Blaming the difficult retail environment and a reduction in catalog circulation, Lillian Vernon Crop. said yesterday that it lost $4.1 million for the third quarter.
Revenue for the third quarter was $78.3 million compared to $87 million a year ago. The net loss for the first nine months was $15.1 million compared to a loss of $4.7 million a year ago.
“Our balance sheet remains strong. Cash and investments at Dec. 17, 2002, were $28 million versus $27.3 million on the comparable day last year,” said chairwoman/CEO Lillian Vernon.
Vernon also said the Rye, NY, company’s Web site continued its double-digit growth, growing 49 percent in the third quarter, and is its fastest growing segment. The company said it has reduced its catalog circulation by 3 percent this year.
