Small profit means big swing for Hanover
May 12, 2004,
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.
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