SYMBOL: HIS (TSXV)
LAVAL, QC, June 26, 2013 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) announces its financial results today for the first quarter ended May 5, 2013.
For the first quarter, sales reached $16.3 million compared to $18 million in the previous year. The net loss for the quarter was $3.2 million or $0.23 per share compared to a net loss of $5.7 million or $0.42 per share for the same period in the previous year. Sales for the first quarter in the prior year include $2.3 million of liquidation activities for stores that have since been closed.
Comparable store sales increased 4.5% for the first quarter versus the same period last year. Net income in the first quarter was impacted favourably by higher comparable store sales, lower store expenses and reduced restructuring costs.
"We are encouraged by the improved comparable store sales and bottom line performance", stated Mr. Robert Farah, the Company's President and COO. "However, more work needs to be done to attain the performance levels we know we are capable of achieving".
| Summary of quarter | 1st Quarter ending: | ||
| (In thousands of dollars, except per share amounts) | (Unaudited) | ||
| |
(13 weeks) | (13 weeks) | |
| May 5, 2013 | April 29, 2012 | ||
| $ | $ | ||
| Sales | 16,282 | 17,965 | |
| Restructuring costs | (3) | (1,003) | |
| Net loss | (3,151) | (5,728) | |
| Net loss per share: | |||
| Basic | (0.23) | (0.42) | |
| Diluted | (0.23) | (0.42) | |
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 mid-sized department stores located in secondary and tertiary markets in Eastern Canada, where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.
SOURCE: HART STORES INC.
Mr. Pat Filippelli
VP Finance and CFO
(450) 661-4155
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