SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC, Sept. 23, 2014 /CNW Telbec/ - Hart Stores Inc.
(TSXV: HIS) announces its financial results today for the second
quarter ended August 3, 2014.
For the second quarter, sales reached $20.4 million compared to $21.9 million for the same period in the previous
year. Comparable store sales decreased by 6.7% over the same period
in the previous year. The Company reported a net loss of
$860,000 or $0.06 per share compared to net earnings of
$645,000 or $0.05 per share for the same period in the
previous year. The decrease in net earnings in the second quarter
was mainly the result of a non-recurring insurance recovery of
$1.2 million in the second quarter
last year.
For the six month period ended August 3,
2014, sales reached $35.3
million compared to $38.2
million for the comparable period in the previous year.
Comparable store sales decreased by 7.7% over the same period in
the previous year. The Company reported a net loss of $3,879,000 or $0.28
per share for this period compared to a net loss of $2,506,000 or $0.18
per share for the same period last year. The decrease in net
earnings in the six month period was mainly the result of
liquidation store activities and a non-recurring insurance recovery
of $1.2 million in the second quarter
last year.
In September 2014, the Company
made a $500,000 payment to the
unsecured creditors as scheduled under the CCAA Plan of
Arrangement. As of September
2014, $4.5 million of the
total $6.0 million payments agreed
under the terms of the Plan of Arrangement have been paid.
"During the quarter, several initiatives began, including the
conversion of six existing stores to liquidation outlets. In
addition, a new store was opened in Beresford, New Brunswick late in the quarter"
stated Mr. Robert Farah, the
Company's President and COO. "Although the current financial
results are weaker than expected, we are confident that we are
implementing the appropriate initiatives to achieve our full
potential".
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Summary of Quarter
and six-month periods
(Unaudited)
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For the 13 weeks
ended:
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For the 26 weeks
ended:
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(In thousands of
dollars, except per share amounts)
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August 3,
2014
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August 4,
2013
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August 3,
2014
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August 4,
2013
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Sales
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20,373
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21,933
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35,300
|
38,215
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Net earnings
(loss)
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(860)
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645
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(3,879)
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(2,506)
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Net earnings (loss)
per share:
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Basic
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(0.06)
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0.05
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(0.28)
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(0.18)
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Diluted
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(0.06)
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0.05
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(0.28)
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(0.18)
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About Hart Stores Inc.:
Hart Stores Inc. operates a network of 61 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.