Hanover Direct’s web sales rise 12% in quarter to 30% of revenue
First quarter web-based sales at Hanover Direct Inc. grew 12.1% from last year’s Q1 reaching $28.6 million from $25.5 million, the company reports. Companywide sales fell 7% in the quarter to $95.3 million from $102.5 million a year ago. The web accounted for 30% of revenue in Q1 this year vs. 24.9% in Q1 a year ago.
The company attributes the decline in total revenue to a reduction in catalog circulation for one of its brands. Hanover Direct operates The Company Store, Domestications, Silhouettes, International Make, Undergear, Clearance World and Gumps brands.
Hanover Direct reported net earnings of $400,000 vs. a net loss of $3.5 million in Q1 last year. The company said improvement was due primarily to the elimination of a preferred stock dividend.
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