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Jo-Ann posts Q4 & fiscal year 2010 results

15
Mar '10
Jo-Ann Stores, Inc. announced financial results for its fiscal 2010 fourth quarter and full year ended January 30, 2010. Net income for the quarter was $37.1 million, or $1.36 per diluted share, versus net income of $20.4 million, or $0.79 per diluted share for the fourth quarter last year. The prior year fourth quarter net income included a $1.3 million after-tax gain, or $0.05 per diluted share, related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the prior year fourth quarter was $19.1 million, or $0.74 per diluted share.

Net income for the full fiscal year ended January 30, 2010, was $66.6 million, or $2.51 per diluted share, compared with net income of $21.9 million, or $0.86 per diluted share, in the prior year. The current fiscal year net income includes a $0.8 million after-tax gain, or $0.03 per diluted share, related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the fiscal year was $65.8 million, or $2.48 per diluted share. The prior fiscal year net income included a $2.6 million after-tax gain, or $0.10 per diluted share, related to the purchase of a portion of the company's senior subordinated notes. Excluding this gain, net income for the prior fiscal year was $19.3 million, or $0.76 per diluted share.
Net sales for the fourth quarter increased 5.3% to $602.2 million from $571.9 million for the same period last year. Same-store sales increased 4.4% compared with a 2.9% same-store sales decrease for the fourth quarter last year.

Large-format store net sales for the quarter increased 7.9% to $323.8 million compared to the same period last year. Same-store sales for large-format stores increased 3.1% compared with a decrease of 4.1% in the same period last year. Small-format store net sales for the quarter increased 2.6% to $266.1 million compared to the same period last year. Same-store sales for small-format stores increased 6.1% compared with a decrease of 1.4% for the same period last year. Internet sales through Joann.com of $12.3 million were flat compared to the same period last year.

Net sales for the fiscal year ended January 30, 2010, increased 4.7% to $1.99 billion versus $1.90 billion in the prior year. Same-store sales increased 3.1% compared with a same-store sales increase of 0.5% last year.

Large-format store net sales for the fiscal year ended January 30, 2010, increased 7.5% to $1.07 billion compared to the prior year. Same-store sales for large-format stores increased 1.4% versus a same-store sales decrease of 1.0% last year. Small-format store net sales for the fiscal year increased 1.4% to $879.9 million compared to the prior year. Same-store sales for small-format stores increased 5.1% versus a same-store sales increase of 2.1% last year. Internet sales increased 6.2% to $37.9 million for the fiscal year compared with $35.7 million in the prior year.


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