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Jo-Ann Stores announces results for Q2
30 Aug '07
3 min read
Jo-Ann Stores Inc announced financial results for its fiscal 2008 second quarter ended August 4, 2007. Net loss for the quarter was $18.4 million, or $0.76 loss per diluted share, compared with a net loss of $21.2 million, or $0.90 loss per diluted share in fiscal 2007.
Net sales for the second quarter increased 7.0% to $388.5 million from $363.2 million in the prior year. Same-store sales increased 7.0% versus a decrease of 8.4% for the same period last year.
Large-format stores net sales for the quarter increased 15.4% to $199.1 million from $172.5 million last year. Same-store sales for large-format stores increased 9.2%, versus a decrease of 10.5% for the same period last year. Small-format stores net sales of $189.4 million were flat compared to last year. Same-store sales performance for small-format stores increased 4.8% versus a decrease of 6.7% for the same period last year.
"We are encouraged by our sales momentum," said Darrell Webb, chairman, president, and chief executive officer. "We continue to execute the various elements of our strategic plan with positive results, including enhancements to advertising and merchandise assortments, repositioning inventory, and improving our in-store shopping experience. While some of these initiatives have impacted margins in the short term, we remain confident in our ability to deliver balanced sales and margin expansion while driving profitable growth over the long term."
Net sales for thesix-month period ended August 4, 2007 were $812.7 million versus $787.9 million in the prior year. Same-store sales increased 4.2% for the six-month period versus a 6.0% decrease for the same period last year.
Net sales for the second quarter increased 7.0% to $388.5 million from $363.2 million in the prior year. Same-store sales increased 7.0% versus a decrease of 8.4% for the same period last year.
Large-format stores net sales for the quarter increased 15.4% to $199.1 million from $172.5 million last year. Same-store sales for large-format stores increased 9.2%, versus a decrease of 10.5% for the same period last year. Small-format stores net sales of $189.4 million were flat compared to last year. Same-store sales performance for small-format stores increased 4.8% versus a decrease of 6.7% for the same period last year.
"We are encouraged by our sales momentum," said Darrell Webb, chairman, president, and chief executive officer. "We continue to execute the various elements of our strategic plan with positive results, including enhancements to advertising and merchandise assortments, repositioning inventory, and improving our in-store shopping experience. While some of these initiatives have impacted margins in the short term, we remain confident in our ability to deliver balanced sales and margin expansion while driving profitable growth over the long term."
Net sales for thesix-month period ended August 4, 2007 were $812.7 million versus $787.9 million in the prior year. Same-store sales increased 4.2% for the six-month period versus a 6.0% decrease for the same period last year.
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