Fabric retailer Jo-Ann same-store sales drop 0.5% in Q2
16 Aug '05
4 min read
Fiscal 2006 Outlook As previously noted in the Company's July sales release on August 4, 2005, the Company expects full-year fiscal 2006 earnings to range from $1.65 to $1.75 per diluted share.
Earnings for the second half are estimated to be in the range of $1.70 to $1.80 per diluted share versus a $1.70 per diluted share for the comparable period of the prior year.
This guidance is based on same-store sales growth of 3% to 4% for the second half of the year, with stronger same-store sales anticipated in the third quarter. Second half earnings guidance includes the estimated impact of incremental store pre-opening and closing costs resulting from the increased number of expected store openings year-over-year, which the Company estimates will negatively impact second half estimated results by approximately $4 to $5 million, pre-tax, or $0.12 per diluted share.
Hudson based Jo-Ann Stores Inc is a leading national fabrics and craft retailer with locations in 47 states, operates 712 Jo-Ann Fabrics and Crafts traditional stores and 135 Jo-Ann superstores. The retail stores (operating as Jo-Ann Fabrics and Crafts traditional stores and Jo-Ann superstores) feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabrics, notions, crafts, frames, scrapbooking material, artificial and dried flowers, home accents, finished seasonal andhome décor merchandise.
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