Home / Knowledge / News / Fashion / Hart Stores to further expand the business
Hart Stores to further expand the business
Apr '08
Hart Stores Inc, an operator of mid-sized department stores, announced its financial results for the fourth quarter and the 2008 fiscal year ending February 2, 2008.

For the 52 week period ended February 2, 2008, the Company posted net earnings of $3.5 million compared to $4.1 million for the 53 week period the previous year. Net earnings were $0.25 per share diluted compared to $0.30 in the same period the previous year.

Sales in the 13 week period ended February 2, 2008 totalled $49.1 million compared to $53.3 million for the 14 week period in the same quarter the previous year, a decrease of $4.2 million. Fourth quarter sales were impacted by 1 week less sales this year compared to the fourth quarter period last year which consisted of 14 weeks.

Net loss for the fourth quarter this year was $0.1 million ($0.01 per share diluted) compared to a net profit of $0.1 million ($0.01 per share diluted) in the previous year. Comparable same-store sales were down by 2.7% for the quarter compared to the same period last year.

In commenting on the results Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said, "The Company's performance reflects the current retail market conditions and the impact of lower selling prices as a result of the strength of the Canadian dollar which further impacted the retail selling prices.

We will continue to pursue strategic growth opportunities in our key markets and will further expand the business by adding one more location confirmed for this Fall, over and above the four new stores that opened in the Spring of 2008."

During the first quarter of this year (Fiscal 2009) the Company will have opened four new stores, in Sault Ste. Marie and Simcoe in Ontario, Caraquet in New Brunswick and St. John's in Newfoundland. This will bring the total number of stores in operation to 80.

Hart Stores Inc

Must ReadView All

Garment sector can create maximum jobs: Myanmar minister

Apparel/Garments | On 17th Feb 2019

Garment sector can create maximum jobs: Myanmar minister

The garment industry can create the maximum job opportunities in...

Courtesy: Techtextil Messe Frankfurt

Textiles | On 17th Feb 2019

Messe Frankfurt urges Bangladesh to participate in expos

Messe Frankfurt representatives recently urged Bangladesh’s textile...

Courtesy: Rune

Apparel/Garments | On 17th Feb 2019

12 ReTech taking over Rune

12 ReTech Corporation is in the process of taking over New York-based ...

Interviews View All

Headhonchos, Textiles & allied industry

Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Headhonchos, Indian textile value chain

Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Justin Gutierrez, INDA

Justin Gutierrez

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

February 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search