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Jo-Ann earnings per share improve by $0.29
28 Aug '08
4 min read
Store Openings, Closings and Remodels:
During the second quarter of fiscal 2009, the company opened three large-format stores and closed one large-format store and six small-format stores. Year-to-date, the company has opened a total of three large-format stores and closed two large-format stores and seven small-format stores. For fiscal 2009, the company expects to open 21 new stores and close approximately 30 stores.
During the second quarter of fiscal 2009, the company remodeled 11 stores. Year-to-date, the company remodeled 22 stores, of which four were transitioned from a small-format to a large-format layout. The company expects to remodel approximately 30 stores during the year, of which five are expected to transition from a small-format to a large-format layout.
Fiscal 2009 Outlook:
The company is updating its previously announced outlook for fiscal 2009. Based upon the company's first half results, management's operating assumptions for the remainder of the year, 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 key considerations underlying the company's outlook for fiscal 2009 include:
• Same-store sales growth of 2.0% to 3.5% for the year;
• Gross margin rate improvement for the year;
• Selling, general and administrative expense leverage improvement as a percentage of net sales for the year;
• Capital expenditures for the full year of approximately $60 million;
• Earnings per diluted share in the range of $0.95 to $1.05 for the year versus the previously announced range of $0.75 to $0.85;
• Weighted-average diluted share count of approximately 25.5 million shares for the year.
During the second quarter of fiscal 2009, the company opened three large-format stores and closed one large-format store and six small-format stores. Year-to-date, the company has opened a total of three large-format stores and closed two large-format stores and seven small-format stores. For fiscal 2009, the company expects to open 21 new stores and close approximately 30 stores.
During the second quarter of fiscal 2009, the company remodeled 11 stores. Year-to-date, the company remodeled 22 stores, of which four were transitioned from a small-format to a large-format layout. The company expects to remodel approximately 30 stores during the year, of which five are expected to transition from a small-format to a large-format layout.
Fiscal 2009 Outlook:
The company is updating its previously announced outlook for fiscal 2009. Based upon the company's first half results, management's operating assumptions for the remainder of the year, 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 key considerations underlying the company's outlook for fiscal 2009 include:
• Same-store sales growth of 2.0% to 3.5% for the year;
• Gross margin rate improvement for the year;
• Selling, general and administrative expense leverage improvement as a percentage of net sales for the year;
• Capital expenditures for the full year of approximately $60 million;
• Earnings per diluted share in the range of $0.95 to $1.05 for the year versus the previously announced range of $0.75 to $0.85;
• Weighted-average diluted share count of approximately 25.5 million shares for the year.
Jo-Ann Stores Inc
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