Hanover Direct Inc. reported net income of $200,000 for the quarter ended March 29, up from a net loss of $1.8 million last year.
The Edgewater, NJ, firm attributed this to a $1.9 million deferred gain related to the June 29, 2001 sale of the its Improvements business in June 2001.
The cataloger reported net revenue of $102.5 million for the quarter, off 7% from $109.5 million last year.
Hanover attributed this decline to softness in demand and a 2.1% reduction in overall circulation from last year.
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