 5% from the year earlier. Catalog sales were down 14% while retail store sales declined 4%.
Michael R. Moran, chairman of the office of the president, stressed that Spiegel is financially stable, achieving two consecutive years of record earnings. "The bottom line is that The Spiegel Group is strategically well positioned to overcome the challenges and capitalize on the opportunities that lie ahead," Moran told the U.S. Bancorp Piper Jaffray Consumer Conference in New York today. Moran expects improvement in the second half. "The earnings improvement in the second half of the year is based on our expectations for somewhat improved economic conditions, a significant turnaround in Eddie Bauer`s sales and earnings, and improvement in customer charge-off trends," he said.