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Jo-Ann Stores falls Q1 guidance
31 May '07
3 min read
Store Openings and Closings:
During the first quarter of fiscal 2008, the Company opened two superstores and one traditional store and closed 10 traditional stores. For the balance of the year, the Company expects to open three superstores and close 13 traditional stores and one superstore.
Fiscal 2008 Outlook:
The Company is reaffirming its previously announced outlook for fiscal 2008. Based upon management's operating assumptions, the implementation of Jo-Ann Stores' strategic growth plans, and current market conditions, the Company expects year-over-year improvement in business performance in fiscal 2008. The key considerations for understanding the Company's outlook for fiscal 2008 include:
• Same-store sales improving to positive for the year;
• Gross margin rate improvement for the year;
• Selling, general and administrative expenses flat for the year, as a percentage of net sales;
• Capital spending for the full year of $32 to $38 million;
• Earnings per diluted share in the range of $0.55 to $0.65 for the year.
During the first quarter of fiscal 2008, the Company opened two superstores and one traditional store and closed 10 traditional stores. For the balance of the year, the Company expects to open three superstores and close 13 traditional stores and one superstore.
Fiscal 2008 Outlook:
The Company is reaffirming its previously announced outlook for fiscal 2008. Based upon management's operating assumptions, the implementation of Jo-Ann Stores' strategic growth plans, and current market conditions, the Company expects year-over-year improvement in business performance in fiscal 2008. The key considerations for understanding the Company's outlook for fiscal 2008 include:
• Same-store sales improving to positive for the year;
• Gross margin rate improvement for the year;
• Selling, general and administrative expenses flat for the year, as a percentage of net sales;
• Capital spending for the full year of $32 to $38 million;
• Earnings per diluted share in the range of $0.55 to $0.65 for the year.
Jo-Ann Stores Inc
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