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Mid-sized department store Hart Stores Q4 sales up
18
Apr '09
Hart Stores Inc, an operator of mid-sized department stores announced its financial results for the Fourth Quarter and the 2009 fiscal year ended January 31, 2009.

For the 52 week period ended January 31, 2009, the Company recorded net earnings of $1.2 million compared to $3.5 million for the same period the previous year. Net earnings were $0.09 per share diluted compared to $0.25 in the same period the previous year.

Sales in the 4th Quarter ended January 31, 2009 totalled $56.8 million compared to $49.1 million for the same period in the previous year, an increase of $7.7 million. Fourth quarter sales were impacted by the addition of 14 new locations opened earlier this year. Net loss for the fourth quarter this year was $1.0 million ($0.08 per share diluted) compared to a net loss of $0.1 million ($0.01 per share diluted) in the previous year, mainly attributable to a 5.8% reduction in same-store sales for the period.

In commenting on the results Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said, "The 14 new stores opened, including those opened last October, are performing very well. Our same-store sales were affected by economic concerns leading to reduced consumer spending. In response to the current economic conditions, we are implementing various initiatives to stimulate sales such as a more aggressive approach in our in-store presentation as well as new advertising events. We are also focusing on reviewing our operations and improving the efficiencies and savings during this difficult economic period."

During the first quarter of this year (Fiscal 2010) the Company opened two new stores, in Grand Sault in New Brunswick and Windsor in Nova Scotia. The Company also plans to open one new location in New Liskeard in Ontario later this fall. This will bring the total number of stores in operation to 91.

Hart Stores Inc


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