Hart Stores reports third quarter results

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.

For further information:

Mr. Robert Farah
President and COO
(450) 661-4155