Web sales keep Lillian Vernon sales from falling further
Sales at Lillian Vernon Corp. fell 10.6% to $259.6 million for the fiscal year just ended from $287.1 million last year, Lillian Vernon reported today. Meanwhile, web-based sales grew at a double-digit rate, the company said. It does not break out web-only sales numbers.
The company said the decrease in revenue was due to a reduction in catalog circulation and lower revenue per catalog mailed.
The net loss for fiscal year 2002 was $9.1 million compared to a loss of $1.4 million last year.
Revenues for the fourth quarter increased to $96.1 million compared to $95.2 million last year, due to growth of Lillian Vernon Online, the company reported.
The company also noted that it has started an affiliate marketing program to drive online sales.
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