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Jo-Ann CFO pleased with Q2 sales performance
10 Aug '07
2 min read
Jo-Ann Stores Inc reported that net sales, for the second quarter ended August 4, 2007, increased 7.0% to $388.5 million from $363.2 million in the prior year. Same-store sales for the quarter increased 7.0% versus a same-store sales decrease of 8.4% for the second quarter last year.
"We are pleased with our sales performance during the second quarter," said Jim Kerr, Chief Financial Officer. "Sales were driven by our new marketing programs and by capturing volume from competitor store closures and category changes."
"The process we implemented this year to sell through clearance merchandise in a more timely manner also contributed to sales growth, but impacted gross margin, as expected. We will continue to execute our plans to enhance profitability over the long term through a balanced approach to sales growth and margin improvement."
Net sales for the six-month period ended August 4, 2007 were $812.7 million versus $787.9 million for the same period in the prior year. Year-to-date same-store sales increased 4.2% versus a same-store sales decrease of 6.0% for the same period last year.
On August 29, 2007, the Company will report earnings for its second quarter of fiscal 2008. In conjunction with the second quarter earnings release, investors are invited to listen to the earnings conference call to be broadcast live over the Internet at 4:30 PM Eastern Time. The earnings release will provide instructions on how to access the call.
"We are pleased with our sales performance during the second quarter," said Jim Kerr, Chief Financial Officer. "Sales were driven by our new marketing programs and by capturing volume from competitor store closures and category changes."
"The process we implemented this year to sell through clearance merchandise in a more timely manner also contributed to sales growth, but impacted gross margin, as expected. We will continue to execute our plans to enhance profitability over the long term through a balanced approach to sales growth and margin improvement."
Net sales for the six-month period ended August 4, 2007 were $812.7 million versus $787.9 million for the same period in the prior year. Year-to-date same-store sales increased 4.2% versus a same-store sales decrease of 6.0% for the same period last year.
On August 29, 2007, the Company will report earnings for its second quarter of fiscal 2008. In conjunction with the second quarter earnings release, investors are invited to listen to the earnings conference call to be broadcast live over the Internet at 4:30 PM Eastern Time. The earnings release will provide instructions on how to access the call.
Jo-Ann Stores Inc
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