Hart Stores reports first quarter results



LAVAL, QC, June 17, 2014 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) announces its financial results today for the first quarter ended May 4, 2014.

For the first quarter, sales reached $14.9 million compared to $16.3 million in the previous year. The net loss for the quarter was $3.0 million or $0.22 per share compared to a net loss of $3.2 million or $0.23 per share for the same period in the previous year.  Comparable store sales decreased 8.9% for the first quarter versus the same period last year. A continuing soft retail environment and poor weather impacted first quarter results.

 Summary of quarter 1st Quarter ending
 (In thousands of dollars, except per share amounts) (Unaudited)
  (13 weeks)   (13 weeks)
  May 4, 2014   May 5, 2013
  $   $
Sales 14,927   16,282
Restructuring costs (11)   (3)
Net loss (3,019)   (3,151)
 Net loss per share:      
  Basic (0.22)   (0.23)
  Diluted (0.22)   (0.23)

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. Franco Messina
VP Finance and CFO
(450) 661-4155

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