SYMBOL: HIS (TSX) www.hartstores.com
LAVAL, QC, Sept. 7 /CNW Telbec/ - Hart Stores Inc., an operator of mid-sized department stores (HIS:TSX), reported net earnings of $0.1 million for the second quarter ended July 31, 2010 or $0.01 diluted net earnings per share, compared to $1.0 million in the same period the previous year or $0.08 diluted net earnings per share.
Sales for the second quarter ended July 31, 2010 were $45.9 million compared to $46.3 million the previous year, a decrease of $0.4 million or 0.9%. Same store sales for the period decreased by 1.0%.
For the six-month period ended July 31, 2010 net loss was $1.4 million or $0.10 per share compared to net earnings of $0.5 million or $0.03 per share for the same period last year. Total sales decreased by $0.2 million or 0.2% to $81.0 million from $81.2 million last year.
Commenting on the company's current expansion plans, Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said: "We are opening two new locations in the next quarter. The implementation of a new merchandising system is on schedule with the point of sale system expected to be completed by the end of the year."
------------------------------------------------------------------------- ------------------------------------------------------------------------- Quarter and six-month periods For the 13 weeks For the 26 weeks (Unaudited) ended: ended: (In thousands of dollars, July 31, August 1, July 31, August 1, except per share amounts) 2010 2009 2010 2009 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Sales 45,941 46,270 80,982 81,229 Other income - 850 - 850 Net earnings (loss) 72 1,047 (1,358) 452 Net earnings (loss) per share: Basic 0.01 0.08 (0.10) 0.03 Diluted 0.01 0.08 (0.10) 0.03
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 90 mid-sized department stores under the Hart, Bargain Giant and Géant des Aubaines banners. The stores are located in secondary and tertiary markets throughout 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, housewares, electrical appliances, home electronics, bed & bath, giftware, toys and seasonal goods.
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For further information: Mr. Jacques Plante, CA Vice-President and Chief Financial Officer, Hart Stores Inc., (450) 661-4155, [email protected]; www.hartstores.com
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