Hart Stores Inc, an operator of mid-sized department stores, has reported sales of $28.7 million for the first quarter ended April 29th 2006, an increase $3.8 million or 15.1 percent over sales of $24.9 million in the same period last year.
The net earnings for the first quarter of fiscal 2007 were $13,000 or $0.00 per share compared to net earnings of $123,000 or $0.01 per share in the corresponding quarter in the prior year. It were affected by pre-opening expenses incurred in the opening of new stores and expenses related in the preparation of the new head office and distribution facility which was occupied during the second quarter in May.
The company opened two new stores during the quarter both in Ontario in the towns of Arnprior and Parry Sound and re-opened its store in Sudbury Ontario that had been closed due to smoke damage.
"We are pleased with the sales increase in the first quarter this year with a same store sales increase of 4.6 percent and are encouraged by the positive performance of our new stores in Ontario," said Michael Hart President and CEO of Hart Stores, "We are continuing with our planned expansion in that market with the scheduled opening of three additional locations in the fall season, situated in Hamilton, Port Colborne and Kapuskasing."
Harry Hart, Executive Chairman of Hart Stores announced, "For the fourth consecutive year, the Board of Directors is pleased to declare a dividend. This year's dividend of $0.10 per share represents a 25 percent increase over last years dividend and will be payable on July 12th 2006 to shareholders of record on June 22nd 2006."
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