Hart Stores Reports Fourth Quarter and Year End Results


    LAVAL, QC, April 16 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS:TSX), announced today its financial results
for the Fourth Quarter and the 2009 fiscal year ended January 31, 2009.
    For the 52 week period ended January 31, 2009, the Company recorded net
earnings of $1.2 million compared to $3.5 million for the same period the
previous year. Net earnings were $0.09 per share diluted compared to $0.25 in
the same period the previous year.
    Sales in the 4th Quarter ended January 31, 2009 totalled $56.8 million
compared to $49.1 million for the same period in the previous year, an
increase of $7.7 million. Fourth quarter sales were impacted by the addition
of 14 new locations opened earlier this year. Net loss for the fourth quarter
this year was $1.0 million ($0.08 per share diluted) compared to a net loss of
$0.1 million ($0.01 per share diluted) in the previous year, mainly
attributable to a 5.8% reduction in same-store sales for the period.
    In commenting on the results Mr. Michael Hart, President and Chief
Executive Officer of Hart Stores said, "The 14 new stores opened, including
those opened last October, are performing very well. Our same-store sales were
affected by economic concerns leading to reduced consumer spending. In
response to the current economic conditions, we are implementing various
initiatives to stimulate sales such as a more aggressive approach in our
in-store presentation as well as new advertising events. We are also focusing
on reviewing our operations and improving the efficiencies and savings during
this difficult economic period."
    During the first quarter of this year (Fiscal 2010) the Company opened
two new stores, in Grand Sault in New Brunswick and Windsor in Nova Scotia.
The Company also plans to open one new location in New Liskeard in Ontario
later this fall. This will bring the total number of stores in operation to

    Summary of quarter and      4th Quarter ending:     Fiscal year ending:
     full year periods              (unaudited)              (audited)
    (In thousands of dollars,    Jan. 31,     Feb. 2,    Jan. 31,     Feb. 2,
     except per share amounts)      2009        2008        2009        2008
    Sales                         56,770      49,109     175,086     161,555
    Other Income (expenses)            -         379         350         844
    Net (loss) earnings           (1,033)       (125)      1,196       3,472
    Net (loss) earnings
     per share:
      Basic                        (0.08)      (0.01)       0.09        0.26
      Diluted                      (0.08)      (0.01)       0.09        0.25

    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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