Sports apparel and memorabilia merchant and manufacturer Dreams reported that revenue was down for the second quarter ended June 30.
Second-quarter revenue for Dreams declined 10%, to $12.2 million, compared to $13.6 million reported in the same quarter last year. For the first six months of the year, total revenue decreased 16%, to $27.0 million, compared to $32.2 million reported for the six months of 2008.
Thanks to a cost-cutting initiative, net losses for the second quarter showed a slight improvement with a $1.1 million loss vs. a loss of $1.2 million for the same quarter last year. But for the first six months of 2009, Dreams’ net losses were $2.0 million, vs. $1.4 million in net losses for the same period last year.
Dreams sells licensed apparel on its FansEdge.com and Starstruck.com Websites and Starstruck/Pro Team catalog and sports memorabilia through its Field of Dreams e-commerce channel and bricks-and-mortar locations.
To cut costs in the second quarter, Dreams closed four of its underperforming Field of Dreams stores, and ceased selling its manufactured products to third-party online retailers that compete against its own and syndicated Websites.
Dreams announced in June that it would partner with the National Football League’s Philadelphia Eagles to run and relaunch its online team store. And today, it announced a similar deal to launch store.NCAAFootball.com for the National Collegiate Athletic Association.