BALDWYN — Craft and fabric retailer Hancock Fabrics reports net income of $1.8 million for fiscal 2009 — its first annual profit in five years.
The company had lost $114 million over the previous four years, including $12.4 million in fiscal 2008. It came out of Chapter 11 protection from its creditors in Aug. 2008.
In a news release last week, Hancock reported net sales of $274.1 million in 2009, down from $276.4 million a year earlier. Same-store sales — considered by analysts a key measure of a retailer’s health — were up 0.2 percent compared to a 2.1 percent growth in the prior-year period.
As of Jan. 30, Hancock had 3,900 employees in 266 stores in 37 states and 300 at its headquarters in Baldwyn.
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