Internet sales are the up area in a down year at Hanover Direct
Internet sales at Hanover Direct Inc. grew 24.2% last year to $108.6 million from $87.4 million in the prior year, the direct marketer of apparel and home furnishings reports. Total revenue for the company’s fiscal year, which ended Dec. 27, 2003, decreased 9.4% from the prior year to $414.8 million from $457.6 million. Web-based sales accounted for 27.9% of total revenue last year vs. 19% the year before.
The company says the decrease was due to softness in the economy, lower demand for the company`s products during the first six months of the year and a reduction in unprofitable catalog circulation.
Hanover Direct reported a net loss of $15.4 million for the year compared with a net loss of $9.1 million in 2002. It reported income from operations of $6.1 million for the year vs. a $400,000 loss for the prior year.
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