The Spiegel Group posted net sales of $150.9 million for the four weeks ended May 24, an 11% decrease from net sales of $169.9 million for the same period in 2002.
For the 21 weeks ended May 24, net sales declined 22% to $680.0 million from $873.9 million in the same period last year.
Net sales for May include $25.5 million in liquidation sales resulting from the sale and transfer of inventory to an independent liquidator in conjunction with the closing of 81 stores, including 60 Eddie Bauer retail and outlet stores, 16 Spiegel outlet and clearance stores and five Newport News outlet stores.
Catalog and e-commerce net sales decreased 41% compared to last year, primarily due to lower customer demand and a planned reduction in catalog circulation.
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