Harry & David holds steady

While revenues dropped, Harry & David posts a gain by slashing costs and reducing inventory.

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Harry & David’s revenues for the 13-week period ending Dec. 26 were down 13.2% from the same period a year ago.

But the Medford-based food and gifts company managed a gain, announcing earnings of $31.7 million in the fiscal second quarter of 2010, compared to $30.4 million a year ago. Slashing costs and reducing inventory were key for the earnings bump.

During a conference call with analysts, Harry & David executives said they planned for lower Christmas sales volume, later orders and customers snatching up lower-priced items.

“It was more challenging than we hoped, with later shopping and a shorter sales period,” said Bill Williams, president and chief executive officer, “but our inventory management was effective.”

Read the full story at the Mail Tribune.

{biztweet}Harry & David gain{/biztweet}

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