What first quarter profits were reported by retailer Joann Fabrics?
Jo-Ann Stores sews up a successful first quarter, reporting $8.6 million in profits compared to last year’s $3.0 million by Janet H. Cho/Plain Dealer Reporter Wednesday May 27, 2009, 4:06 PM Hudson-based Jo-Ann Stores Inc., the nation’s largest fabrics and crafts retailer, reported that profits for the first quarter of fiscal 2010 soared 187 percent to $8.6 million, or 33 cents per diluted share, compared to $3.0 million, or 12 cents per diluted share, for the first quarter of fiscal 2009. That $8.6 million includes a $700,000 after-tax gain, or 3 cents per share, from the company’s purchase of senior subordinated notes. Without that gain, profit for the quarter would have been $7.9 million, or 30 cents per diluted share. “Jo-Ann Stores delivered solid operating results as we grew sales, expanded margins, improved earnings, and continued to reduce our debt,” said Chairman, President and Chief Executive Darryl Webb, in a statement. “As the challenging economy persists, Jo-Ann’s product
Jo-Ann Stores sews up a successful first quarter, reporting $8.6 million in profits compared to last year’s $3.0 million by Janet H. Cho/Plain Dealer Reporter Wednesday May 27, 2009, 4:06 PM Hudson-based Jo-Ann Stores Inc., the nation’s largest fabrics and crafts retailer, reported that profits for the first quarter of fiscal 2010 soared 187 percent to $8.6 million, or 33 cents per diluted share, compared to $3.0 million, or 12 cents per diluted share, for the first quarter of fiscal 2009. That $8.6 million includes a $700,000 after-tax gain, or 3 cents per share, from the company’s purchase of senior subordinated notes. Without that gain, profit for the quarter would have been $7.9 million, or 30 cents per diluted share. “Jo-Ann Stores delivered solid operating results as we grew sales, expanded margins, improved earnings, and continued to reduce our debt,” said Chairman, President and Chief Executive Darryl Webb, in a statement. “As the challenging economy persists, Jo-Ann’s product
Jo-Ann Stores Inc. is looking to clobber Wal-Mart in the fabric business as the latter continues to remodel domestic units and pare the fabric department in the process from the new layout. “We expect to capture new customers and gain market share as result of this,” said Darrell Webb, chairman, president and ceo, during the fabric and craft chain’s first quarter earnings call last week. He estimated nearly 700 revamped Wal-Mart units will be without fabric departments by end of this year. Jo-Ann’s fabric and sewing notion sales are already showing positive signs from reduced competition. Its sewing business represented 52% of sales volume and increased 2.6% on a same-store-sales basis during the period. By comparison, the retailer’s non-sewing business represented 48% of first quarter sales volume and was down 8% on a same-store-sales basis due to declines in seasonal category sales. Excluding seasonal, non-sewing would have been comparable with the sewing side of the business. In the
Hudson-based Jo-Ann Stores Inc., the nation’s largest fabrics and crafts retailer, reported that profits for the first quarter of fiscal 2010 soared 187 percent to $8.6 million, or 33 cents per diluted share, compared to $3.0 million, or 12 cents per diluted share, for the first quarter of fiscal 2009. That $8.6 million includes a $700,000 after-tax gain, or 3 cents per share, from the company’s purchase of senior subordinated notes. Without that gain, profit for the quarter would have been $7.9 million, or 30 cents per diluted share. “Jo-Ann Stores delivered solid operating results as we grew sales, expanded margins, improved earnings, and continued to reduce our debt,” said Chairman, President and Chief Executive Darryl Webb, in a statement.
