November 2, 2005, 12:00 AM

After delays, Hanover Direct reports its preliminary 2004 web numbers

After nearly a year of internal audits and delays in filing SEC reports, Hanover Direct says its 2004 preliminary web sales totaled $118.7 million, up 10.8% from $107.1 million in 2003.

Mark Brohan

Research Director

After nearly a year of delay, Hanover Direct Inc. is reporting its preliminary 2004 web sales. In 2004, Hanover Direct, No. 61 in the Internet Retailer Top 400 Guide to Retail Web Sites, had total e-commerce sales of $118.7 million, up 10.8% from $107.1 million.

In 2004, the web accounted for 29% of the company’s total sales of $403.1 million, compared with 26% in 2003 when Hanover Direct reported total sales of $414.3 million.

In a recently filed report with the Securities and Exchange Commission, Hanover Direct says its 2004 sales and other financial information could be subject to further modifications based on ongoing audits. The company spent 2004 and part of this year restructuring and revising its financial results. Hanover Direct has yet to file any of its 2005 quarterly results with the SEC.

In addition to operating e-commerce sites and publishing catalogs for brands such as International Male, Undergear, Silhouettes, The Company Store, Company Kids and Domestications, Hanover Direct operates Keystone Internet Services, a third-party technology and fulfillment company.

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