Lillian Vernon Releases Fourth-Quarter Report
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.