Home / Knowledge / News / Textiles / Jo-Ann experiences strength in fabric & sewing merchandise
Jo-Ann experiences strength in fabric & sewing merchandise
10
Nov '09
Jo-Ann Stores, Inc. reported net sales results for the third quarter of fiscal 2010, provided preliminary expectations for third quarter earnings per share, and increased its full year fiscal 2010 outlook.

Net sales for the third quarter ended October 31, 2009 increased 6.0% to $509.1 million from $480.1 million for the same period last year. Same-store sales increased 4.3% compared with a 1.5% same-store sales decrease for the third quarter last year. Traffic increased 4.9% while average ticket declined 0.6%.

Large-format store net sales for the quarter increased 8.7% to $272.0 million compared to the same period last year. Same-store sales for large-format stores increased 2.3% compared with a decrease of 3.8% in last year's third quarter. Small-format store net sales increased 3.0% to $228.5 million compared to the same period last year. Same-store sales for small-format stores increased 6.7% compared with an increase of 1.2% for the same period last year. Internet sales through Joann.com increased 6.2% to $8.6 million compared to the same period last year.

Sewing same-store sales increased 8.1%. The company continued to experience strength in the majority of its fabric and sewing notions merchandise categories. Non-sewing same-store sales increased 0.1% due to growth in core craft merchandise categories offset by continued weakness in seasonal and custom framing merchandise categories.

Net sales for the nine-month period ended October 31, 2009 were $1.39 billion versus $1.33 billion in the prior year. Same-store sales increased 2.5% for the nine-month period compared with a 1.9% increase for the same period last year.

Fiscal Third Quarter 2010 Expected Results
Based on the better than expected sales results, the company currently expects fiscal third quarter 2010 earnings per diluted share within a range of $0.88 to $0.90, compared to $0.40 per diluted share in the third quarter of fiscal 2009. Earnings for the third quarter of fiscal 2009 included $0.05 per diluted share related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, earnings for the third quarter of 2009 were $0.35 per diluted share.

Fiscal 2010 Outlook
Based upon the company's year-to-date results and management's operating assumptions for the remainder of the year the company is increasing its previously announced expectations for fiscal 2010:

• Same-store sales up approximately 2.3% to 2.7% for the year versus the previously announced range of approximately flat to up 1%;
• Earnings per diluted share in the range of $1.95 to $2.05 for the year (excluding any gains on debt purchases) versus the previously announced range of $1.35 to $1.50.

The company is updating its guidance at this time given the significantly better than expected sales and earnings performance for the third quarter and fiscal year to date. In the future, investors should not expect the company to provide interim updates of quarterly results or the company's outlook information in advance of scheduled quarterly earnings announcement dates. Additional key considerations related to the company's outlook will be provided in the third quarter earnings release scheduled for December 2, 2009.

Jo-Ann Stores, Inc


Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Top executives, Retailers

Top executives
Retailers

Weak rupee breeds inflation

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search