USA: Hancock Fabrics Reports 70 Per Cent Earnings Increase
Hancock Fabrics today announced its unaudited results for the fourth quarter and the full fiscal year.
Net earnings for the 13 weeks ended January 28, 2001 increased 27 per cent to $5m, or $.31 per diluted share, compared with $4m, or $.22 per diluted share, in the fourth quarter of 1999. Sales decreased 2.1 per cent to $101.2m from $103.4m in the same quarter a year ago.
For the 52 weeks, net earnings increased 59 per cent to $10.9m, or $.65 per diluted share, from $6.8m, or $.38 per diluted share, a year ago. Sales in 2000 increased 1 per cent to $385.2m from $381.6m in 1999.
Aided further by the company's continuing stock repurchase program, earnings on a per share basis increased 40 per cent in the fourth quarter and 70 per cent for the full year.
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