Blair Corp. a cataloger of apparel and home products, achieved record sales of $580 million last year despite a fourth-quarter dip. Sales for the prior year totaled $574 million.
However, net income fell to $9.2 million in 2001, compared with $21 million in the prior year. The firm attributed this to investments in several growth initiatives, including its Crossing Pointe catalog and various e-commerce efforts. CEO John E. Zawacki said in a statement that the firm is “confident that Crossing Pointe will become a growing source of future revenue for Blair.”
Total fourth-quarter sales fell to $160 million, compared with $172 million during the same period in the previous year. But net income rose to $$6.6 million.
That figure was higher thanks to a one-time reduction in income tax expense of $1.5 million, stemming from a settlement with the Internal Revenue Service.
The Warren, PA-based firm generated $35 million in e-commerce sales during 2001, $12 million of it in the fourth quarter.
Operating costs decreased during the quarter, as did the level of liquidated inventory.
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