Lillian Vernon Reports Loss, Falling Revenue
Fiscal-year 2002 revenue was $259.6 million, down from $287.1 million in the 2001 fiscal year, the company said. Lillian Vernon's losses during the 2001 fiscal year were $1.4 million.
Decreased catalog circulation and lower revenue per catalog caused the decline in revenue and income, Lillian Vernon said. The backlash from the Sept. 11 terrorist attack, the ensuing anthrax scare and the recession all played a part, the company said.
Lillian Vernon said it had begun several promising initiatives, including the licensing of the Lillian Vernon name, the redesign of its catalogs and the double-digit growth of its Web site. The company said it remained in a strong financial position with no outstanding debt and cash and investments amounting to $27.1 million.