USA: Kids Stuff Hit By Fall In Catalogue Sales
The sales decrease was due to an 85 per cent drop in the number of catalogues mailed to customers. This resulted in the revenue reduction and also raised selling expenses to 62.7 per cent, compared with 42.1 per cent during the prior period.
Sales for the six month period ended June 30,2001 were $3.136m, compared with $7.978 during the comparable period in 2000. The net loss for the six-month period was $1.622m, compared with a net loss of $1.007m for the first six months of 2000.
William L Miller, CEO of Kids Stuff, stated: "The $1.6m loss for this year is a direct result of reduced catalogue circulation. Catalogue circulation has been gradually curtailed as our depleted inventory reduced the catalogue's effectiveness. At June 30 we had a working capital deficit of $4.9m, and this requires immediate financing and an equity infusion."
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