Lillian Vernon Corp., Rye, NY, reported a precipitous drop in income, from $9.7 million to $3.1 million for the fiscal year ended Feb. 27.
Revenue was $255.2 million during fiscal 1999, a slight drop from fiscal 1998 revenue of $258.4 million.
For the quarter ended Feb.27, income fell from $3 million to $194,000. The company’s revenue was $75.7 million, down from $87 million.
The company attributed the decline in income partly to increased catalog circulation and lower sales per catalog during the year.
While chairman/CEO Lillian Vernon said in a statement that she was “very dissatisfied” with the company’s results, she did point to streamlined inventory management systems, the launch of the Lillian Vernon Gardening catalog, cost-cutting processes and “head count reductions” as accomplishments that would turn the company’s fortunes around in calendar 1999.
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