Jo-Ann psyched about superstore
Jane Kitchen -- Home Textiles Today, March 8, 2005
HUDSON, Ohio – Following last year’s rollout of superstores, Jo-Ann Stores Inc. is plunging forward with the revamped store format this new fiscal year and making inventory adjustments to improve its future sales performance, the company said during its fourth quarter and year-end call late yesterday.
“We are excited about the progress we made on validating our superstore model,” said Alan Rosskamm, chairman and CEO. “Our superstores that have been open at least a year produced more than 20 percent more cash flow per square foot than our traditional stores.”
Superstores are projected to represent about 40 percent of total company revenue this fiscal year, which began in February. The company said it will open about 40 new superstores — 11 of which are slated to open this first quarter — and close about 50 traditional units.