Apparel and craft sewing fabrics retailer Jo-Ann Stores Inc announced financial results for its fiscal 2006 third quarter ended October 29, 2005.
Net loss for the quarter was $4.1 million, or $0.18 loss per diluted share, compared with net income of $6.9 million, or $0.30 per diluted share in fiscal 2005.
Net sales for the third quarter increased 5.8 percent to $474.2 million from $448.3 million in the prior year.
Same-store sales increased 0.7 percent versus a 0.9 percent same-store sales decrease for the same period last year.
Net sales for the nine-month period ended October 29, 2005 were $1.28 billion versus $1.22 billion in the same period in the prior year.
Year-to-date same-store sales increased 0.3 percent, versus a same-store sales increase of 2.7 percent in the same period a year ago.
Results for the prior year reflect the necessary adjustments to restate the Company's accounting for leases, as discussed in the Company's 2005 Annual Report on Form 10-K.
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Nation's leading fabric retailer Jo-Ann Stores Inc with locations in 47 states operates 700 Jo-Ann Fabrics and Crafts traditional stores and 142 Jo-Ann superstores.
Fabrics retailer Jo-Ann reports $4.1 mn loss in Q3
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