THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, June 30, 1995 TAG: 9506300543
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Bloomberg)
LENGTH: Short : 23 lines
Lillian Vernon Corp. posted a wider loss in its fiscal first quarter, blaming higher paper and postage costs. The New Rochelle, N.Y.-based catalog retailer, which has its main distribution facility in Virginia Beach, said its loss widened to $2.82 million, or 29 cents a share, from $989,000, or 10 cents, a year ago. Revenue for the quarter ended May 27 rose 14 percent to $29.6 million from $26.0 million. Lillian Vernon's strategy to offset higher paper and postage costs was to offer higher-priced merchandise and focus mailings. Earlier this month, the 44-year-old catalog company agreed to be acquired by Freeman Spogli Inc. for $19 a share, or $190 million. The transaction should be completed by August. by CNB