Lillian Vernon Revenue Dips for Quarter

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Lillian Vernon Corp., Rye, NY, reported revenue for its second quarter of fiscal 2002 fell to $36.8 million, from $45.8 million the previous year. Its quarter ended Aug. 25.

The decrease resulted mainly from a planned reduction in the number of catalogs mailed in the quarter as well as the difficult retail environment. Circulation was reduced as part of a continuing cost-reduction plan that included consolidation of the company's Neat Ideas catalog into its other books.

The company also mailed its August catalogs later in the quarter compared with last year to try to better target the mailings, which shifted revenue from the second quarter to the third quarter.

The net loss for the quarter was $3.4 million, or 41 cents per share, compared with a loss of $1.6 million, or 18 cents per share, during the second quarter of fiscal 2001.

"Given the economic downturn, we are continuing our focus on value pricing," Lillian Vernon, chairman/CEO, said in a statement. "We will launch our two upgraded consumer Web sites [ and] this fall to expand our online product offerings and increase online sales. Online revenues rose 40 percent for the six months compared to the same period last year."


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