Hanover Cuts Losses in Q3Catalog firm Hanover Direct Inc. posted a $6.8 million net loss for the third quarter yesterday but said it was able to reduce its losses to less than half of what they were last year by cutting expenses.
Hanover Direct, Weehawken, NJ, said it had lowered its operating expenses, selling expenses and general and administrative costs. For third-quarter 2000, the company recorded a $14.8 million net loss.
The expense cuts were partially offset by a $23 million decline in third-quarter 2001 revenue compared with the same period last year. The company attributed the revenue decline to the sale of its Improvements business in June, the closure of its catalogs Domestications Kitchen & Garden, Kitchen & Home and Turiya, and shortfalls in demand for its Silhouettes and International Male catalogs.
It did cite fallout from the terrorist attacks, anthrax scare and overall decline in the economy as contributing to the drop in revenue.