Hancock fabrics loses ground.(Business)
Home Textiles Today, May, 2005 by Hogsett, Don
BALDWYN, MISS. -- Hampered by a deep slide in same-store sales, thinning margins and an inventory build-up, Hancock Fabrics Inc. reported a first quarter loss of $3.3 million, reversing a small year-before profit of $816,000. Sales at the fabrics, craft and home decorating specialist skidded 6.9 percent, to $97.8 million from $105.1 million last year.
Same-store sales fell at the same 6.9 percent pace, crimped in part by one less shopping day in this year's first quarter. The opening quarter contained one less day than in 2004 because Hancock changed its fiscal year-end from Sunday to Saturday. The one less day decreased sales by about $700,000, the company said, and "the impact on earnings "was insignificant." Jane Aggers, CEO, commented, "The...
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