Jo-Ann Stores narrows 2Q loss, raises FY outlook

Hudson, Ohio – 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 it’s 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%.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!