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.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Source: Bryant has offered Glenn McCullough MDA job
- College Board names Glenn Boyce as higher education chief
- TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?
- Deepwater Horizon Five Years Later — Restoring the Mississippi coast starts with a strong foundation
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- Chancery Court’s interpretation of ‘public use’ will guide ruling on Westin money
- PHIL HARDWICK: The third grade reading gate, book buddies and school principals
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- THE SPIN CYCLE — Key results from Pew’s social media survey