Lillian Vernon Corp. had annual revenue of $287.1 million for its fiscal 2001, compared to $281 million in fiscal 2000. The company attributed its revenue gain to its April 2000 acquisition of Rue de France, a home furnishings direct marketing concern.
The Rye, NY-based catalog and online retailer had a net loss of $1.4 million for the year, which ended Feb. 24, compared to net income of $6.3 million during the previous year.
Part of the loss was attributed to more than $2 million in restructuring and severance charges stemming from company-wide layoffs and consolidation of its Las Vegas call center into its Virgina Beach, VA distribution center.
Lillian Vernon, chairman and CEO, said that the company was disappointed with the results, although she noted that “Our Company remains strong with $32.0 million of cash reserves and no debt outstanding.” Vernon also said that Internet orders more than doubled during the year, and that the company was planning to upgrade its consumer Web site in the fall.
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