Lillian Vernon ends 3Q in the red
-Gifts and home goods cataloger Lillian Vernon Corp. (Amex: LVC) suffered a 10% drop in third-quarter revenue. What’s more, it posted a loss for the three months ended Nov. 23, compared with income for the third quarter of last year.
The multititle mailer, whose books include Lilly’s Kids and Rue de France, lost $4.1 million on $78.3 million in sales. For the third quarter of fiscal 2001, the Rye, NY-based company had net profit of $2.6 million on sales of $87.0 million.
Restoration Hardware finds accounting errors Citing accounting errors, home furnishings cataloger/retailer Restoration Hardware (Nasdaq: RSTO) has asked the Securities and Exchange Commission to grant it a five-day extension for submitting its 10-Q report for its fiscal third quarter.
Restoration Hardware says it has identified errors concerning accounts payable and inventory balances as of the end of its last fiscal year. Due to the errors, the Corte Madera, CA-based company believes that its accounts payable liabilities for the fiscal year ended Feb. 2, 2002, originally reported as $34.9 million, have been overstated by up to 3%.