Home / Knowledge / News / Textiles / Hancock reports Jan sales & announces 30 store closings

Hancock reports Jan sales & announces 30 store closings

09
Feb '07
Hancock Fabrics Inc reported that sales in the five-week period ended February 3, 2007 totaled $35.1 million, compared to $31.9 million in the four-week period of the prior year ended January 28, 2006.

The increase in total sales was due to having an extra week in 2006, partially offset by having 44 fewer stores this year and a decline in comparable store sales of 4.0% in January attributable, in part, to difficult weather conditions in the Southwest and Midwest. The comparable store sales change is based on sales during the four weeks of January that were comparable between both years.

In the fourth quarter, total sales were $111.7 million versus $118.3 million a year ago, and comparable store sales were down 4.9%. In the full year, total sales were $388.3 million versus $403.2 million in 2005. Comparable store sales in 2006 declined 1.9%, including a 2.7% benefit from 42 stores that were liquidated earlier in the year in connection with store closing sale events.

Beginning in the first quarter of 2007, the Company will report sales on a quarterly basis and will discontinue its practice of reporting sales monthly, due to the fluctuations that occur between months as a result of changes in the timing of promotional activity, holidays and the retail calendar. This is particularly apparent in 2007, which starts a week later than the prior year due to 2006 having 53 weeks.

The Company also announced that it has made a decision to close 30 stores, representing approximately $18 million in annualized sales. Approximately one-half of the 30 stores have leases that expire in 2007 or 2008, while the others have lease commitments expiring in years 2009 to 2015.


Must ReadView All

Pic: Shutterstock

Textiles | On 17th Sep 2021

UK again delays post-Brexit import trade controls

The United Kingdom has again delayed the implementation of some...

Pic: Shutterstock

Retail | On 17th Sep 2021

American retailers oppose business tax rate increases

The National Retail Federation (NRF) has opposed the proposed...

Pic: Shutterstock

Retail | On 17th Sep 2021

UK retail job numbers fall as furlough scheme winds down

Despite strong retail sales in recent months, the UK industry has...

Interviews View All

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Gaurav Davda, Jindal Worldwide Ltd

Gaurav Davda
Jindal Worldwide Ltd

Indian MMF sector to become globally competitive

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Sunita Shanker, Label Sunita Shanker

Sunita Shanker
Label Sunita Shanker

Inspired by the rich traditional crafts of India, Sunita Shanker’s work is ...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

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


Advanced Search