MONTREAL, June 10 /CNW Telbec/ - Hart Stores Inc., an operator of mid-sized department stores (TSX: HIS), improved its results for the first quarter ended May 3, 2003, narrowing the normal industry seasonal loss to $404,000 compared to a net loss of $423,000 for the previous year. Total revenues for the period increased by 5.5 % to $21.5 million, compared to $20.3 million for the same period last year.
"Over the last three years, the Company has delivered significantly improved financial results in terms of profitability," said Mr. Harry Hart, Executive Chairman of Hart Stores. "And now, with a solid balance sheet, the Board of Directors is pleased to announce a dividend of $0.05 per share to shareholders of record on June 20, 2003, payable on July 11, 2003."
During the quarter, two new stores were successfully opened in the town of St-Nicephore, Quebec, near Drummondville, and in Ville LaSalle, now a borough of Montreal. The Company is actively pursuing new store locations as it continues with its expansion plans.
"We are pleased that we have been able to maintain top line and profit improvements despite a late start to the spring season. This quarter marks our 14th consecutive quarter of increased profitability over the previous year," said Michael Hart, President and Chief Executive Officer of Hart Stores. "We saw a significant sales trend improvement in the last month of the quarter, which has followed through into the start of the second quarter. This trend, along with the success of our new stores, gives us the momentum to maintain continued financial performance improvements," he concluded.
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Unaudited
First Quarters 13 weeks 13 weeks
(in thousands of dollars, Ended May 3, Ended May 4,
except per share amounts) 2003 2002
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Sales 21,454 20,345
Net earnings (loss) (404) (423)
Net earnings (loss) per share (0.03) (0.03)
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Hart Stores Inc. operates a network of 61 mid-sized department stores under the Hart, Bargain Giant and Geant des Aubaines banners. The stores are located in smaller and tertiary markets throughout Quebec and Atlantic Canada where it has established a dominant position in many of the communities it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, giftware, toys, and seasonal goods.
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For further information: Mr. Robert Farah, Vice-President, Secretary and Chief Financial Officer, Hart Stores Inc., (514) 354-0101, rfarah@hartco.com
