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Jo-Ann earnings per share improve by $0.29
28
Aug '08
Jo-Ann Stores Inc announced financial results for its fiscal 2009 second quarter ended August 2, 2008. Net loss for the quarter was $11.7 million, or ($0.47) per share, versus a net loss of $18.4 million, or ($0.76) per share in fiscal 2008.

Net sales for the second quarter increased 3.7% to $403.0 million from $388.5 million in the prior year. Same-store sales increased 3.3% compared with a 7.0% increase for the same period last year.

Large-format stores net sales for the quarter increased 3.1% to $209.0 million from $202.8 million last year. Same-store sales for large-format stores increased 2.3%, compared with an increase of 9.2% for the same period last year. Small-format stores net sales for the quarter increased 0.6% to $186.9 million from $185.7 million last year. Same-store sales performance for small-format stores increased 4.4% compared with an increase of 4.8% for the same period last year.

Net sales for the six-month period ended August 2, 2008 were $849.1 million versus $812.7 million in the prior year. Same-store sales increased 3.9% for the six-month period compared with a 4.2% increase for the same period last year.

Large-format stores net sales for the six-month period increased 4.1% to $439.2 million from $422.1 million last year. Same-store sales for large-format stores increased 2.8%, versus a 5.9% increase in the prior year. Small-format stores net sales for the six-month period increased 1.0% to $394.6 million from $390.6 million last year. Same-store sales performance for small-format stores increased 5.2% versus a 2.7% increase in the prior year.

"I am proud of our team for delivering another quarter of significant earnings improvement in this challenging economic environment. Our balance sheet continues to grow stronger each quarter, with improving cash flow, lower inventory levels, and reductions in debt.

While the economic environment remains uncertain, I am confident that by continuing to revitalize our stores, while keeping a tight focus on expenses and inventories, we will not only weather this economic downturn, but strengthen our competitive position in both crafts and sewing," said Darrell Webb, chairman, president and chief executive officer.

Operating Results:
Gross margins for the second quarter increased approximately 190 basis points to 47.6% from 45.7% in the second quarter of the prior year, due to lower sales of clearance merchandise.

Selling, general and administrative expenses for the quarter increased to $191.6 million from $188.1 million last year. Selling, general and administrative expenses improved by approximately 90 basis points to 47.5% of net sales from 48.4% in the second quarter of the prior year due to expense leverage from the increase in sales as well as continued cost control efforts.

Operating loss for the second quarter was $16.5 million versus a $26.2 million operating loss for the prior year'ssecond quarter.


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