Hancock Fabrics in fiscal year 2011 widened its losses to $11.3 million, the company reported today.
The company’s fiscal year ended Jan. 28. In the previous fiscal year, the fabric and craft retailer posted a $10.5 million loss.
Sales also slipped in the most recent fiscal year to $272 million, compared to $275.5 million in fiscal 2010.
The bright spot in Hancock’s filing was its fourth-quarter sales, which grew 4.5 percent to $81.4 million compared to the prior-year quarter.
The company also narrowed its quarterly loss to $5.2 million, compared to a net loss of $9.8 million in the fourth quarter of fiscal 2010.
Read more in Saturday's paper.
Press release from Baldwyn-based Hancock Fabrics:
Hancock Fabrics Announces Fiscal 2011 Financial Results
BALDWYN, Miss., Apr 20, 2012 (BUSINESS WIRE) --Hancock Fabrics, Inc. (OTC symbol: HKFI) today announced financial results for its fourth quarter ended January 28, 2012 and full fifty-two weeks of fiscal 2011.
Financial results for the fourth quarter include:
Fiscal 2011 financial results include:
Steve Morgan, President and Chief Executive Officer commented, "As we predicted in our 3rd quarter press release, we have overcome our inherited inventory challenges of missed merchandise buys in the latter half of 2010 intended for 2011 sales. We were able to deliver the best 4th quarter comparable sales Hancock has seen since 2002, and experienced the best overall comparable sales quarter achieved in 4 years. I am also happy to report net comps have continued to be positive through the spring."
Morgan continued, "Our senior management team is now complete with the hiring of our new SVP of store operations in January, and VP of marketing in April. These additions complete the revamping of all areas of our business and we now have the talent and experience throughout our organization to be successful in 2012 and into the future. In addition to other initiatives undertaken in preparation for this year, we have recently cut an additional $4.2 million of expense annually in order to improve profitability as we move forward. We continue to feel good about this team and the momentum we are taking through the 1st quarter."
Store Openings, Closings and Remodels
During 2011, the Company opened one store, closed 3 stores and relocated 5 units, ending the year with 263 stores.