Hart Stores reports fourth quarter and year end results for fiscal year ended February 2, 2014

SYMBOL: HIS (TSXV)

www.hartstores.com

LAVAL, QC, May 9, 2014 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) announces its audited financial results today for the fiscal year ended February 2, 2014.

For the year ended February 2, 2014, sales were $82.2 million compared to $88.3 million for the same period in the previous year. Sales compared to the previous year were affected by $2.3 million in sales in fiscal 2013 for stores closed that year, an additional reporting week in the previous year and a generally softer retail environment. The net loss for the year was $7 million or $0.51 per share compared to a net loss of $7 million or $0.51 per share for the same period in the previous year.

For the fourth quarter, sales were $24.3 million compared to $27.2 million for the same period in the previous year. Sales compared to the previous year, were affected by an extra week of operations, as well as poor weather and a softer retail environment. The net loss for the quarter was $3.1 million or $0.23 per share compared to net earnings of $2.7 million or $0.20 per share for the same period in the previous year. Financial results compared to the previous year were impacted by increased inventory provisions, impairment losses and a one-time gain of $6.3 million for the sale lease back of the land and building serving as the head office and warehouse.

Summary of quarter and full year periods		For the period ended:		Fiscal year ended:
(In thousands of dollars, except per share amounts)		(Unaudited)		(Audited)
		(13 weeks)	(14 weeks)	(52 weeks)	(53 weeks)
		February 2, 2014	February 3, 2013	February 2, 2014	February 3, 2013
		$	$	$	$
Sales		24,276	27,185	82,212	88,296
Loss before the undernoted items		(2,156)	(2,974)	(7,201)	(11,078)
	Other income	0	6,328	1,164	6,328
	Restructuring costs	(21)	(103)	(33)	(1,716)
	Impairment loss	(959)	(538)	(959)	(538)
Net earnings (loss)		(3,136)	2,713	(7,029)	(7,004)
Net earnings (loss) per share:
	Basic	(0.23)	0.20	(0.51)	(0.51)
	Diluted	(0.23)	0.20	(0.51)	(0.51)

About Hart Stores Inc.:

Hart Stores Inc. operates a network of 60 mid-sized department stores located in secondary and tertiary markets in Eastern Canada, where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.

SOURCE Hart Stores Inc.

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