JAS Sept Comps +0.2%; Issues Earnings Warning
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Jo-Ann Stores, Inc. (NYSE: JAS) said September same-store sales increased 0.2%. The Company also announced that David Bolen, executive vice president of merchandising and marketing, will be leaving the Company.
Based on actual year-to-date sales results, a deteriorating retail environment and an aggressive promotional calendar, the Company now believes same-store sales could range from a decline of 2% to an increase of 2% for the remaining four months of this fiscal year. The company said it is clear that the Company will not reach its earlier annual earnings guidance of $1.65 to $1.75. The Company also said, given the wide range of possible sales and gross margin rate outcomes, it has determined that it is prudent to suspend earnings per share guidance for the near-term.
Based on actual year-to-date sales results, a deteriorating retail environment and an aggressive promotional calendar, the Company now believes same-store sales could range from a decline of 2% to an increase of 2% for the remaining four months of this fiscal year. The company said it is clear that the Company will not reach its earlier annual earnings guidance of $1.65 to $1.75. The Company also said, given the wide range of possible sales and gross margin rate outcomes, it has determined that it is prudent to suspend earnings per share guidance for the near-term.
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