Hart Stores reports 17.5% rise in net earnings for Q2

02 Sep '05

2 min read

Largest departmental store operator Hart Stores Inc reported a 17.5 percent increase in net earnings for the second quarter ended July 30, 2005, to register net earnings of $1,501,000 ($0.11 per share) compared to $1,277,000 ($0.10 per share) for the same period in the previous year. Total revenues for the period increased by 8.0 percent to $35.0 million compared to $32.5 million for the same period last year.

For the six-month period ended July 30, 2005, net earnings were $1,624,000 compared to $1,160,000 for the same period in the previous year, an increase of 40 percent. Total revenues for the period increased by 7.2 percent to $60 million compared to $56 million for the same period the previous year.

"Company is pleased with these second quarter results as our bottom line performance improved," declared Michael Hart, President and Chief Executive Officer of Hart Stores.

"They are also pleased with the solid performance of the new stores opened earlier this year in Whitby (Greater Toronto Area) and Hanmer Valley (near Sudbury) in Ontario, as well as Les Saules, Quebec. Initial results of these new locations are very encouraging. In August they opened four new stores in the communities of Espanola and Sudbury, in Ontario, and Trois-Rivières and Beauport in Quebec and we plan on opening a new store in Mont-Laurier (Quebec) at the end of September. These expansion initiatives will account for eight new stores this year. They are now negotiating for other locations expected to open in the first half of next year."

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