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Hancock Fabrics makes money

BALDWYN — During the third quarter, Hancock Fabrics Inc. accomplished something it has not done since emerging from bankruptcy — turn a profit. Net income was $3 million, or $0.16 basic earnings per share, compared to a net loss of $300,000, or $0.02 loss per share, in the third quarter of fiscal 2008.

EBITDA was $6.1 million, an increase of $3.5 million over the same period last fiscal year.

Net sales were $72.7 million, compared with $70.6 million in the third quarter last year, and comparable same store sales increased 4 percent, compared with a 2.1 percent increase in the previous year.

Hancock Fabrics recorded a net loss was $100,000, or $0.01 per share, in year-to-date for fiscal 2009, compared to a net loss of $16.5 million, or $0.87 per share, for fiscal 2008 year-to-date.

EBITDA for year-to-date fiscal 2009 was $9.2 million, an increase of $7.8 million over the same period last fiscal year.

Net sales year-to-date were $196.4 million compared with $198.2 million in the year-to-date last year, and comparable same store sales increased 0.9 percent, compared with a 2.9 percent increase in the previous year.

Jane Aggers, Hancock Fabrics’ president and CEO, said, “We are beginning to experience meaningful top line improvement in combination with significant operating cost reductions. Our strong quarter and year-to-date results are a testament to the hard work of all of our associates and management team. We are cautiously optimistic that we can continue to execute our business plan throughout the remainder of the year and into 2010.”

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