(Source: Datamonitor)
Jo-Ann Stores, an apparel and crafts retailer, has reported a net loss of $11.7 million, or $0.47 per share, for the second quarter of fiscal 2009, compared to a net loss of $18.4 million, or $0.76 per share, in the same quarter of fiscal 2008.
Net sales for the second quarter of fiscal 2009 increased 3.7% to $403 million from $388.5 million in the prior year. Same-store sales increased 3.3%, compared with a 7% increase for the same period last year.
Net sales for the six-month period ended August 2, 2008 were $849.1 million versus $812.7 million in the prior year. Same-store sales increased 3.9% for the six-month period, compared with a 4.2% increase for the same period last year.
Darrell Webb, chairman, president and CEO, said: "I am proud of our team for delivering another quarter of significant earnings improvement in this challenging economic environment. Our balance sheet continues to grow stronger each quarter, with improving cash flow, lower inventory levels and reductions in debt.
"While the economic environment remains uncertain, I am confident that by continuing to revitalize our stores, while keeping a tight focus on expenses and inventories, we will not only weather this economic downturn, but strengthen our competitive position in both crafts and sewing."
