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Hancock Fabrics' sales up, but posts loss

BALDWYN — Hancock Fabrics Inc., during the third quarter ended Oct. 27, recorded net sales of $71.9 million, compared to $70.8 million for the third quarter of last year, and comparable store sales increased 2.3 percent, compared to a 3.5 percent decline in the previous year.

The retailer reports an operating loss of $800,000, compared to operating income of $1.2 million in the third quarter last year. The previous year operating income included a $1-million gain related to a bankruptcy claim settlement.

Net sales for the first 39 weeks of 2012 increased by $5.7 million to $196.3 million, compared to $190.6 million for the first 39 weeks of last year, and comparable store sales improved by 3.6 percent.

Steve Morgan, Hancock Fabrics’ president and CEO, said, “We have now completed 13 consecutive months of positive comps, and as previously announced we have put into place financing with a four-year term. We continue to feel positive about the holiday season based on our Black Friday performance with net sales up 23 percent compared to Black Friday last year and our November performance in general. We plan to stay our course as we go through the fourth quarter and prepare for 2013.”

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