Jo-Ann Stores (JAS) Posts Mixed Q4 Results; Comps Up 2%
Jo-Ann Stores (NYSE: JAS) posted mixed fourth-quarter results on Wednesday, as comparable same store sales rose less in the period than a year ago.
The fabrics and crafts retailer reported fourth-quarter earnings of $1.60 per share, 7 cents better than the analyst estimate of $1.53 per share.
Revenue for the company rose 3.6 percent to $624.1 million in the three month period ended January 29, falling short of the market consensus of $626.38 million.
Sames store sales, or sales at locations open at least one year, rose 2.0 percent. In the fourth quarter last year comps rose 4.4 percent.
"Our record fourth quarter was driven by solid execution among our entire organization, which helped drive customers to our stores and delivered improved results despite the impact of unfavorable weather and raw material cost inflation," Darrell Webb, chairman and chief executive officer stated. "The new stores we opened in fiscal 2011 have been the strongest group of store openings relative to our sales projections since implementing our current store prototype."
Shares of Jo-Ann Stores are trading relatively flat in after market movement on Wednesday, down a penny to $60.89.
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The fabrics and crafts retailer reported fourth-quarter earnings of $1.60 per share, 7 cents better than the analyst estimate of $1.53 per share.
Revenue for the company rose 3.6 percent to $624.1 million in the three month period ended January 29, falling short of the market consensus of $626.38 million.
Sames store sales, or sales at locations open at least one year, rose 2.0 percent. In the fourth quarter last year comps rose 4.4 percent.
"Our record fourth quarter was driven by solid execution among our entire organization, which helped drive customers to our stores and delivered improved results despite the impact of unfavorable weather and raw material cost inflation," Darrell Webb, chairman and chief executive officer stated. "The new stores we opened in fiscal 2011 have been the strongest group of store openings relative to our sales projections since implementing our current store prototype."
Shares of Jo-Ann Stores are trading relatively flat in after market movement on Wednesday, down a penny to $60.89.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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