Internet sales accounted for 20.3% of sales for the seven brands of web and catalog merchant Hanover Direct Inc., not including sales by third-party fulfillment companies or membership programs, the company reported today. In the prior year, web revenue accounted for 15.4% of total revenue.
Net revenues for the year ended Dec. 28, 2002, however, decreased 14% vs. the year before to $457.6 million from $532.2 million. $40.5 million of the decrease was due to discontinued operations, the company reports. Revenues for continuing businesses decreased by $34.1 million or 6.9%. The company says the decrease in revenue for continuing businesses was due almost entirely to a reduction in unprofitable catalog circulation.
Hanover Direct reported a net loss of $9.1 million for the year, compared with a net loss of $5.8 million for the prior year and an operating loss of $400,000 vs. $24 million the year before.
Hanover Direct’s brands include Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down, Gump's By Mail and the Gump's retail store in San Francisco. It also operates Keystone Internet Services LLC as a third party fulfillment operation to provide logistical, IT and fulfillment services to the company's catalogs and web sites.
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