Net Revenue, Loss Fall at Leaner Hanover

The turnaround effort at Hanover Direct (Amex: HNV), which began in January 2001, continues. Although second-quarter net revenue fell 15%, the company’s net loss narrowed from $12.7 million last year to $1.8 million this year. Hanover Direct mails the The Company Store, Company Kids, Silhouettes, International Male, Scandia Down, and Gump’s by Mail catalogs.

For the three months ended June 29, sales were $113.9 million, compared with $133.5 million last year. Hanover attributed the decline to the elimination of catalog titles and the planned reductions in unprofitable circulation. An additional portion of the drop in revenue amounting to $700,000 results from Hanover’s decision to scale back on its third-party fulfillment business. The remaining balance of the decrease in net revenue can be attributed to softness in demand.

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