Hanover sales down; Internet up
Playthings Staff -- Gifts & Dec, January 30, 2003
Edgewater, NJ — After the sale of its improvements business and elimination of some of its catalogs, including Domestications Kitchen and Home and the Turiya luxury book, Hanover Direct said sales for all of last year fell 14.1 percent, to $457.3 million from $532.2 million in 2001, a shortfall of $74.9 million.
Sales from its continuing businesses fell by 7.0 percent, a drop of $34.3 million, the direct-to-consumer retailer reported.
On the upside, the company reported continuing strength in its Internet retailing operations, with sales improving by 30.4 percent, to $87.3 million. As it phases out of some of its catalog operations, the Internet now accounts for roughly 19 percent of all Hanover sales.
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