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Positive customer response to Jo-Ann sewing & craft merchandise
03
Dec '09
Jo-Ann Stores, Inc. announced financial results for its fiscal 2010 third quarter ended October 31, 2009. Net income for the quarter was $24.1 million, or $0.90 per diluted share, versus net income of $10.2 million, or $0.40 per diluted share for the third quarter last year. The prior year third quarter net income includes a $1.3 million after-tax gain, or $0.05 per diluted share, related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the prior year third quarter was $8.9 million, or $0.35 per diluted share.

Net sales for the third quarter increased 6.0% to $509.1 million from $480.1 million for the same period last year. Same-store sales increased 4.3% compared with a 1.5% same-store sales decrease for the third quarter last year.

Large-format store net sales for the quarter increased 8.7% to $272.0 million compared to the same period last year. Same-store sales for large-format stores increased 2.3% compared with a decrease of 3.8% in the same period last year. Small-format store net sales for the quarter increased 3.0% to $228.5 million compared to the same period last year. Same-store sales for small-format stores increased 6.7% compared with an increase of 1.2% for the same period last year. Internet sales through Joann.com for the quarter increased 6.2% to $8.6 million compared to the same period last year.

Darrell Webb, chairman, president and chief executive officer stated, “We achieved strong sales, margin, and earnings improvement in the third quarter, with our financial results exceeding original expectations. Positive customer response to our core sewing and craft merchandise continues to drive sales growth, while our sourcing, inventory management, and expense control initiatives allowed us to achieve gross margin expansion and expense leverage.”

“As a result of our solid financial position and the favorable commercial real estate leasing environment, we plan to increase our new store development and remodeling activity next fiscal year. We are committed to growing and improving the quality of our store portfolio, as we maintain strong operating disciplines and focus on enhancing the shopping experience for our customers. We believe our strategic plan will provide sustainable growth in sales and profitability over the years to come,” Webb concluded.

Net sales for the nine-month period ended October 31, 2009 were $1.39 billion versus $1.33 billion in the prior year. Same-store sales increased 2.5% for the nine-month period compared with a 1.9% increase in the prior year.

Large-format store net sales for the nine-month period increased 7.4% to $747.1 million compared to the prior year. Same-store sales for large-format stores increased 0.7%, versus a 0.3% increase in the prior year. Small-format store net sales for the nine-month period increased 1.0% to $615.8 million compared to the prior year. Same-store sales performance for small-format stores increased 4.7% versus a 3.7% increase in the prior year. Internet sales through Joann.com for the nine-month period increased 9.4% to $25.6 million compared to the prior year.

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