Harolds Store's turnaround

Harold's Stores Inc. (ticker: HLD) posted its first positive full year operating profits in six years, according to its 10K filing released on 4/29/2005. See highlights from the filing below:

• Net Income for 2004 was $37,000 compared to a loss of $6.2 mn in 2003.
• Same Store Sales for stores open at least a year increased 1.9%
• Chairman and CEO Hugh Mullins stated "the key to the financial turnaround has been less promotional and more full-price selling. Fifty-three percent of sales last year were at full price, vs. 41 percent the year before."
• Cash Flow from Operations was $343,000 in 2004 compared to a negative $1,891,000 in 2003.
• The company does not plan on opening any new stores in 2005, but has a modest expansion program planned for 2006.