15769 Tue, 12/16/2008 - 1:15pm
BALDWYN, Miss.–Hancock Fabrics posted a net loss of $2.5 million in the third quarter, compared with a third-quarter net loss of $6.1 million last year.
The fabrics retailer also managed a 1.3 percent increase in third-quarter sales, which totaled $70.6 million. Also, same-store sales rose 2.1 percent, which the company attributed to a boost in the number of store transactions.
In a Hancock Fabrics statement, Jane Aggers, president and chief executive officer, said the increase in transaction counts and the improvement in average transaction total resulted in “positive comparative growth” in the third quarter. In addition, Aggers said the retailer has expanded its margin rates by reducing clearance and promotional programs, and improving its product sourcing.