Small profit means big swing for Hanover

EDGEWATER, N.J. — Putting behind it a costly preferred stock dividend that pushed the retailer into the loss column last year, Hanover Direct Inc. recorded a modest first-quarter profit of $417,000, compared with a year-ago deficit of $3.4 million.

The swing back to profitability came as the direct-mailer and Internet retailer — parent of Domestications and The Company Store — eliminated a preferred stock dividend that cost it $3.6 million last year as part of a sweeping recapitalization.

Hanover sales decreased 7 percent, to $95.3 million from $102.5 million last year, largely due to a reduction in circulation at one of the company's catalogs in order to cut production and inventory costs tied to the catalog. Most of those cuts, the company said, took place in the first quarter, but ongoing cuts will continue to have an impact on sales moving further into the year, "albeit at a lower rate of decline."

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!