Earnings, Revenues Up at Fingerhut

Share this content:
Fingerhut Companies Inc. reported increased earnings and a sharp jump in revenues for the quarter ended March 27. Revenues rose 4.9 percent, to $367.3 million from $350 million in the first quarter last year, and earnings shot up 115 percent, to $5.5 million from $2.6 million for the first quarter 1997.


In the catalog segment, a net loss of $3.7 million for the quarter was reported, equal to the loss reported in last year's first quarter. Net sales for the quarter were $269.4 million, down 7.2 percent from sales of $290.2 million for the same period last year.


Pete Michielutti, executive vice president and chief operating officer of the catalog division, attributed the decline in sales to tighter credit policies.


"We are experiencing the expected impact on sales from our actions to tighten out credit policies and reduce the number of high-risk orders," he said. "In the second half of last year, we began eliminating some high-ticket products in higher risk segments and also began using external credit scores. Both actions are helping to bring down our delinquency levels but are also temporarily reducing sales."
Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here