HART STORES INC. $2.21 Toronto symbol HIS

HART STORES INC. $2.21 (Toronto symbol HIS; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 13.6 million; Market cap: $30.1 million; SI Rating: Speculative) operates 80 midsized department stores in Eastern Canada. It plans to expand to 100 stores in the next few years. Hart prefers to focus on smaller cities that larger retailers tend to avoid. It also emphasizes convenience and customer service. That helps Hart attract shoppers away from big-box style competitors. Many of the goods Hart sells come from overseas suppliers. While the rising Canadian dollar makes imported goods cheaper, Hart had to cut its selling prices to stay competitive. Consequently, sales in the fiscal year ended February 2, 2008 fell 2.9%, to $161.6 million from $166.4 million in the prior fiscal year. Same-store sales fell 4.2%. Earnings per share fell 16.7%, to $0.25 a share from $0.30. The stock now trades at 7.4 times Hart’s forecast earnings of $0.30 a share. The $0.10 dividend still appears safe, and yields 4.5%. Hart Stores is a buy for aggressive investors.

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