Fingerhut posts record sales for 1990 - Fingerhut Companies Inc

Discount Store News, March 4, 1991

Fingerhut Posts Record Sales for 1990

MINNEAPOLIS -- Fingerhut Cos. announced that 1990 sales totaled a record $1.2 billion, up from $1.1 billion a year ago. Earnings increased to $47.7 million from $39.4 million in 1989, with fourth quarter earnings of $23.7 million accounting for the bulk of the profit.

According to company chairman and ceo Ted Deikel, "Our earnings exceeded the range of analysts' estimates of $1.85 to $1.95 per share and we achieved them in spite of planned increased costs, incurred primarily during the fourth quarter, related to investments in new customer acquisition and business development strategies, customer service programs, and information systems. Fourth quarter revenues, including December, were stronger than expected." Fingerhut is a direct mail marketer of a wide range of consumer products, including consumer electronics, food and giftwares.