In the next 17 months, it expects 10% of its B2B customers will be transacting on the web, an executive says.
Web-based sales at Lillian Vernon Corp. grew 33% for the first three quarters, despite a 15% decline in total sales. Total nine-month revenue was $163.5 million vs. $191.9 a year ago.
Web-based sales at Rye, NY-based Lillian Vernon Corp. grew 33% for the first three quarters, despite a 15% decline in total sales, the company reported today. Lillian Vernon does not break out web sales from total sales. Total nine-month revenue was $163.5 million vs. $191.9 a year ago.
Q3 revenue in FY 2002 was $87 million vs. $104.1 million in Q3 FY 2001. The company attributes the sales decline to reduced catalog mailings in response to the recession and a downturn in consumer spending. In addition, the company mailed its November catalogs later in the year than in the past to target sales more closely to holiday shopping. As a result, revenue from those catalogs will be received in the fourth quarter. Lillian Vernon’s third quarter ended Nov. 24.
Lillian Vernon launched re-designed LillianVernon.com and RuedeFrance.com sites in the third quarter.
Net income for the third quarter was $2.6 million compared to $5.1 million for the third quarter last year. Net loss for the nine months was $4.7 million compared to a profit of $1.5 million the prior year.