Hancock Fabric sees losses beginning to narrow

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Published: June 22,2009

 

BALDWYN — During the first quarter of 2009, Hancock Fabrics posted a net loss of $900,000, or $0.05 per share, compared to a net loss of $5.3 million, or $0.28 per share, during the first quarter of 2008.

At the same time, the company saw net sales of $64.1 million, compared with $63.8 million during the comparable period last year, and comparable sales increased 2.3 percent during the most recent quarter, compared with 3.1 percent during the first quarter the prior year.

Hancock president and CEO Jane Aggers said, “Although the retail environment is still challenging, we continue to make progress on our key operating initiatives — improving operations and reducing debt. Our efforts have resulted in the significant increase in EBITDA (up $2.8 million over the first quarter of 2008) and the narrowing of our loss.”

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