Hanover Nets $133.5 Million in 2Q Revenue

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Hanover Direct Inc. yesterday announced operating results for the second quarter and the first half of 2001.


The company reported net revenue of $133.5 million for the second quarter, representing a decrease of $9.9 million, or 6.9 percent, compared with the same period last year, primarily because of the elimination of catalogs at the end of last year.


The company reported net earnings of $12.7 million during the second quarter, including a gain of $22.8 million on the sale of the Improvements business and a gain of $1.5 million on the sale of its warehouse in Hanover, PA. The company posted a net loss of $13.7 million during the same period last year.


During the first half of the year, net revenue of $277.8 million was recorded, representing an increase of $4.2 million, or 1.5 percent, compared with the same period last year.


The company reported net earnings of $5.1 million during the first half of the year compared with a net loss of $27.1 million during the same period last year.


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