Record Sales for Blair—but Income Drops 56%
Warren, PA-based pparel and home products cataloger Blair Corp. (Amex: BL) closed 2001 with a record $580.7 million in sales—up nearly 2% from last year’s then-record sales of $574.6 million. But net income for the year tumbled 56%, to $9.3 million from $21.1 million in 2000. The multititle mailers blamed the bottom-line erosion on investments in its Websites and several of its catalogs, such as its two-year-old Crossing Pointe title, which sells women’s apparel to a somewhat younger audience than its other books.
But while its annual sales were up, Blair’s fourth-quarter sales were down 7%, from $172.3 million in 2000 to $160.5 million in 2001. But fourth-quarter net income increased 10%, to &.4 million from $6.7 million.
Martha Stewart Direct Sales Down Slightly for the Year Although Internet and catalog sales at Martha Stewart Living Omnimedia (NYSE: MSO) were down nearly 2% for the year, the company’s overall revenue rose nearly 4%. For the year ended Dec. 31, the Martha by Mail catalog and associated Websites reaped $48.8 million in revenue, down from $49.7 million in 2000. Total revenue for the company, which includes the “Martha Stewart Living” magazine, the “From Martha’s Home” cable-TV series, and the Martha Stewart Everyday product line for Kmart, was $295.6 million, compared with 2000’s $285.8 million.
Despite the slight dip in revenue, the Internet/direct commerce division did shave nearly 3% from its EBITDA loss. For 2000 the EBITDA loss have been $25.5 million; last year it was $24.8 million. The New York-based company overall posted net income of $21.9 million, up 3% from $21.3 million the previous year.
For the fourth quarter, Internet/direct commerce sales were up 6%, to $17.6 million from $16.5 million for the fourth quarter of 2000. And the division’s fourth-quarter EBITDA loss shrank 21%, from $8.5 million to $6.7 million. The company credits lower catalog circulation and production costs with the improvement, though it was not enough to offset losses associated with online registry The Wedding List, which Martha Stewart acquired in March 2001. Total company sales for the fourth quarter slid less than 1%, to nearly $85.1 million. Total fourth-quarter net income was $5.7 million, down 3% from $5.9 million the previous year.
Too Ends Year with Top-Line, Bottom-Line Boosts Columbus, OH-based cataloger/retailer Too (NYSE: TOO) ended fiscal 2001 with an 11% boost in net sales and a 23% increase in net income. For the 52 weeks ended Feb. 2, the marketer of apparel for preteen girls posted net income of $39.6 million on net sales of $602.7 million. For the 53 weeks ended Feb. 3, 2001, net income had been $32.2 million on net sales of $545.0 million.
Fourth-quarter sales rose 4%, to $191.8 million from $184.1 million in fiscal 2000. Net income rose 19%, to $24.8 million from $20.8 million. The company doesn’t break out sales by channel.