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Jo-Ann expects to remodel 25-30 stores in fiscal 2009
13
Mar '08
Jo-Ann Stores Inc announced financial results for its fiscal 2008 fourth quarter and full year ended February 2, 2008. Net earnings for the fourth quarter of fiscal 2008 were $27.5 million, or $1.10 per diluted share, compared with net earnings of $25.8 million, or $1.05 per diluted share in the prior year fourth quarter.

Net earnings for the full fiscal year ended February 2, 2008 were $15.4 million, or $0.62 per diluted share, compared with a loss of $1.9 million, or $0.08 per diluted share, in the prior year.

Fiscal 2008 included 52 weeks of operations compared to 53 weeks in fiscal 2007, with the additional week falling in the fourth quarter of fiscal 2007.

Net sales for the fourth quarter decreased 2.5% to $585.9 million compared to the same period last year. On a comparable 13-week basis, fourth quarter same-store sales increased 3.3% versus a same-store sales decrease of 6.0% in last year's fourth quarter.

Large-format stores net sales for the quarter decreased 1.5% to $293.2 million compared to the same period last year. On a comparable 13-week basis, same-store sales for large-format stores increased 2.4%, versus a decrease of 7.2% in last year's fourth quarter.

Small-format stores net sales decreased 7.4% to $280.8 million compared to the same period last year. On a comparable 13-week basis, same-store sales for small-format stores increased 4.2% versus a decrease of 5.1% in last year's fourth quarter. Internet sales through Joann.com were $11.9 million in the fourth quarter of fiscal 2008.

Net sales for the fiscal year ended February 2, 2008 were $1.879 billion versus $1.851 billion in the prior year. On a comparable 52-week basis, same-store sales increased 3.5% versus a same-store sales decrease of 5.9% last year.

Large-format stores net sales for the fiscal year ended February 2, 2008 increased 6.6% to $954.5 million compared to the prior year. On a comparable 52-week basis, same-store sales for large-format stores increased 3.9% versus a same-store sales decrease of 8.0% last year.

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