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Jo-Ann Q4 gross margins expand on better strategy
08 May '07
3 min read
Selling, general and administrative expenses for the fourth quarter, decreased to $215.4 million, or 35.9% of net sales, from $218.0 million, or 36.1% of net sales, in the prior year fourth quarter.
Operating profit for the fourth quarter was $42.3 million, versus an $8.9 million operating loss for the prior year fourth quarter.
"During the quarter we continued to make progress on our merchandising strategy and inventory position," said Darrell Webb, chairman, president and chief executive officer. "While our actions have resulted in a decline in same-store sales, we were able to realize significant gross margin improvement in the fourth quarter compared to the same period last year."
"Our strategic plan is gaining traction, evidenced by the expansion in margins, improvement in earnings and debt reduction, as we shift our focus to achieving profitable sales. I am confident that by enhancing the customer shopping experience and product assortment, implementing supply chain efficiencies, and capitalizing on competitive opportunities, Jo-Ann's will be well-positioned to sustain profitable growth in the coming years."
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Operating profit for the fourth quarter was $42.3 million, versus an $8.9 million operating loss for the prior year fourth quarter.
"During the quarter we continued to make progress on our merchandising strategy and inventory position," said Darrell Webb, chairman, president and chief executive officer. "While our actions have resulted in a decline in same-store sales, we were able to realize significant gross margin improvement in the fourth quarter compared to the same period last year."
"Our strategic plan is gaining traction, evidenced by the expansion in margins, improvement in earnings and debt reduction, as we shift our focus to achieving profitable sales. I am confident that by enhancing the customer shopping experience and product assortment, implementing supply chain efficiencies, and capitalizing on competitive opportunities, Jo-Ann's will be well-positioned to sustain profitable growth in the coming years."
Click here to read more:
Jo-Ann Stores Inc
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