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Jo-Ann’s Announces Financial Results
Posted by: BillGardner | March 12, 2008
Jo-Ann Stores reported today that net earnings for the fourth quarter of fiscal 2008 were $27.5 million or $1.10 per diluted share, compared with net earnings of $25.8 million or $1.05 per diluted share last year. Net earnings for the full fiscal year ended February 2 were $15.4 million or $0.62 per share compared with a loss of $1.9 million or $0.08 per diluted share last year. Fiscal 2008 included 52 weeks of operations compared to 53 weeks in fiscal 2007 with the additional week falling in the fourth quarter of fiscal 2007.
As reported last month, net sales for the fourth quarter decreased 2.5 percent to $585.9 million compared to the same period last year. On a comparable 13-week basis, fourth quarter same-store sales increased 3.3 percent versus a decrease of 6 percent in last year’s fourth quarter.
Large-format stores net sales for the quarter decreased 1.5 percent to $293.2 million compared to the same period last year. On a comparable 13-week basis, same-store sales for large-format stores increased 2.4 percent versus a decrease of 7.2 percent last year. Small-format stores net sales decreased 7.4 percent to $280.8 million compared to the same period last year. On a comparable 13-week basis, same-store sales for small-format stores increased 4.2 percent versus a decrease of 5.1 percent last year. Internet sales on Joann.com were $11.9 million in the fourth quarter of fiscal 2008.
Net sales for the fiscal year ended February 2 were $1.879 billion versus $1.851 billion in the prior year. On a comparable 52-week basis, same-store sales increased 3.5 percent versus a same-store sales decrease of 5.9 percent last year.
Large-format stores net sales for the fiscal year ended February 2, increased 6.6 percent to $954.4 million compared to last year. On a comparable 52-week basis, same-store sales for large-format stores increased 3.9 percent versus a same-store sales decrease of 8 percent last year. Small-format same-store sales for the fiscal year decreased 4.5 percent to $912.4 million compared to last year. On a comparable 52-week basis, same-store sales for small-format stores increased 3 percent compared to a decrease of 4.1 percent last year.
Darrell Webb, chairman, president, and ceo, said, “We expect to continue delivering balanced, consistent, and sustainable sales and earnings growth over the long term. While fiscal year 2009 will be somewhat unpredictable due to the economic environment, we believe our company is partially insulated from a downturn due to competitive withdrawals from the fabric industry, the higher income demographic of our customers and the solid performance of craft retailers in past recessionary periods.”
During the fourth quarter of fiscal 2008, the company closed one large-format and 10 small-format stores. During the fiscal year, the company opened six large-format stores and closed one large-format and 32 small-format stores. The company now operates 196 large-format and 578 small-format stores for a total of 774. During the 2009 fiscal year, the company expects to open approximately 12-15 new stores and close approximately 25 stores. In the past year the company remodeled 26 stores and expects to remodel approximately 25-30 stores this year.
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