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Jo-Ann Stores gross margins expand 180 basis points

21 Nov '06
2 min read

Operating profit for the third quarter was $5.0 million, versus a $1.7 million operating loss for the prior year third quarter.

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Store Openings and Closings
During the third quarter of fiscal 2007, the Company opened five superstores and closed six traditional stores and one superstore.

Year-to-date, the Company has opened 20 superstores and five traditional stores and closed 46 traditional stores and two superstores. For the balance of the year, the Company expects to open one superstore and close 14 traditional stores.

Fiscal 2007 Fourth Quarter and Full-Year Outlook
The Company is updating its previously communicated outlook for fiscal 2007. We expect year-over-year improvement in business performance in the fourth quarter of this year.

This outlook is based upon management's operating assumptions, which include anticipated benefits of certain Repair Plan initiatives recently completed.

Jo-Ann Stores Inc

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