Nation's leading fabric and craft retailer Jo-Ann Stores Inc reported August net sales increased 2.5 percent to $123.5 million from $120.5 million in the same period last year. August same-store sales declined 2.4 percent compared to a same-store sales decrease of 2.9 percent last year.
Alan Rosskamm, Chairman and Chief Executive Officer, commented, "Sales performance in August was disappointing and presents us with a more significant challenge in meeting previously communicated performance expectations. In order for us to now achieve those expectations, company would need to drive same-store sales growth for the remaining five months greater than the 3 percent to 4 percent we previously communicated for the second half of fiscal year.”
“Company acknowledge that this will be difficult, given the current economic environment and the recent trends in business. However, over half of full-year revenues are generated during the months of September through January, and well positioned for the upcoming critical selling seasons."
Year-to-date net sales increased 3.5 percent to $928.0 million from $896.4 million in the prior year. Same-store sales decreased 0.3 percent year-to-date versus a 3.8 percent same-store sales increase for the same period last year.
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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