Home / Knowledge / News / Textiles / Jo-Ann accelerating new store openings in fiscal 2012
Jo-Ann accelerating new store openings in fiscal 2012
30
Aug '10
Jo-Ann Stores, Inc. announced financial results for its fiscal 2011 second quarter ended July 31, 2010. Net income for the second quarter was $5.4 million, or $0.20 per diluted share, compared with a net loss of $3.2 million, or ($0.13) per diluted share, for the second quarter last year.

Net sales for the second quarter increased 4.7% to $439.3 million from $419.4 million for the same period last year. Same-store sales increased 4.4% compared with a 1.8% same-store sales increase for the second quarter last year.

Large-format store net sales for the quarter increased 3.9% to $238.2 million compared to the same period last year. Same-store sales for large-format stores increased 3.0% compared with an increase of 0.1% in the second quarter last year. Small-format store net sales for the quarter increased 5.4% to $192.4 million compared to the same period last year. Same-store sales for small-format stores increased 6.2% compared with an increase of 3.9% in the second quarter last year. Internet sales through Joann.com increased 16.0% to $8.7 million for the quarter compared to the same period last year.

Darrell Webb, chairman and chief executive officer stated, "Our results marked not only record earnings performance but also the first time in five years that we have generated positive earnings in the second quarter. These results were driven by better than expected performance from our new stores, significant sales lift from our remodels and successful new product assortments."

Webb concluded, "Given our solid balance sheet and cash position, we are excited to announce an acceleration of our new store openings for fiscal year 2012. We remain committed to executing our strategic initiatives and expect to deliver balanced and sustainable improvement in our results in the future."

Net sales for the six-month period ended July 31, 2010 increased 4.6% to $919.6 million versus $879.4 million in the prior year. Same-store sales increased 4.2% for the six-month period compared with a 1.4% increase in the prior year.

Large-format store net sales for the six-month period increased 3.9% to $496.1 million compared to the prior year. Same-store sales for large-format stores increased 2.4%, versus a 0.2% decrease in the prior year. Small-format store net sales for the six-month period increased 5.1% to $404.5 million compared to the prior year. Same-store sales performance for small-format stores increased 6.6% versus a 3.4% increase in the prior year. Internet sales through Joann.com for the six-month period increased 11.8% to $19.0 million compared to the prior year.

Operating Results
Gross margins for the second quarter increased approximately 120 basis points to 50.5% compared to the same period last year primarily due to global sourcing efforts as well as improved inventory management.

Selling, general and administrative expenses for the quarter increased 0.6% to $194.5 million compared to the same period last year. Selling, general and administrative expenses as a percentage of net sales improved by approximately 180 basis points to 44.3% compared to the same period last year due to expense leverage from the increase in sales as well as continued efforts to control expenses.


Must ReadView All

Serbian economy minister Goran Knezevic (left) and Taypa president Mesut Toprak after signing the MoU. Courtesy: Serbian Government/SeeNews

Textiles | On 20th Oct 2017

Turkish group Taypa to build textile factory in Serbia

Turkish textile group Taypa will invest euro 35 million ($41.2...

China’s textile & apparel exports rise 4.3% in Sept ’17

Textiles | On 20th Oct 2017

China’s textile & apparel exports rise 4.3% in Sept ’17

Registering an increase of 4.3 per cent year-on-year, the exports of...

Courtesy: Messe Frankfurt

Textiles | On 20th Oct 2017

Heimtextil to focus on textile solutions for architects

Heimtextil 2018, world's leading trade fair for home and contract...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
27.9%
Skip
10.3%

Total Votes: 68

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search