Categorized | Business news, Hancock Fabrics, Northeast Mississippi, Retail News

Hancock Fabrics losses widen for quarter, year

On Friday, Hancock Fabrics released its third-quarter and year-to-date financials.

The good news: net sales for the company’s fiscal third quarter were $71.9 million, up from the $70.8 million a year earlier. Also, for the fourth consecutive quarter, same-store sales – sales at stores open for a least a year – rose again.

The bad news: the company’s operating loss for the third quarter was $800,000, compared to a gain of $1.2 million last year.

Also, Hancock posted a net loss of $2.24 million, or 11 cents a share, for the quarter, versus a $40,000 loss last year.

Through the first three quarters of its fiscal year, Hancock’s sales have risen 3 percent to $196.27 million, but its net loss continues to widen. So far, it’s $7.96 million, or 40 cents a share, a 30 percent increase compared to the same period a year earlier.

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