Hanover Direct Inc., Weehawken, NJ, has reported revenues of $130.1 million for the first quarter of 2000 compared with $127.7 million for the same period last year. This is an increase of $2.4 million or 1.9%. The quarter ended March 25, 2000.
The net loss for the quarter was $13.4 million, compared with a net loss of $4.2 million for the prior year period. The net loss was because of continued investment in erizon Inc., the company’s e-commerce end-to-end services business, according to a Hanover statement.
Hanover Brands Inc., the company’s business-to-consumer merchandise subsidiary, reported revenues of $123.6 million for the first quarter, compared with $127 million for the first quarter of 1999. Continuing catalog revenues increased by $4.9 million.
Across all brands, 71 million catalogs were mailed during the period. Last year, 69 million were mailed. The total Hanover Brands revenue decline of $3.4 million can be traced to $8.3 million of revenues from catalogs discontinued in 1999, including Austad’s and Tweeds.
Hanover Brands Internet sales were $15 million in the quarter, 219% ahead of sales of $4.7 million in the first quarter of 1999.
The Keystone Internet Services Inc. unit of erizon, the business-to-business e-commerce subsidiary, reported revenues of $6.5 million, compared with $0.7 million for the same quarter last year. This is an increase of $5.8 million, or 829%.
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