TITLE

Hancock Profits Plunge

AUTHOR(S)
Hogsett, Don
PUB. DATE
February 2005
SOURCE
Home Textiles Today;2/28/2005, Vol. 26 Issue 25, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the financial performance of Hancock Fabrics Inc. Pummeled by a punishing trinity of lower sales, weaker margins and higher costs, fourth quarter profits at Hancock Fabrics plunged by 65 percent, to $2.6 million from $7.6 million during the same period a year ago. 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. Jane Aggers, newly named CEO, said most of the slide in same-store sales was caused by a lower average ticket, as customer traffic did not vary significantly between years.
ACCESSION #
16261005

 

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