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Jo-Ann expects to remodel 25-30 stores in fiscal 2009
13 Mar '08
4 min read
Small-format stores net sales for the fiscal year decreased 4.5% to $912.4 million compared to the prior year. On a comparable 52-week basis, same-store sales for small-format stores increased 3.0% versus a same-store sales decrease of 4.1% last year.
"The new strategic growth plan we outlined at the beginning of fiscal year 2008 allowed us to deliver balanced and consistent improvement for the year; including same-store sales growth, retail store gross margin expansion, SG&A expense leverage, and increased earnings per share.
I am proud of our team for achieving these results in a challenging year for many retailers, given the weakening economy," said Darrell Webb, chairman, president, and chief executive officer.
Mr. Webb concluded, "We expect to continue delivering balanced, consistent, and sustainable sales and earnings growth over the long term. While fiscal year 2009 will be somewhat unpredictable due to the economic environment, we believe our company is partially insulated from a downturn due to competitive withdrawals from the fabric industry, the higher income demographic of our customers and the solid performance of craft retailers in past recessionary periods."
During the fourth quarter of fiscal 2008, the Company closed one large-format and ten small-format stores. In fiscal year 2008, the Company opened six large-format stores and closed one large-format and 32 small-format stores.
The year-end store count was 196 large-format stores and 578 small-format stores, for a total of 774 stores. For fiscal 2009, the Company expects to open approximately 12-15 new stores and close approximately 25 stores.
During fiscal 2008, the Company remodeled 26 stores. In fiscal 2009, the Company expects to remodel approximately 25-30 stores.
Based upon management's operating assumptions, continued implementation of Jo-Ann Stores' strategic growth plans and current uncertain economic conditions, the Company expects year-over-year improvement in its performance in fiscal 2009.
The Annual Meeting of Shareholders of the Company has been set by the board of directors and will be held on Wednesday, June 11, 2008 at 9:00 a.m, ET, at the Jo-Ann Stores Conference Center located at 5373 Darrow Road in Hudson, Ohio.
All shareholders are cordially invited to attend the meeting, although only those holders of common shares of record at the close of business on April 14, 2008 will be entitled to vote at the meeting.
"The new strategic growth plan we outlined at the beginning of fiscal year 2008 allowed us to deliver balanced and consistent improvement for the year; including same-store sales growth, retail store gross margin expansion, SG&A expense leverage, and increased earnings per share.
I am proud of our team for achieving these results in a challenging year for many retailers, given the weakening economy," said Darrell Webb, chairman, president, and chief executive officer.
Mr. Webb concluded, "We expect to continue delivering balanced, consistent, and sustainable sales and earnings growth over the long term. While fiscal year 2009 will be somewhat unpredictable due to the economic environment, we believe our company is partially insulated from a downturn due to competitive withdrawals from the fabric industry, the higher income demographic of our customers and the solid performance of craft retailers in past recessionary periods."
During the fourth quarter of fiscal 2008, the Company closed one large-format and ten small-format stores. In fiscal year 2008, the Company opened six large-format stores and closed one large-format and 32 small-format stores.
The year-end store count was 196 large-format stores and 578 small-format stores, for a total of 774 stores. For fiscal 2009, the Company expects to open approximately 12-15 new stores and close approximately 25 stores.
During fiscal 2008, the Company remodeled 26 stores. In fiscal 2009, the Company expects to remodel approximately 25-30 stores.
Based upon management's operating assumptions, continued implementation of Jo-Ann Stores' strategic growth plans and current uncertain economic conditions, the Company expects year-over-year improvement in its performance in fiscal 2009.
The Annual Meeting of Shareholders of the Company has been set by the board of directors and will be held on Wednesday, June 11, 2008 at 9:00 a.m, ET, at the Jo-Ann Stores Conference Center located at 5373 Darrow Road in Hudson, Ohio.
All shareholders are cordially invited to attend the meeting, although only those holders of common shares of record at the close of business on April 14, 2008 will be entitled to vote at the meeting.
Jo-Ann Stores Inc
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