Hancock Fabrics narrows loss
Home & Textiles Today Staff -- Home Textiles Today, December 15, 2008
Baldwyn, Miss. – Craft and home fabric retailer Hancock Fabrics reported a third-quarter net loss of $2.5 million, tightened from the $6.1 million loss for the year-ago period, both inclusive of bankruptcy related costs.
As the year-to-date net loss of $20.9 million was basically flat with last year’s nine-months loss, the third quarter marked some sign of turnaround for the 264-store company.
Jane Aggers, president and ceo, said, “We are encouraged with our progress this year despite the current economic climate. Our team has been able to drive positive comparative growth by increasing transaction counts and improving the average transaction total.”
Aggers said cost has been controlled with better product sourcing and related initiatives.
Quarterly sales of $70.6 million edged up 1.3% from the year-ago period, with comps up 2.1%. Year-to-date comps are up 2.8%, with total sales up 0.7% to $198.2 million.
At the end of the third quarter, Hancock Fabrics said it had over $32 million of availability under its revolving credit facility, compared to $21 million availability as of the end of the second quarter.