Financial Report: Geerlings & Wade Net Loss Widens

Canton, MA–Wine products cataloger Geerlings & Wade (Nasdaq: GEER), reported a 5% sales decrease for the period ended Sept. 30, to $6.9 million, from $7.3 million last year. The company says third quarter sales were tracking slightly ahead of last year’s sales for the same period until the events of Sept. 11, when Geerlings had a 16% sales decline as compared to orders taken last year at a comparable time. Geerlings reported a net loss for quarter to $293,000, wider than its $210,000 net loss last year. In the past quarter, the Company benefited from improved purchasing and inventory management. This resulted in an additional $244,000 in gross margin despite the 5% reduction in sales.

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