Hart Stores reports third quarter results

    
    SYMBOL: HIS (TSX)
    www.hartstores.com
    

LAVAL, QC, Dec. 3 /CNW Telbec/ - Hart Stores Inc., an operator of mid-sized department stores (HIS:TSX), reported net earnings of $0.4 million for the third quarter ended October 31, 2009 or $0.03 diluted net earnings per share, compared to $0.8 million in the same period the previous year or $0.06 diluted net earnings per share.

Sales for the third quarter ended October 31, 2009 were $44.6 million compared to $46.2 million the previous year, a decrease of $1.6 million or 3.5%. Same store sales for the period showed a decrease of 8.1% or 5.3% after adjusting for the timing of a major promotional event that occurred in the second quarter this year compared to the third quarter last year.

For the nine-month period ended October 31, 2009 net earnings were $0.8 million or $0.06 diluted net earnings per share compared to $2.2 million or $0.16 diluted net earnings per share for the same period last year. Total sales increased by $7.6 million or 6.4% to $125.9 million from $118.3 million last year.

    
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    Quarter and nine-month  For the 13 weeks ended:   For the 39 weeks ended:
     periods (Unaudited)
     (In thousands of
     dollars, except
     per share amounts)    October 31,  November 1,  October 31,  November 1,
                                 2009         2008         2009         2008
    -------------------------------------------------------------------------
    Sales                      44,626       46,183      125,855      118,316
    Other income                    -            -          850          350
    Net earnings                  376          757          828        2,229
    Net earnings per share:
      Basic                      0.03         0.06         0.06         0.16
      Diluted                    0.03         0.06         0.06         0.16
    

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, housewares, electrical appliances, home electronics, bed & bath, giftware, toys and seasonal goods.

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For further information: Mr. Jacques Plante, CA, Vice-President and Chief Financial Officer, Hart Stores Inc., [phone], [email protected]; www.hartstores.com