Hancock profits plunge.(News)(Hancock Fabrics Inc.)
Home Textiles Today, February, 2005 by Hogsett, Don
Tupelo, Miss. -- Pummeled by a punishing trinity of lower sales, weaker margins and higher costs, fourth quarter profits at Hancock Fabrics Inc. plunged by 65 percent, to $2.6 million from $7.6 million during the same period a year ago. For all of last year earnings fell even further, 89.9 percent, to $1.8 million from $17.4 million.
Sales in the all-important Christmas quarter slid 4.1 percent, to $121.9 million from $127.2 million. Same-store sale were off even further, declining 4.7 percent. For all of last year, total company sales declined 3.8 percent, to $426.7 million from $443.6 million, while same-store sales dropped 4.2 percent. Jane Aggers, newly named CEO, said most of the slide in same-store sales was caused by a lower average...
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