Jo-Ann Stores Q3 operating profit rise

29 Nov '07

3 min read

Jo-Ann Stores Inc announced financial results for its fiscal 2008 third quarter ended November 3, 2007. Net earnings for the quarter were $8.0 million, or $0.32 per diluted share, compared with net earnings of $0.1 million, or $0.00 per share in fiscal 2007.

Net sales for the third quarter increased 4.0% to $480.2 million from $461.9 million in the prior year. Same-store sales increased 2.4% versus a decrease of 5.4% for the same period last year.

Large-format stores net sales for the quarter increased 7.9% to $247.0 million from $229.0 million last year. Same-store sales for large-format stores increased 2.4%, versus a decrease of 7.6% for the same period last year. Small-format stores net sales of $233.2 million were flat compared to last year. Same-store sales performance for small-format stores increased 2.4% versus a decrease of 3.5% for the same period last year.

"I am pleased with our ongoing improvement as we deliver on our strategic plan and capitalize on competitive dynamics in the fabric industry. Despite a weakening economy, during the third quarter we drove same-store sales growth, margin expansion and a strong earnings per share increase," said Darrell Webb, chairman, president, and chief executive officer.

"We are making progress on our initiatives to improve the customer shopping experience and enhance our marketing and merchandising. As we continue to execute our plan, including the implementation of a more disciplined approach to new store site selection and store remodels, we will be able to deliver sustainable sales and earnings growth over the long term."

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