Jo-Ann reports $18 mn loss in Q4 due to higher expenses
07 Mar '06
1 min read
Apparel and craft sewing fabrics' Jo-Ann Stores Inc announced financial results for its fiscal 2006 fourth quarter and full year ended January 28, 2006.
Net loss for the fourth quarter of fiscal 2006 was $18.0 million, or $0.78 loss per diluted share, compared with net income of $32.3 million, or $1.40 per diluted share in the prior year.
Results for the fourth quarter include a charge of $27.1 million, or $1.17 per share, for goodwill impairment, which is discussed below.
Excluding the goodwill charge, pro forma net earnings for the fourth quarter of fiscal 2006 were $9.1 million, or $0.39 per diluted share, versus $32.3 million, or $1.40 per diluted share, in the prior year fourth quarter.
Jo-Ann Stores Inc the leading national fabric and craft retailer with locations in 47 states, operates 681 Jo-Ann Fabrics and Crafts traditional stores and 157 Jo-Ann superstores.
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