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Jo-Ann Stores falls Q1 guidance

31
May '07
Jo-Ann Stores Inc announced financial results for its fiscal 2008 first quarter ended May 5, 2007. Net loss for the first quarter of fiscal 2008 was $1.7 million, or $0.07 loss per diluted share, compared with a net loss of $6.6 million, or $0.28 loss per diluted share, in the prior year first quarter.

For the first quarter, net sales decreased 0.1% to $424.2 million from $424.7 million last year. Same-store sales increased 1.8% for the quarter, versus a same-store sales decrease of 3.9% in the first quarter last year.

Review of Operating Results:
Gross margins for the first quarter of fiscal 2008 increased 70 basis points to 47.3% from 46.6% primarily due to reduced sales of clearance inventory compared to the prior year.

Selling, general and administrative expenses decreased to $185.5 million, or 43.7% of net sales, in the first quarter of fiscal 2008 from $189.7 million, or 44.7% of net sales, in the first quarter last year.

Operating profit for the first quarter was $0.1 million, versus an $8.8 million operating loss for the prior year first quarter.

"The first quarter produced an important milestone, as we achieved positive same-store sales for the first time in six quarters, and also expanded our gross margin rate," said Darrell Webb, chairman, president, and chief executive officer.

"Our strategic plan is on-track and we continue to execute the initiatives designed to generate profitable and sustainable sales growth over the long term. While it is still early in the fiscal year, I am pleased with the progress we have made to improve the customer shopping experience, enhance our marketing and merchandising programs, and refine our capital investment strategy."


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