Jo-Ann profits plummet
May 22, 2003,
Hudson, OH — Hit by $4.6 million in costs tied to the repurchase of debt and the way it now accounts for the stock options it gives to managers, first-quarter profits at Jo-Ann Fabrics Inc. were slashed by more than half, falling by 52.9 percent, to $4.1 million from $8.7 million last year.
Held in check in a sluggish retail environment, sales were virtually flat, edging up by 0.6 percent, to $374.8 million from $372.4 million last year. Same-store sales were off by 2.6 percent, up against a difficult comparison with a 13.5 percent increase a year ago.
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