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Hart Stores moves all to Laval

14
Dec '05
Largest departmental store operator Hart Stores Inc is pleased to announce the relocation of its head office and distribution centre to Laval, the second largest city in Quebec, located just north of the island of Montreal.

The decision to move to a larger facility is the result of the consistent growth the mid-sized department store chain has sustained over the past few years and which has rapidly brought the current building in Ville d'Anjou to full capacity.

According to Michael Hart, President and Chief Executive Officer of Hart Stores, the Company's recent focus on expansion will continue in the future: “Company have opened eight new stores this year and more new stores are planned for next year,”

He said. “Company have consistent growth opportunities and will be well positioned to push forward with a focused expansion plan. This investment will provide us with the more efficient distribution infrastructure required for future growth, given the number of stores are expecting to open in the coming years. They looked at many different sites. Laval is a growing city with excellent trucking routes and easy access to the highway network.”

Hart Stores recently reported net earnings of $3.7 million ($0.27 per share) for the nine-month period ended October 29, 2005, compared to $2.6 million ($0.19 per share) for the same period in the previous year. Total revenues for the period increased by 10.5 percent to $100.9 million compared to $91.3 million for the same period in the previous year.


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