Martin Lawrence Limited Editions Inc., a Van Nuys-based art retailer and publisher, reported declines in revenue and narrowed losses for the year and quarter ended Dec. 31.
For the fourth quarter, the company posted a loss of $1.15 million, down 14% from a $1.33-million loss in the same three-month period a year earlier. Fourth quarter sales totaled $4.73 million, down 13% from $5.46 million in the fourth quarter of 1993.
For the year ended Dec. 31, the company posted a loss of $4.29 million on sales of $17.6 million, compared to a loss of $6.69 million on sales of $18.7 million a year earlier.
Though revenue slipped in both reporting periods, the company said it experienced narrower losses because of cost-cutting measures and increases in same-store sales in 1994 compared to 1993.
Same-store sales rose 4% in 1994 compared to 1993, and rose 18% in the fourth quarter compared to a year earlier. General and administrative expenses for 1994 were $1.7 million lower than in 1993 because of store closures and reduced occupancy costs in remaining outlets.