Hancock Fabrics, Inc. (OTC:HKFI) has released the financial results for the third quarter ended October 31, 2009. The company reported net sales of $72.7 million, compared to the previous year’s third quarter net sales of $70.6. It’s operating income increased by $3.6, resulting from a $4.5 million profit during the quarter.
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Interested parties may obtain the full financial results on the company’s website, http://www.hancockfabrics.com/. The company held a conference call to review the financial results. The call is available as a webcast on the Event Calendar page of the Investors section in the About Us portion of the company’s website.
Hancock Fabrics, Inc. (Hancock) is a specialty retailer committed to serve creative enthusiasts. The Company operates 263 stores in 37 states and an Internet store located on its Website with the domain name www.hancockfabrics.com as of January 31, 2009. The stores offer a selection of apparel fabrics, home decorating products (which include drapery and upholstery fabrics, and home accent pieces), quilting materials, and notions (which include sewing aids and accessories, such as zippers, buttons, threads, sewing machines and patterns). Stores are primarily located in strip shopping centers. During the fiscal year ended January 31, 2009 (fiscal 2009), Hancock closed seven stores, opened one store, remodeled 63 stores, and relocated four existing stores. Bulk quantities of fabric are purchased from domestic and foreign mills, fabric jobbers, and importers. During fiscal 2009, Hancock purchased approximately 13% of its merchandise from five suppliers.
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