Jo-Ann Stores Narrows 2Q Loss, Rising FY Outlook
September 7, 2009-- Home Textiles Today,
With improved sales and better margins, Jo-Ann Stores narrowed its second-quarter loss to $3.2 million, or 13 cents per share, compared to a year-ago loss of $11.7 million, or 47 cents per share.
"Our strategy to revitalize the store portfolio, enhance our merchandise offering, and constantly improve store conditions is making a meaningful difference in the showing experience we provide and is continuing to attract customers," said Darrell Webb, chairman, president and ceo.
Sales rose 4.1% to $419.4 million, while comps ticked up 1.8%. Sewing and craft categories had the strongest performance; seasonal products remained weak, he said.
Gross margin improved by 170 basis points to 49.3% from 47.6%.
Jo-Ann Stores raised its guidance for the year to earnings per share of $1.35 to $1.50, excluding gains on debt purchases. The company expects comps of flat to up 1%.
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