SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC, Sept. 25, 2013 /CNW Telbec/ - Hart Stores Inc.
(TSXV: HIS) announces its financial results today for the second
quarter ended August 4, 2013.
For the second quarter, sales reached
$21.9 million compared to
$22.4 million for the same period in
the previous year. The Company reported net earnings of
$645,000 or $0.05 per share for this period compared to a net
loss of $2,516,000 or $0.18 loss per share for the same period in the
previous year. Comparable store sales decreased by 3.3% over the
same period in the previous year. The improvement in net earnings
in the second quarter was mainly the result of lower store and
administration expenses and reduced restructuring costs as well as
a non-recurring insurance recovery.
For the six month period ended August 4, 2013, sales reached $38.2 million compared to $40.4 million for the comparable period in the
previous year. The Company reported a net loss of $2,506,000 or $0.18
loss per share for this period compared to a net loss of
$8,244,000 or $0.60 loss per share for the same period last
year. Comparable store sales were flat for the six month period.
The improvement in net earnings in the six month period was mainly
due to lower cost of goods sold and lower store and restructuring
costs.
"While several initiatives remain to be
completed in order to achieve our full potential, we are very
pleased with the significant restructuring progress that the Hart
team has accomplished to date" stated Mr. Robert Farah, the Company's President and
COO.
| |
|
|
| Summary of Quarter and
six-month periods |
For the 13 weeks
ended: |
For the 26 weeks
ended: |
| (Unaudited) |
|
|
| (In thousands of dollars, except per share amounts) |
August 4, 2013 |
July 29,2012 |
August 4, 2013 |
July 29, 2012 |
| Sales |
21,933 |
22,443 |
38,215 |
40,398 |
| Net earnings (loss) |
645 |
(2,516) |
(2,506) |
(8,244) |
| |
Net earnings (loss) per share: |
|
|
|
|
| |
Basic |
0.05 |
(0.18) |
(0.18) |
(0.60) |
| |
Diluted |
0.05 |
( 018) |
(0.18) |
(0.60) |
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60
mid-sized department stores located in secondary and tertiary
markets in Eastern Canada, where
the Company has established a dominant position in many of the
communities that it serves. The stores offer an extensive and
differentiated selection of national and exclusive fashion apparel
brands as well as family footwear, home furnishings, electronics,
appliances, giftware, toys and seasonal goods.
SOURCE HART STORES INC.