Home » NEWS » Hancock Fabrics records loss

Hancock Fabrics records loss

BALDWYN — Hancock Fabrics Inc., for its first quarter ended May 1, 2010. saw net sales for the quarter were $63.1 million, compared to $64.1 million for first quarter of last year, and comparable store sales decreased 2 percent, compared to a 2.3% increase in the previous year.

Operating income was $17,000 in the quarter, compared to $600,000 in the first quarter last year.

Net loss was $1.3 million, or $0.07 per basic share, in the first quarter of fiscal 2010, compared to a loss of $900,000 million, or $0.05 per share in the first quarter of fiscal 2009.

Adjusted EBITDA for the quarter was $1.6 million, a decrease of $600,000 over the same period last fiscal year.

Jane Aggers, president and CEO, said, “While our results for the quarter were below our expectations, we made significant progress in remedying merchandising and inventory issues carried forward from last year. This resulted in a temporary impact on gross margins for the quarter. Store revenues began the quarter slowly but have steadily increased through the end of the quarter and this trend has continued into the second quarter.”


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

Leave a Reply

Your email address will not be published. Required fields are marked *