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Chain Reports
Posted by: admin | May 8, 2007
* Jo-Ann Stores. Same-store sales for the quarter ended May 5, increased 1.8 percent. Net sales for the period decreased 0.1 percent to $424.2 million from $424.7 million. First-quarter earnings will be reported May 30.
* A.C. Moore. Same-store sales for the first quarter ended March 31 declined 4.9 percent. Total sales for the period increased 1.9 percent to $135.4 million from $132.9 million. Net income was $0.6 million or 3-cents per share compared with net income of $0.3 million or 1-cent per share last year. The company’s cash position improved by $20.4 million principally due to the 18 percent reduction in inventory per store.
Rick Lepley, ceo, said, “We are pleased with our initial progress in improving gross margins and continued improvement in our inventory and cash positions. We realize that in the near term we are forgoing comp store sales increases to lay the foundation for improved profitability.”
* Michaels. The company expects same-store sales for the first quarter to be down approximately 1 percent and total sales to increase approximately 1 percent over the same period last year. Sales growth has been lower than expected, but merchandise margins continue to improve as the company continues its focus on improving overall profitability. Domestic same-store sales quarter to date have been strongest in the Southwest, Southeast, and Northeast regions. Best performing categories quarter to date include Home Décor, Frames, Bakeware, and Ribbon. Unseasonable winter weather early in the quarter adversely affected overall same-store sales, and weakness in the yarn category during the quarter is expected to reduce overall same-store sales by approximately 1 percent. First quarter earnings will be released May 31.
Topics: Industry News |
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