SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC, May 9, 2014 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS)
announces its audited financial results today for the fiscal year ended
February 2, 2014.
For the year ended February 2, 2014, sales were $82.2 million compared
to $88.3 million for the same period in the previous year. Sales
compared to the previous year were affected by $2.3 million in sales in
fiscal 2013 for stores closed that year, an additional reporting week
in the previous year and a generally softer retail environment. The net
loss for the year was $7 million or $0.51 per share compared to a net
loss of $7 million or $0.51 per share for the same period in the
previous year.
For the fourth quarter, sales were $24.3 million compared to $27.2
million for the same period in the previous year. Sales compared to the
previous year, were affected by an extra week of operations, as well as
poor weather and a softer retail environment. The net loss for the
quarter was $3.1 million or $0.23 per share compared to net earnings of
$2.7 million or $0.20 per share for the same period in the previous
year. Financial results compared to the previous year were impacted by
increased inventory provisions, impairment losses and a one-time gain
of $6.3 million for the sale lease back of the land and building
serving as the head office and warehouse.
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Summary of quarter and full year periods
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For the period ended:
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Fiscal year ended:
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(In thousands of dollars, except per share amounts)
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(Unaudited)
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(Audited)
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(13 weeks)
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(14 weeks)
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(52 weeks)
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(53 weeks)
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February 2, 2014
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February 3, 2013
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February 2, 2014
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February 3, 2013
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$
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$
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$
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$
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Sales
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24,276
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27,185
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82,212
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88,296
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Loss before the undernoted items
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(2,156)
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(2,974)
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(7,201)
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(11,078)
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Other income
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0
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6,328
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1,164
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6,328
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Restructuring costs
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(21)
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(103)
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(33)
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(1,716)
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Impairment loss
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(959)
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(538)
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(959)
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(538)
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Net earnings (loss)
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(3,136)
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2,713
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(7,029)
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(7,004)
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Net earnings (loss) per share:
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Basic
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(0.23)
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0.20
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(0.51)
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(0.51)
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Diluted
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(0.23)
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0.20
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(0.51)
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(0.51)
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About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 mid-sized department stores
located in secondary and tertiary markets in 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.
SOURCE Hart Stores Inc.
Mr. Franco Messina
VP Finance and CFO
(450) 661-4155
Copyright CNW Group 2014