Home / Knowledge / News / Fashion / New Hart stores perform well in Q1
New Hart stores perform well in Q1
13
Jun '08
Hart Stores Inc, an operator of mid-sized department stores announced its financial results for the First Quarter ending May 3, 2008.

For the 13 week period ended May 3, 2008, the Company posted sales of $31.1 million compared to $30.1 million last year, an increase of $1.0 million.

It also reported net earnings of $3,000 compared to a net loss of $304,000 for the same period the previous year. Net earnings were $0.00 per share compared to a net loss of $0.02 for the same period in the previous year.

First quarter sales increased with the addition of 4 new stores were partially offset by lower same-store sales. Net earnings for the first quarter this year were the net results of higher sales volume and lower cost of goods, offset by higher freight cost and store expenses following the addition of 4 stores.

Comparable same-store sales were down by 6.2% for the quarter compared to the same period last year. During the quarter, sales were affected by a softening in the retail market due in part to the colder weather experienced this year compared to the previous year.

In commenting on the results Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said, "We are very pleased by the positive performance of our new stores and are continuing our planned expansion with the opening of another location in the month of August as well as other store openings planned for fiscal 2009."

During the first quarter of this year the Company opened four new stores, in Sault Ste.Marie and Simcoe in Ontario, Caraquet in New Brunswick and St.John's in Newfoundland. This will bring the total number of stores in operation to 80.

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 July 10, 2008 to shareholders of record on June 20, 2008."

Hart Stores Inc


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search