Hart Stores reports 13.2% increase in 2nd quarter net earnings


    LAVAL, QC, Sept. 11 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS:TSX), reported increased net earnings of
$2.1 million for the second quarter ended August 4, 2007, an increase of 13.2%
over net earnings of $1.9 million in the same period the previous year. Net
earnings per share for the second quarter were $0.16 compared to $0.14 last
    Sales in the second quarter ended August 4, 2007 totalled $41.1 million,
an increase of $1.7 million or 4.2% over sales of $39.4 million for the same
quarter the previous year.
    For the six-month period ended August 4, 2007 net earnings were
$1.8 million or $0.14 per share compared to $1.9 million or $0.14 per share
for the same period last year.  Total sales increased by $3.0 million or 4.4%
to $71.2 million from $68.1 million last year.
    During the second quarter, the Company opened two new stores, in the
towns of North Bay (Ontario) and Fleurimont (Québec). A third store will open
this month in the town of Tracadie (New-Brunswick). With these openings the
Company has added three new stores to its retail network this year bringing
the total number of stores in operation to 77.
    In commenting on the results Mr. Michael Hart, President and Chief
Executive Officer of Hart Stores said, "The Company reported an increase in
sales and earnings in the second quarter. We are continuing to see the
positive returns from our strategic expansion plans and are very pleased with
the solid performance of our new stores. Four additional new stores are
scheduled to open in the spring of 2008."

    Quarter and six-month
    (In thousands of    For the 13 weeks ended:     For the 26 weeks ended:
     except per share    August 4,     July 29,     August 4,      July 29,
     amounts)                2007         2006          2007          2006
    Sales                  41,080       39,416        71,159        68,131
    Net earnings            2,140        1,890         1,836         1,903
    Net earnings
     per share:
      Basic                  0.16         0.14          0.14          0.14
      Diluted                0.15         0.14          0.13          0.14

    About Hart Stores Inc.:

    Hart Stores Inc. operates a network of 76 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, giftware, toys and seasonal goods.
    %SEDAR: 00004123EF

For further information:

For further information: Mr. Michael Hart, President and Chief Executive
Officer, Hart Stores Inc., (450) 661-4155, mihart@hartstores.com;

Organization Profile

Hart Stores Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890