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Department store chain Hart Stores sales drop in first quarter

RBR Staff Writer Published 27 June 2013

Hart Stores, which operates a network of 60 mid-sized department stores across secondary and tertiary markets in Eastern Canada, has reported sales of $16.3m for the first quarter ended 5 May 2013 compared to $18m in the previous year.

The net loss for the quarter was $3.2m compared to a net loss of $5.7m for the prior year period.

Comparable store sales increased 4.5% for the first quarter versus the same period last year.

Net income in the first quarter was impacted favorably by higher comparable store sales, lower store expenses and reduced restructuring costs.

Hart Stores president and COO Robert Farah said: "We are encouraged by the improved comparable store sales and bottom line performance. However, more work needs to be done to attain the performance levels we know we are capable of achieving."

The retailer offers 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.