Hart Stores reports second quarter results - Nine new stores scheduled to open this Fall



    SYMBOL: HIS (TSX)
    www.hartstores.com

    LAVAL, QC, Sept. 11 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS:TSX), reported net earnings of $1.5 million
for the second quarter ended August 2, 2008, compared to $2.1 million in the
same period the previous year.
    Sales for the second quarter ended August 2, 2008 were the same as the
previous year at $41.0 million.
    For the six-month period ended August 2, 2008 net earnings were
$1.5 million or $0.11 diluted net earnings per share compared to $1.8 million
or $0.13 diluted net earnings per share for the same period last year. Total
sales increased by $974,000 or 1.4% to $72.1 million from $71.1 million last
year.
    The Company recently announced the acquisition of eight new locations
from the former SAAN stores and an additional location in Amos, Québec, with
all nine new locations opening this Fall in time for the Holiday shopping
season. With these openings as well as the five already opened since the
beginning of the year, the total new stores added for the year will be at 14.
This will bring the total number of stores in operation to 89.
    In commenting on the results and its current expansion plans, Mr. Michael
Hart, President and Chief Executive Officer of Hart Stores said: "The Company
realizes that the same store sales remained a challenge during an unseasonably
cool summer. We continue to see the positive impact from our strategic
expansion plans and are pleased with the recent acquisition of the nine new
locations. They will provide a great synergy and further complement the
critical mass in many of the new and existing tertiary markets in which we
have established a solid performance."

    
    -------------------------------------------------------------------------
    Quarter and six-month periods         For the               For the
    (Unaudited)                       13 weeks ended:       26 weeks ended:
    (In thousands of dollars,      August 2,  August 4,  August 2,  August 4,
    except per share amounts)          2008       2007       2008       2007
    -------------------------------------------------------------------------
    Sales                            40,985     41,080     72,133     71,159
    Net earnings                      1,470      2,140      1,473      1,836
    Net earnings per share:
      Basic                            0.11       0.16       0.11       0.14
      Diluted                          0.11       0.15       0.11       0.13
    

    About Hart Stores Inc.:

    Hart Stores Inc. operates a network of 89 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.
    %SEDAR: 00004123EF




For further information:

For further information: Mr. Jacques Plante, CA, Vice-President and
Chief Financial Officer, Hart Stores Inc., (450) 661-4155,
jplante@hartstores.com; www.hartstores.com

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Hart Stores Inc.

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