Spiegel Reports Growth in First Quarter, Increase in Catalog Sales
The Spiegel Group, Downers Grove, IL, yesterday announced first quarter earnings of $20.2 million. The company had a loss of $10 million during the same period last year.Total revenue for the quarter grew 14 percent to $714.9 million from $625.2 million for the first quarter of 1999, resulting from an 11-percent increase in net sales and a 50-percent increase in finance revenue.
Spiegel's catalog titles include Eddie Bauer, Newport News and Spiegel.
The net sales increase for the quarter was driven by a 12-percent increase in catalog sales accompanied by a 387-percent rise in e-commerce sales. Retail sales decreased two percent for the quarter primarily due to a decline in outlet store sales combined with comparable store sales for Eddie Bauer.
