Hancock ends quarter with positive cash flow

BALDWYN – Hancock Fabrics stayed in the black in its latest quarter, according to a U.S. Securities and Exchange filing made public Wednesday.
For the quarter ended July 4, the Baldwyn-based craft and fabric retailer reported cash sales and asset sales of nearly $57.7 million. Hancock, in the filing, reported expenses of $57.6 million.
After combining the profit with the beginning cash balance, Hancock ended the quarter with $2.75 million in cash.
Hancock filed for Chapter 11 bankruptcy in March 2007 and emerged in August 2008. The filing is a summary report that the company must file since it emerging. It does not provide additional details, such as same-store sales.
A Hancock official was unavailable for additional comment Wednesday. As of press time Wednesday, a quarterly conference call had not been scheduled.
During a quarterly earnings conference call in June, Hancock CFO Rob Driskell said as of June 3 Hancock had 264 stores and 4,700 store employees and 350 corporate employees.
In the past three years, Hancock has closed about 180 stores and laid off hundreds of employees. In June, CEO Jane Aggers said the downsizing made her company better positioned to handle the soft economy.

Contact Carlie Kollath at (662) 678-1598 or carlie.kollath@djournal.com.

Carlie Kollath/NEMS Daily Journal