Hancock Fabrics reports decreased sales, loss
BALDWYN — Hancock Fabrics Inc., for its first quarter ended April 30, saw net sales of $62.0 million, compared to $63.1 million for the first quarter of last year. Comparable store sales decreased 1.3 percent, compared to a 2.0 percent decrease in the first quarter of last year.
The operating loss for the quarter was $1.0 million, compared to break-even for the previous year’s first quarter.
Adjusted EBITDA totaled $600,000, a decrease of $1.0 million over the first quarter of fiscal 2010.
Steven R. Morgan, interim president and CEO, said, “Our first quarter results were impacted by the investment required to focus on the areas we outlined at the end of the fiscal year. We have made significant progress during the quarter in improving our store presentation, refining our craft business, refocusing our merchandise organization and expanding our replenishment process. We have also undertaken the liquidation of our aged products. While these activities have come at an initial short term cost, we are positioning our organization for improved fall and winter seasons.”
Source: Hancock Fabrics
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Comstock quits Tuscaloosa play on falling prices
- Clinton office complex sold for $20.5 million
- Ingalls to lease former SRHS clinic in Gautier for employee medical center
- Shale oil: market correction or longterm direction?
- Miss. surgeon sentenced in tax evasion case
- PHIL HARDWICK: Characteristics of a good year-end fundraising letter
- Meadville mayor seeks Sojourner's Senate seat
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- Record soybean yield is valued at $1.17 billion