May 13, 2003, 12:00 AM

Hanover Direct posts strong Q1 web sales as overall revenue declines

Web sales grow 32.5% to $25.5 million or 26.5% of combined web and catalog sales. Overall revenue, meantime, decreased 6.4%.

Web sales showed the strongest first-quarter gain at Internet and catalog retailer Hanover Direct Inc., comprising 26.5%, or $25.5 million, of combined Internet and catalog revenues. That represents a gain of $6.3 million, or 32.5%, from the year ago-quarter.

Hanover reported overall net income of $200,000 on net revenues that decreased 6.4% to $102.5 million for the quarter, which ended March 29. That compares with a net loss of $1.8 million on net revenues of $109.5 million for same period a year ago.

Offsetting the decrease in revenue for the quarter was the recording of a $1.9 million deferred gain from the 2001 sale of the company’s Improvements business. The decrease in net revenue was primarily because of soft demand and a 2.1 % reduction in catalog circulation from last year, which is part of the company’s continuing effort to scale back on unprofitable catalog circulation and increase profitable circulation, the company says.

Hanover’s brands focus on home fashion, apparel and gifts and include Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump’s by Mail. Each brand is offered on both the Internet and in catalogs. Hanover also owns Gump’s retail store in San Francisco.

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