Hancock Fabrics is reporting a loss of $45.9 million for the fiscal year that ended Feb. 3.
The Baldwyn-based company said Tuesday total sales were $376.2 million, a 3 percent drop from a year earlier. Same-store sales were down 1.9 percent.
A year ago, Hancock reported a net loss of $30.3 million on sales of $388.8 million. Same-store sales were down 6.2 percent.
The new earnings report comes after the craft and fabric retailer filed for Chapter 11 bankruptcy protection a year ago March.
Documents filed with the U.S. Securities and Exchange Commission show Hancock plans a new store prototype, a new financial reporting method and a product re-merchandising program.
In addition, the company said it intends to present its business plan and begin formulating a plan of reorganization before April.
Hancock expects to exit Chapter 11 two to three months later, according to the filing.