Hart Stores reports fourth quarter and year end results


LAVAL, QC, April 22 /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 2010 fiscal year ended January 30, 2010.

For the 52 week period ended January 30, 2010, sales were $179.5 million, compared to $175.1 last year. The Company posted net earnings of $1.6 million compared to $1.2 million for the same period the previous year. Net earnings were $0.12 per share diluted compared to $0.09 in the same period the previous year. Comparable same-store sales decreased 4.2% for this fiscal year compared to the same period last year.

Sales in the 13 week period ended January 30, 2010 totalled $53.6 million compared to $56.8 million for the same period in the previous year, a decrease of $3.2 million. Fourth quarter sales were impacted by lower same-store sales. Net earnings for the fourth quarter this year was $0.8 million ($0.06 per share diluted) compared to a net loss of $1.0 million ($0.08 per share diluted) in the previous year. Comparable same-store sales were down by 3.6% 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, "The 14 new stores, including the acquired locations, opened during fiscal 2009 are performing well. However, same-store results were affected by reduced consumer's spending. We are looking forward to celebrate our 50th anniversary this year during which we have many promotional activities planned."

During the first quarter of this year (Fiscal 2011) the Company did open one new store, in Corner Brook, Newfoundland. The Company now operates 90 locations in Eastern Canada.

    Summary of quarter and full year  4th Quarter ending: Fiscal year ending:
     periods                              (unaudited)          (audited)
    (In thousands of dollars,          Jan. 30,  Jan. 31,  Jan. 30,  Jan. 31,
     except per share amounts)            2010      2009      2010      2009
    Sales                               53,607    56,770   179,462   175,086
    Other Income                           752         -     1,602       350
    Net (loss) earnings                    757    (1,033)    1,585     1,196
    Net (loss) earnings per share:
    Basic                                 0.06     (0.08)     0.12      0.09
    Diluted                               0.06     (0.08)     0.12      0.09

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.

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SOURCE Hart Stores Inc.

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

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