Hanover Posts Revenue Increase, Net Loss

Share this content:
Hanover Direct released its first quarter report yesterday, which showed revenues increasing by $14.1 million, or 10.9 percent, to $144.3 million from the previous year.


The increase is about 10.9 percent over last year's $130.1 million in revenues. The Weehawken, NJ, cataloger credited the revenue increases to improved demand across its four core brands -- Domestications, Improvements, Silhouettes and The Company Store.


Hanover also reported a net loss of $7.6 million compared to the $13.4 million for the same period last year.


The company circulated approximately 72.4 million catalogs during the 2001 period versus some 69.3 million catalogs during the 2000 period. 5.3 million customers made purchases from Hanover's catalogs during the 12 months preceding March 31, 2001, compared with 4.9 million during the 12 months preceding March 25, 2000.


At the beginning of the year, the company recorded a restructuring charge of $1.1 million, due primarily to severance costs related to the elimination of 46 positions.


On May 3, Hanover sold its Kindig Lane, Hanover, PA, fulfillment warehouse for $4.7 million. Hanover will shift activities of the warehouse into its fulfillment center in Roanoke, VA.


close

Next Article in Direct Mail

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above