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Jo-Ann’s Third-Quarter Results
Posted by: Editors | November 29, 2007
Jo-Ann Stores announced net earnings of $8 million for the third quarter, or 32-cents per diluted share, compared with net earnings of $0.1 million or 0-cents per share last year. Net sales for the quarter increased 4 percent to $480.2 million from $229 million last year and same-store sales increased 2.4 percent versus a decrease of 5.4 percent for the same period last year.
Large-format stores net sales for the quarter increased 7.9 percent to $247 million from $229 million last year, while same-store sales for the large-format locations increased 2.4 percent, versus a decrease of 7.6 percent for the same period last year. Small-format stores net sales of $232.2 million were flat compared to last year. Same-store sales performance for small-format stores increased 2.4 percent versus a decrease of 3.5 percent for the same period last year.
Darrell Webb, chairman, president, and ceo, said, “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. 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.”
During the third quarter, the company opened one large-format store and closed five small-format stores. Year-to-date the company has opened six large-format stores and closed 22 small-format stores. For the balance of the year, the company expects to close 10 small-format stores and one large-format store. Next fiscal year, the company expects to open approximately 12-15 new stores. The company also remodeled three stores during the quarter, 26 for the year. No other remodels are planned this year. Next fiscal year, the company expects to remodel approximately 30 stores.
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