Hancock Fabrics Inc. announced financial results for its first quarter ended April 28, 2012.
Financial resuts for the first quarter include:
Steve Morgan, President and Chief Executive Officer commented, "Sales continue to ramp as we move into June, with 7 months of positive comparables in a row. This is the first time that Hancock has achieved a continuous sales increase for that period of time since 2003."
Morgan continued, "The first quarter expenses, as committed, were reduced by over $900,000 compared to last year's first quarter, and point of sale gross margin dollars provide a $905,585 increase over last year's first quarter - even though our increased promotional activity driven by competitive pressures decreased the point of sale gross margin rate slightly."
Morgan concluded, "Inventories are extremely clean and initiatives put into place over the past 8 months continue to contribute to these positive comparables. We feel optimistic about the remainder of the year."
Our point of sale gross margin provided an additional $0.9 million of product margin dollars for the quarter over the same quarter last year, despite decreasing by 70 basis points. This point of sale gross margin rate softening was a result of the necessity of increased promotional activity as a consequence of consumer sensitivity to pricing.
Our product margin dollar improvement was offset by inventory valuation reserve changes year over year. This decline was reduced by a decrease in freight costs and in sourcing and warehousing expenses compared to the first quarter of the prior year.
Selling, general and administrative expenses fo
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