SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC,
Dec. 10, 2013 /CNW Telbec/ - Hart
Stores Inc. (TSXV: HIS) announces its financial results today for
the third quarter ended November 3,
2013.
For the third quarter, sales reached
$19.7 million compared to
$20.7 million for the same period in
the previous year. The Company reported a net loss of $1,386,000 or $0.10
per share for this period compared to a net loss of $1,473,000 or $0.11
per share for the same period in the previous year.
For the nine month period ended November 3, 2013, sales reached $57.9 million compared to $61.1 million for the comparable period in the
previous year. The Company reported a net loss of $3,892,000 or $0.28
per share for this period compared to a net loss of $9,716,000 or $0.71
per share for the same period in the previous year. The improvement
in the results for the nine month period was mainly due to lower
cost of goods sold and lower store and restructuring costs.
"Our restructuring initiatives are on schedule
and we are pleased with the progress we achieved so far" stated Mr.
Robert Farah, the Company's
President and COO.
| |
| Summary of Quarter and nine-month
periods |
|
For the 13 weeks
ended: |
|
For the 39 weeks
ended: |
| (Unaudited) |
|
|
|
|
|
|
|
| (In thousands of dollars, except
per share amounts) |
|
November 3,
2013 |
|
October 28,
2012 |
|
November 3,
2013 |
October 28,
2012 |
| Sales |
|
19,722 |
|
20,713 |
|
57,937 |
61,111 |
| Net loss |
|
(1,386) |
|
(1,473) |
|
(3,892) |
(9,716) |
| Net loss per share: |
|
|
|
|
|
|
|
| |
Basic |
|
(0.10) |
|
(0.11) |
|
(0.28) |
(0.71) |
| |
Diluted |
|
(0.10) |
|
(0.11) |
|
(0.28) |
(0.71) |
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.