Lillian Vernon Revenue Dips
Revenue for Lillian Vernon Corp. totaled $36.9 million for its first quarter of fiscal 2003 compared with $39.7 million last year, primarily due to a planned reduction in the number of catalogs mailed during the quarter. The Rye, NY, company on June 21 reported results for the quarter ended May 25.Lillian Vernon's Neat Ideas catalog was consolidated into the company's other catalogs, and the Sales and Bargains catalog was not mailed. Revenue per catalog rose 13.3 percent from the same period last year due to more targeted circulation and value-priced merchandise.
The net loss in fiscal first-quarter 2003 was $4.9 million, compared with $3.9 million in the same period last year. The $4.9 million included a financing charge of $1 million after taxes to record the change in the fair market value of the company's paper price collar contract. Exclusive of this charge, loss per share was equivalent to the comparable period last year.
The company also reported that its Web site produced a 64 percent increase in online orders compared with the same period last year.
