SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC, May 9, 2014 /CNW Telbec/ - Hart Stores Inc.
(TSXV: HIS) announces its audited financial results today for the
fiscal year ended February 2,
2014.
For the year ended February 2, 2014, sales were $82.2 million compared to $88.3 million for the same period in the previous
year. Sales compared to the previous year were affected by
$2.3 million in sales in fiscal 2013
for stores closed that year, an additional reporting week in the
previous year and a generally softer retail environment. The net
loss for the year was $7 million or
$0.51 per share compared to a net
loss of $7 million or $0.51 per share for the same period in the
previous year.
For the fourth quarter, sales were $24.3 million compared to $27.2 million for the same period in the previous
year. Sales compared to the previous year, were affected by an
extra week of operations, as well as poor weather and a softer
retail environment. The net loss for the quarter was $3.1 million or $0.23 per share compared to net earnings of
$2.7 million or $0.20 per share for the same period in the
previous year. Financial results compared to the previous year were
impacted by increased inventory provisions, impairment losses and a
one-time gain of $6.3 million for the
sale lease back of the land and building serving as the head office
and warehouse.
| |
| Summary of quarter and full year
periods |
For the period
ended: |
Fiscal year
ended: |
| (In thousands of dollars, except
per share amounts) |
(Unaudited) |
(Audited) |
| |
(13 weeks) |
(14 weeks) |
(52 weeks) |
(53 weeks) |
| |
February 2, 2014 |
February 3, 2013 |
February 2, 2014 |
February 3, 2013 |
| |
$ |
$ |
$ |
$ |
| Sales |
24,276 |
27,185 |
82,212 |
88,296 |
| Loss before the undernoted items |
(2,156) |
(2,974) |
(7,201) |
(11,078) |
| |
Other income |
0 |
6,328 |
1,164 |
6,328 |
| |
Restructuring costs |
(21) |
(103) |
(33) |
(1,716) |
| |
Impairment loss |
(959) |
(538) |
(959) |
(538) |
| Net earnings (loss) |
(3,136) |
2,713 |
(7,029) |
(7,004) |
| Net earnings (loss) per share: |
|
|
|
|
| |
Basic |
(0.23) |
0.20 |
(0.51) |
(0.51) |
| |
Diluted |
(0.23) |
0.20 |
(0.51) |
(0.51) |
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.