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Q2 revenues dip at Hart Stores
20
Sep '11
Hart Stores Inc., an operator of mid-sized department stores, announced its financial results for the second quarter ended July 31, 2011.

For the second quarter, sales were $38.7 million, representing a 15.7% decrease from last year's $45.9 million for the same period. For the second quarter the Company reported a net loss of $922,000 or $0.07 per share compared to a net profit of $72,000 or $0.01 per share in the same period last year. Net loss for the second quarter was mainly the result of the drop in sales.

For the six month period ended July 31, 2011, sales reached $68.4 million, representing a decrease of 15.5% from last year's $81.0 million for the comparable period. For the six month period ended July 31, 2011, the Company reported a net loss of $4,416,000 or $0.32 per share in comparison to a net loss of $1,358,000 or $0.10 per share for the same period last year.

As announced on August 30, 2011, the Company has filed a Petition for the Issuance of an Initial Order under the CCAA (Canada), in order to restructure its operations and make a proposal to its creditors. The Court granted Hart Stores protection under the CCAA for an initial period expiring September 29, 2011, to be extended as required and approved by the Court.

This initiative was necessary given the Company's recent financial performance amidst the general state of the retail sector, which has been challenged recently by difficult economic conditions, pushing consumer confidence to its lowest level in months.

All efforts are now being focused on delivering a restructuring plan in order to fully align the Company's priorities towards profitable growth. The Company will analyze all aspects of its business, from product mix and inventory levels to individual store profitability with an emphasis on overall cost savings.

The Company has also recently announced the appointment of Robert Farah as Chief Operating Officer effective September 6th. Robert Farah comes to Hart Stores Inc with a strong retail background and will be instrumental in the development, execution and support of such initiatives.

Hart Stores Inc. operates a network of 92 mid-sized department stores under the Hart, Bargain Giant and Géant des Aubaines banners. The stores are located in secondary and tertiary markets throughout 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.

Hart Stores Inc

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