Hancock November same-store sales down
Published 4:43 pm Friday, December 1, 2006
Fabric retailer Hancock Fabrics Inc. on Thursday said same-store sales fell 2.8 percent in November.
Same-store sales, or sales at stores open at least a year, are a widely watched performance gauge.
Total sales for the four-week period ended Nov. 25 fell nearly 9 percent to $34.8 million from $38.1 million last year.
During the first 10 months of fiscal 2006, same-store sales fell 1 percent, including a 3.3 percent benefit from 40 stores that had been closed by the end of August and two other stores that are in the process of being closed. Total sales fell 3.6 percent to $311.4 million from $323.1 million last year.
Company officials attribute the decrease to having 41 fewer stores this year and a decline in comparable store sales.
Hancock Fabrics, based in Baldwyn, operates 405 retail stores in 40 states.