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Jo-Ann experiences strength in fabric & sewing notions merchandise
05
Feb '10
Jo-Ann Stores, Inc. reported net sales results for the fourth quarter of fiscal 2010 and provided preliminary expectations for fourth quarter and full year 2010 earnings per share above the company's previously announced expectations.

Net sales for the fourth quarter ended January 30, 2010 increased 5.3% to $602.2 million from $571.9 million for the same period last year. Same-store sales increased 4.4% compared with a 2.9% same-store sales decrease for the fourth quarter last year. Traffic increased 3.0% and average ticket increased 1.4%.

Large-format store net sales for the quarter increased 7.9% to $323.8 million compared to the same period last year. Same-store sales for large-format stores increased 3.1% compared with a decrease of 4.1% in last year's fourth quarter. Small-format store net sales increased 2.6% to $266.1 million compared to the same period last year. Same-store sales for small-format stores increased 6.1% compared with a decrease of 1.4% for the same period last year. Internet sales through Joann.com of $12.3 million were flat compared to the same period last year.

Sewing same-store sales increased 6.0%. The company continued to experience strength in the majority of its fabric and sewing notions merchandise categories. Non-sewing same-store sales increased 2.8% due to growth in core craft merchandise categories, partially offset by continued weakness in seasonal and custom framing merchandise categories.

Net sales for the fiscal year period ended January 30, 2010 increased 4.7% to $1.99 billion versus $1.90 billion in the prior year. Same-store sales increased 3.1% compared with a 0.5% increase last year.

Fourth Quarter and Fiscal Year 2010 Expected Results

Based on the better than expected sales results, the company currently expects fourth quarter 2010 earnings per diluted share within a range of $1.32 to $1.34, compared to $0.79 per diluted share in the fourth quarter of fiscal 2009. Earnings for the fourth quarter of fiscal 2009 included $0.05 per diluted share related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, earnings for the fourth quarter of fiscal 2009 were $0.74 per diluted share.

Full year fiscal 2010 earnings per diluted share are expected to be within a range of $2.47 to $2.49, compared to $0.86 per diluted share for the full year last year and the previously announced range of $1.95 to $2.05. Fiscal 2010 earnings include $0.03 per diluted share related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, earnings for fiscal year 2010 are expected to be within a range of $2.44 to $2.46 per diluted share. Fiscal 2009 earnings include $0.10 per diluted share related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, earnings for the full year of fiscal 2009 were $0.76 per diluted share.

The company will provide its fiscal year 2011 outlook in the fourth quarter earnings release scheduled for March 10, 2010.

Jo-Ann Stores Inc

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