Lillian Vernon Corp., Rye, NY said net income for the fiscal year ended Feb. 26, 2000 was $6.3 million, a 100% increase over the $3.1 million earned last year.
Revenues for the fiscal year were $241.8 million compared with $255.2 million last year. This was mainly because of a strategic decision to reduce catalog circulation to improve profits, according to the company.
“We are pleased to report higher fourth quarter and fiscal year profits, said Lillian Vernon, chairman and CEO, in a statement. “Our strategy of more targeted catalog circulation has successfully reduced our costs, while our response rates and average order size have improved through our efforts to offer additional new products at compelling prices.”
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