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New Hart stores perform well in Q1
13
Jun '08
Hart Stores Inc, an operator of mid-sized department stores announced its financial results for the First Quarter ending May 3, 2008.

For the 13 week period ended May 3, 2008, the Company posted sales of $31.1 million compared to $30.1 million last year, an increase of $1.0 million.

It also reported net earnings of $3,000 compared to a net loss of $304,000 for the same period the previous year. Net earnings were $0.00 per share compared to a net loss of $0.02 for the same period in the previous year.

First quarter sales increased with the addition of 4 new stores were partially offset by lower same-store sales. Net earnings for the first quarter this year were the net results of higher sales volume and lower cost of goods, offset by higher freight cost and store expenses following the addition of 4 stores.

Comparable same-store sales were down by 6.2% for the quarter compared to the same period last year. During the quarter, sales were affected by a softening in the retail market due in part to the colder weather experienced this year compared to the previous year.

In commenting on the results Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said, "We are very pleased by the positive performance of our new stores and are continuing our planned expansion with the opening of another location in the month of August as well as other store openings planned for fiscal 2009."

During the first quarter of this year the Company 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.

Mr Harry Hart, executive chairman of Hart Stores announced, "The Board of directors is pleased to declare a dividend of $0.10 per share, payable July 10, 2008 to shareholders of record on June 20, 2008."

Hart Stores Inc


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