Internet strengthens at Hanover
March 27, 2003-- Home Textiles Today,
Edgewater, NJ — The Internet business saw 30 percent growth last year at Hanover Direct, about 20 percent of the company’s sales. And the company expects that growth curve to continue as it works with third-party companies such as Amazon, and as more customers migrate to shopping online.
"We want to shift as the customers shift to the Internet," said Ed Lambert, evp and cfo, during Hanover’s fourth quarter conference call. "Our brands are strong, and they're doing very well; but this is a change in the customer behavior."
Catalog circulation decreased 9 percent last year as a result of restructuring, executives said, and also reflects the economy and the growing Internet business.
Lambert also mentioned that it is no longer actively looking to sell Gump's or International Male because of the soft mergers and acquisitions market.
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