Hanover Direct has posted a net loss of $5.8 million for fiscal 2001, compared with a loss of $80.8 million a year earlier. The Edgewater, NJ-based cataloger’s revenue dropped from $603 million tot $532.2 million during the year, which ended Dec. 29.
Hanover attributed the improvement in its loss to gains from selling its Improvements and Kindig Lane businesses, as well as decreases in administrative and operating expenses.
The company also said that by discontinuing its Domestications Kitchen & Garden, Encore, Kitchen & Home and Turiya catalogs, it lost $21.2 million from its revenue base. The rest of its revenue decrease came from soft sales within its International Male and Gump’s operations, scaling back its third-party fulfillment business, and the fact that fiscal 2000 had 53 weeks, compared with 52 for fiscal 2001.
The Web channel was strong for Hanover Direct during 2001. It generated $81.8 million, a 30% increase over 2000’s level.
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