Hanover Direct Loses $15.4M for 2003

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Hanover Direct Inc., Edgewater, NJ, reported a ballooning net loss late Friday.

It posted a net loss of $15.4 million for the year ended Dec. 27 compared with a $9.1 million net loss for the 2002 fiscal year.

Income from operations of $6.1 million for the year compared with a $400,000 loss in the year ended Dec. 28, 2002. The company said that "Internet sales continue to demonstrate strong growth over the prior year," reaching 27.9 percent of total revenue for the 52 weeks ended Dec. 27. Internet net revenue for the 52 weeks ended Dec. 27 reached $108.6 million, or 24.2 percent above the 2002 fiscal period.

However, total net revenue for the 52 weeks ended Dec. 27 was $414.8 million, down $42.8 million, or 9.4 percent, from 2002. The company said the decrease resulted from factors "including softness in the economy and demand for the company's products during the first six months of 2003. In addition, the company's strategy of reducing unprofitable circulation also contributed to the decrease throughout the year."

Hanover Direct's catalog and Internet properties offer home fashions, apparel and gifts. They include Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump's by Mail.

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