Hanover Posts Revenue Increase, Net Loss

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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.


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