Lillian Vernon Releases Fourth-Quarter Report
Lillian Vernon credited last year's acquisition of upscale home furnishing catalog Rue de France for increasing revenues to $287.1 million for fiscal year 2001, compared to $281 million from last year.The cataloger on Friday released its report for the fourth quarter and fiscal year, which ended Feb. 24. But while revenues increased, Lillian Vernon, Rye, NY, did see a net loss of $1.4 million compared to a net income of $6.3 the prior year.
The cataloger attributed the loss to restructuring and severance charges of $2.05 million for a company-wide staff reduction and consolidation of its Las Vegas call center into its national distribution center in Virginia Beach.
In a statement, company officials said they were disappointed with the results and are working to improve sales and profitability. The cataloger has $32 million in cash reserves and has no outstanding debt.
