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Jo-Ann’s First-Quarter Results
Posted by: admin | May 30, 2007
Net loss for the first quarter of fiscal 2008 was $1.7 million or $0.07 loss per diluted share, compared with a net loss of $6.6 million, or $0.28 loss per diluted share last year.
“The first quarter produced an important milestone, as we achieved positive same-store sales for the first time in six quarters, and also expanded our gross margin rate,” said Darrell Webb, chairman, president, and ceo. “Our strategic plan is on track and we continue to execute the initiatives designed to generate profitable and sustainable sales growth over the long term. While it is still early in the fiscal year, I am pleased with the progress we have made to improve the customer shopping experience, enhance our marketing and merchandising programs, and refine our capital investment strategy.”
During the first quarter, the company opened two superstores and one traditional store and closed 10 traditional stores. For the balance of the year, the company expects to open three superstores and close 13 traditional stores and one superstore.
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