Net sales at Hancock Fabrics registers decline of 4.6%

18 Apr '08

3 min read

Hancock Fabrics Inc filed its 2007 10-K and reported sales and earnings for the fiscal year ended February 2, 2008 (fiscal 2007).

• With the filing of the 2007 10-K, the Company will be current with all required Securities and Exchange Commission filings.

• Net sales for the year from continuing operations were $276 million, a decrease of 4.6% over fiscal 2006. Same store sales, excluding liquidating stores, increased by 0.5% over the previous year.

• Loss from continuing operations was $24.3 million, an improvement of 21% from a $30.7 million loss for 2006.

• EBITDA from continuing operations before reorganization expenses for the year was a profit of $815,000 compared to a loss of $26.3 million in fiscal 2006.

• Diluted loss per share from continuing operations for fiscal 2007 was $1.28, an improvement of 22% from a loss of $1.64 in the prior year. Diluted loss per share for fiscal 2007 includes charges of $0.79 for approximately $14.9 million of reorganization costs associated with our bankruptcy proceedings and $0.05 for approximately $1 million of tax expense related to the revised estimate of a state tax settlement.

• Diluted loss per share from continuing operations before reorganization expenses for fiscal 2007 was $0.49, an improvement of 70% from a loss of $1.64 in the prior year.

• Fiscal 2007 included 52 weeks of operations compared to 53 weeks in fiscal 2006, with the additional week falling inthe fourth quarter of fiscal 2006.

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