Home / Knowledge / News / Textiles / Hancock Fabrics Q4'FY14 net sales drop marginally
Hancock Fabrics Q4'FY14 net sales drop marginally
28
Apr '14
Hancock Fabrics, Inc. announced financial results for its fourth quarter and 2013 fiscal year ended January 25, 2014.
 
Financial results for the fourth quarter include:
-Net sales for the quarter were $81.3 million compared to $81.7 million in the prior year. Comparable store sales declined by only 0.3% despite unusually severe winter weather, which impacted numerous markets.
 
-Gross profit for the fourth quarter increased by 190 basis points to 41.0% as compared to 39.1% for the fourth quarter of the prior year. This follows a 330 basis point improvement in the fourth quarter of 2012 compared to the same period of 2011.
 
-Selling, general and administrative expenses for the quarter, including depreciation and amortization, increased to 37.1% of net sales from 35.6% due to additional store labor, to ensure service levels during the Christmas season, and additional advertising, partially offset by a reduction in professional fees.
 
-Operating income for the quarter was $3.1 million compared to $2.8 million in the fourth quarter last year.
 
-EBITDA, a non-GAAP measure, which is defined as earnings (loss) before interest, taxes, depreciation and amortization, improved slightly to $4.3 million for the quarter from $4.2 million for the same period last year.
 
-Net income improved $2.3 million to income of $1.7 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2013 compared to a net loss of $0.6 million, or $0.03 per basic share in the fourth quarter of fiscal 2012.
 
-At quarter end, the Company had outstanding borrowings under its revolving line of credit of $55.5 million, a term loan balance of $15.0 million and outstanding letters of credit of $6.4 million. Additional amounts available to borrow under its revolving line of credit at the end of the quarter were $16.6 million. The balance of the Company’s subordinated debt was $8.2 million at quarter end.
 
Fiscal 2013 financial results include:
-Net sales for fiscal year 2013 were $276.0 million compared to $278.0 million last year and comparable store sales declined by 0.1% following a 2.9% increase in the previous year.
 
-Gross profit for fiscal 2013 improved by 270 basis points to 43.0% as compared to 40.3% for the prior year. A majority of the savings came from improvements to our pricing strategy, with some savings in freight and warehousing.
 
-Selling, general and administrative expenses for fiscal 2013, including depreciation and amortization increased to 41.5% of sales from 40.7% from the prior year. This increase was driven by marketing costs, increased store and corporate payroll and incentive compensation partially offset by commission income and reductions in professional fees.
 
-Operating income improved by $5.2 million for fiscal 2013 to income of $4.0 million from a loss of $1.2 million for fiscal 2012.
 
Click here to view full results.
 

Hancock Fabrics


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