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Jo-Ann Stores announces financial results for fiscal year 2009
17
Mar '09
Jo-Ann Stores Inc announced financial results for its fiscal 2009 fourth quarter and full year ended January 31, 2009. Net income for the fourth quarter of fiscal 2009 was $20.4 million, or $0.79 per diluted share, compared with net income of $27.5 million, or $1.10 per diluted share in the prior year fourth quarter.

The current quarter net income includes a $1.3 million after-tax gain, or $0.05 per diluted share, related to the repurchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the fourth quarter was $19.1 million, or $0.74 per diluted share.

Net income for the full fiscal year ended January 31, 2009 was $21.9 million, or $0.86 per diluted share, compared with net income of $15.4 million, or $0.62 per diluted share, in the prior year. The current fiscal year net income includes a $2.6 million after-tax gain, or $0.10 per diluted share, related to the repurchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the fiscal year was $19.3 million, or $0.76 per diluted share.

Net sales for the fourth quarter decreased 2.4% to $571.9 million compared to the same period last year. Fourth quarter same-store sales decreased 2.9% versus a same-store sales increase of 3.3% in last year's fourth quarter.

Large-format store net sales for the quarter decreased 1.1% to $296.1 million compared to the same period last year. Same-store sales for large-format stores decreased 4.1%, versus an increase of 2.4% in last year's fourth quarter. Small-format store net sales decreased 4.0% to $263.5 million compared to the same period last year. Same-store sales for small-format stores decreased 1.4% versus an increase of 4.2% in last year's fourth quarter. Internet sales through Joann.com were $12.3 million in the fourth quarter of fiscal 2009 compared to $11.9 million for the same period last year.

Net sales for the fiscal year ended January 31, 2009 were $1.901 billion versus $1.879 billion in the prior year. Same-store sales increased 0.5% versus a same-store sales increase of 3.5% last year.

Large-format store net sales for the fiscal year ended January 31, 2009 increased 0.9% to $983.6 million compared to the prior year. Same-store sales for large-format stores decreased 1.0% versus a same-store sales increase of 3.9% last year. Small-format store net sales for the fiscal year decreased 1.1% to $881.8 million compared to the prior year. Same-store sales for small-format stores increased 2.1% versus a same-store sales increase of 3.0% last year. Joann.com sales were $35.7 million for the fiscal year.

Darrell Webb, chairman, president and chief executive officer stated, "The successful execution of our strategic growth initiatives allowed us to deliver same-store sales growth, SG&A expense leverage, and a consistent margin rate, which resulted in increased earnings and strong free cash flow for fiscal year 2009. Additionally, our core sewing and crafts businesses continued to exhibit growth throughout the year, despite the deterioration in economic conditions. I am proud of our team for achieving these results in a challenging year for many retailers.”

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