Interviews
News Flash
September sales slump at Hancock Fabrics
07 Oct '05
2 min read
Fabric wholesale merchant Hancock Fabrics Inc reported that sales in the five-week period ended October 1, 2005 totaled $37.6 million compared with $40.0 million for the same period of the prior year. Sales in comparable stores decreased 6.3 percent in September.
In the first two months of the third quarter, total sales were $66.9 million versus $70.7 million in the same period of fiscal 2004, and comparable store sales declined 6.3 percent. Year-to-date, total sales were $248.0 million in 2005 and $265.6 million in 2004. Comparable store sales for the eight months to date decreased 7.2 percent.
Jane Aggers, Chief Executive Officer, commented, 'After September's disappointing first week in which Hurricane Katrina hit and gas prices spiked, they did see some improvement in their trend. Year-to-date, through August, comparable store sales had been down 7.3 percent, and they were down almost 20 percent during the first week of September.
However, over the last four weeks of September, their business improved somewhat, as comparable store sales were down 3.2 percent. During that four-week period, the impact of the month's second hurricane was largely offset by hurricane activity during the same period of last year.'
'They are cautiously optimistic that the initiatives implemented in mid-September have started to take hold. While, they acknowledge that there is still market risk, they remain committed to taking the steps that they can control to improve the fall and holiday season,' Aggers concluded.
Hancock Fabrics Inc is a specialty retailer of fabric and related home sewing and decorating accessories. The Company operates 448 retail fabric stores in 43 states and operates an internet store.
In the first two months of the third quarter, total sales were $66.9 million versus $70.7 million in the same period of fiscal 2004, and comparable store sales declined 6.3 percent. Year-to-date, total sales were $248.0 million in 2005 and $265.6 million in 2004. Comparable store sales for the eight months to date decreased 7.2 percent.
Jane Aggers, Chief Executive Officer, commented, 'After September's disappointing first week in which Hurricane Katrina hit and gas prices spiked, they did see some improvement in their trend. Year-to-date, through August, comparable store sales had been down 7.3 percent, and they were down almost 20 percent during the first week of September.
However, over the last four weeks of September, their business improved somewhat, as comparable store sales were down 3.2 percent. During that four-week period, the impact of the month's second hurricane was largely offset by hurricane activity during the same period of last year.'
'They are cautiously optimistic that the initiatives implemented in mid-September have started to take hold. While, they acknowledge that there is still market risk, they remain committed to taking the steps that they can control to improve the fall and holiday season,' Aggers concluded.
Hancock Fabrics Inc is a specialty retailer of fabric and related home sewing and decorating accessories. The Company operates 448 retail fabric stores in 43 states and operates an internet store.
Hancock Fabrics Inc
Popular News
Leave your Comments
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
