Spiegel Revenue Up, 4th Quarter Down

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Spiegel Inc., Downers Grove, IL, said that fourth-quarter earnings fell 12 percent, compared to the same period a year earlier.


Net income in the quarter fell to $65.4 million, compared with $74.7 million in the same quarter a year ago. Total revenue rose 7 percent to $1.27 billion, driven by a 4 percent increase in Internet sales and a 41 percent increase in finance revenues.


Sales at New Port News were up 24 percent, and Spiegel's sales rose 13 percent. Eddie Bauer's sales declined 2 percent for the quarter.


Direct sales grew 11 percent, due mainly to a 120-percent increase in e-commerce sales, while retail store sales dropped 2 percent. The company also said that earnings for the first half of 2001 were expected to be significantly below last year's results.
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