Hart Stores reports second quarter results



    
    SYMBOL: HIS (TSX)
    www.hartstores.com
    

    LAVAL, QC, Sept. 10 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS:TSX), reported net earnings of $1.0 million
for the second quarter ended August 1, 2009 or $0.08 diluted net earnings per
share, compared to $1.5 million in the same period the previous year or $0.11
diluted net earnings per share.
    Sales for the second quarter ended August 1, 2009 were $46.3 million
compared to $41.0 million the previous year, an increase of $5.3 million or
12.9%. Same store sales for the period showed a decrease of 3.5%.
    For the six-month period ended August 1, 2009 net earnings were $0.5
million or $0.03 diluted net earnings per share compared to $1.5 million or
$0.11 diluted net earnings per share for the same period last year. Total
sales increased by $9.1 million or 12.6% to $81.2 million from $72.1 million
last year.
    In commenting on the results and its current expansion plans, Mr. Michael
Hart, President and Chief Executive Officer of Hart Stores said: "The Company
reported an increase in sales in the second quarter while same store sales
were affected by an unseasonably cool summer. We are continuing to see the
positive impact from our strategic expansion plans and are pleased with the
solid performance of the eight new locations acquired last fall."

    
    -------------------------------------------------------------------------
    Quarter and six-month
     periods               For the 13 weeks ended:  For the 26 weeks ended:
    (Unaudited)
    (In thousands of
     dollars, except per     August 1,   August 2,    August 1,   August 2,
     share amounts)              2009        2008         2009        2008
    -------------------------------------------------------------------------
    Sales                      46,270      40,985       81,229      72,133
    Other income                  850         350          850         350
    Net earnings                1,047       1,470          452       1,473
    Net earnings per share:
      Basic                      0.08        0.11         0.03        0.11
      Diluted                    0.08        0.11         0.03        0.11
    

    About Hart Stores Inc.:

    Hart Stores Inc. operates a network of 91 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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