Hanover Direct Inc. reported a net loss of $1.8 million for the first quarter of 2002–an improvement over the $7.6 million reported during the same period last year.
The catalog firm attributed the uptick to decreased special charges, and tighter cost control for both selling and general and administrative expenses.
Revenue fell to $109.5 million, a $34.8 million decline from the first quarter of 2001.
This falloff was due to sale of the Improvements business last June, accounting for a $18.9 million drop, the Edgewater, NJ-based company said. Another $4.6 million resulted from the discontinuance of the Domestications Kitchen & Garden, Kitchen & Home and Turiya catalogs. The remaining $11.3 million decline was caused by poor demand for certain brands and reductions in unprofitable circulation.
