Hart Stores Q3 net earnings up

07 Dec '06

2 min read

Hart Stores Inc an operator of mid-sized department stores reported net earnings of $2.2 million for the third quarter ended October 28, 2006, compared to $2.1 million in the same period the previous year, an increase of 5.3%. Net earnings for the third quarter of fiscal 2007 were $0.16 per share compared to $0.15 in the second quarter of fiscal 2006.

Sales in the third quarter of fiscal 2007 totalled $45.0 million, compared to $40.9 million for the same quarter a year earlier, an increase of 10.1% or $4.1 million.

For the thirty nine week period ended October 28, 2006 compared to the same period the previous year, net earnings increased by 10.5% to $4.1 million and total sales increased by 12.2% to $113.2 million. Net earnings per share for the period were $0.30 per share as compared to $0.27 per share for the same period the previous year.

During the past quarter the Company opened three new stores in Ontario, in the towns of Port Colborne, Hamilton and Kapuskasing. This brings the number of new stores opened this year to a total of five new locations in Ontario.

In commenting on the results Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said, "The Company's strong results in part reflect the positive impact of our expansion in the Ontario market. The benefit of improved operating efficiencies generated by our new distribution center in Laval is expected to add to our bottom line. We will continue to pursue strategic opportunities in our key markets and plan to grow the business by adding new locations next year. "

Hart Stores Inc

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