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Hart Stores to open nine new stores this fall
12
Sep '08
Hart Stores Inc, an operator of mid-sized department stores reported net earnings of $1.5 million for the second quarter ended August 2, 2008, compared to $2.1 million in the same period the previous year.

Sales for the second quarter ended August 2, 2008 were the same as the previous year at $41.0 million.

For the six-month period ended August 2, 2008 net earnings were $1.5 million or $0.11 diluted net earnings per share compared to $1.8 million or $0.13 diluted net earnings per share for the same period last year. Total sales increased by $974,000 or 1.4% to $72.1 million from $71.1 million last year.

The Company recently announced the acquisition of eight new locations from the former SAAN stores and an additional location in Amos, Québec, with all nine new locations opening this Fall in time for the Holiday shopping season.

With these openings as well as the five already opened since the beginning of the year, the total new stores added for the year will be at 14. This will bring the total number of stores in operation to 89.

In commenting on the results and its current expansion plans, Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said: "The Company realizes that the same store sales remained a challenge during an unseasonably cool summer.

We continue to see the positive impact from our strategic expansion plans and are pleased with the recent acquisition of the nine new locations.

They will provide a great synergy and further complement the critical mass in many of the new and existing tertiary markets in which we have established a solid performance."

Hart Stores Inc


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