Another down quarter for Spiegel容xcept on the web
Downers Grove, IL-based The Spiegel Group, which reported September sales numbers two weeks ago, reported today that web sales for the third quarter increased 42% over a year ago, the only growth in a down quarter.
Net sales for the quarter included a 13% decline in direct sales: The 42% increase in web sales was more than offset by a 22% drop in catalog orders. Retail store sales fell 7%, including a 15% decrease in Eddie Bauer`s comparable-store sales, offset somewhat, the company says, by sales growth in its outlet stores.
Spiegel痴 total revenue for the quarter, which includes revenue from Spiegel痴 credit card operation, fell 13% to $703.8 million, reflecting an 11% decrease in net sales and a 37% decrease in finance revenue.
The company reported a loss of $12.3 million compared to earnings of $13.5 million for the comparable period last year.
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