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Hart Stores Q1 net sales up 4.8%
16 Jul '07
2 min read
Hart Stores Inc, an operator of mid-sized department stores reported sales of $30.1 million for the first quarter ended May 5, 2007, an increase of $1.4 million or 4.8 % over sales of $28.7 million in the same period last year.
For the first quarter, the Company reported net loss of $304,000 or $0.02 per share compared to net earnings of $13,000 or $0.00 per share in the corresponding quarter in the prior year. Earnings were affected by the long term debt and higher amortization related to the new head office and distribution facility, as well as the costs incurred with the renovation and expansion of three existing stores and a later start to the spring fashion season.
"We are pleased with the sales increase in the first quarter this year with a same store sales increase of 2% and are encouraged by the positive performance of our new stores in Ontario" said Michael Hart President and Chief Executive Officer of Hart Stores, "We are continuing our planned expansion with the opening of three additional stores in the months of August and September, in the towns of North Bay (Ontario), Fleurimont (Québec) and Tracadie-Sheila (N.B.)."
Mr. Harry Hart, Executive Chairman of Hart Stores announced, "The Board of Directors is pleased to declare a dividend of $0.10 per share payable on July 11, 2007 to shareholders of record on June 21, 2007."
Hart Stores Inc operates a network of 75 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, giftware, toys and seasonal goods.
For the first quarter, the Company reported net loss of $304,000 or $0.02 per share compared to net earnings of $13,000 or $0.00 per share in the corresponding quarter in the prior year. Earnings were affected by the long term debt and higher amortization related to the new head office and distribution facility, as well as the costs incurred with the renovation and expansion of three existing stores and a later start to the spring fashion season.
"We are pleased with the sales increase in the first quarter this year with a same store sales increase of 2% and are encouraged by the positive performance of our new stores in Ontario" said Michael Hart President and Chief Executive Officer of Hart Stores, "We are continuing our planned expansion with the opening of three additional stores in the months of August and September, in the towns of North Bay (Ontario), Fleurimont (Québec) and Tracadie-Sheila (N.B.)."
Mr. Harry Hart, Executive Chairman of Hart Stores announced, "The Board of Directors is pleased to declare a dividend of $0.10 per share payable on July 11, 2007 to shareholders of record on June 21, 2007."
Hart Stores Inc operates a network of 75 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, giftware, toys and seasonal goods.
Hart Stores Inc
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