Hart stores reports First Quarter results


    LAVAL, QC, June 11 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS:TSX), announced today its financial results
for the First Quarter ending May 2, 2009.
    For the 13 week period ended May 2, 2009, the Company recorded sales of
$35.0 million compared to $31.1 million last year, an increase of $3.9 million
or 13% and also reported a net loss of $595,000 compared to net earnings of
$3,000 for the same period in the previous year. Net loss was $0.04 per share
compared to net earnings of $0.00 per share for the same period in the
previous year.
    First quarter sales increased with the addition of 9 new stores opened
last fall and two new stores opened during this quarter, which was partially
offset by lower same-store sales. Net loss for the first quarter this year was
due to a weaker Canadian dollar, higher amortization expense following the
addition of 11 stores and same-store sales which were down 3.3% for the
quarter compared to the same period last year.
    In commenting on the results Mr. Michael Hart, President and Chief
Executive Officer of Hart Stores said, "We are pleased by the positive
performance of our new stores and are continuing our planned expansion with
the opening of another location in the fall. We are confident that the current
initiatives that we have implemented will continue to provide improved
efficiencies and additional cost benefits to offset some of the current
conditions expected to continue throughout the balance of the year."
    During the first quarter of this year the Company opened two new stores,
in Windsor, Nova Scotia and in Grand Falls, New Brunswick. This will bring the
total number of stores in operation to 90.

    Summary of quarter
     (In thousands of dollars,                  1st Quarter ending:
     except per share amounts)                      (unaudited)
                                         May 2, 2009           May 3, 2008
                                           (13 weeks)            (13 weeks)
                                                   $                     $
    Sales                                     34,959                31,148
    Net (loss) earnings                         (595)                    3
    Net (loss) earnings per share:
      Basic                                    (0.04)                 0.00
      Diluted                                  (0.04)                 0.00

    About Hart Stores Inc.:

    Hart Stores Inc. operates a network of 90 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, electronics, appliances, giftware, toys, and seasonal goods.
    %SEDAR: 00004123EF

For further information:

For further information: Mr. Jacques Plante, CA, Vice-President Finance
and Chief Financial Officer, Hart Stores Inc., (450) 661-4155,

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Hart Stores Inc.

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