Hart Reports Record Sales

Laval, Quebec, Hart Stores Inc. reported record sales of $166.4 million for the fiscal year ended February 3, 2007, an increase of $18.4 million or 12.5% over sales a year earlier. Comp-store sales were up 3.0% in the same period.

The company recorded net earnings of $4.4 million in fiscal 2007, compared with net earnings of $7.0 million the previous year. The change in net earnings is primarily attributable to the start-up costs associated with the opening of the new 220,000 sq. ft. head office and distribution facility, and the non-recurring income of $950,000, as well as the non-recurring write-down and expenses related to the balance of the lease term from the former head-office facility.

Operating income for fiscal year 2007 was sustained at $10.2 million.

Last year the company opened five new stores in Ontario, growing its total network of stores to 75 locations.