Jo-Ann Stores’ new ceo Darrell Webb speaks on 2Q call
By Staff -- Home Textiles Today, 8/15/2006 1:09:00 PM
Hudson, Ohio – On his first conference call as Jo-Ann Stores Inc.’ new chairman, ceo and president, Darrell Webb outlined his initial priorities – namely filling vacant key executive team posts and familiarizing himself with the company and the industry – during the retailer’s second-quarter overview.
Webb, on the job for about one month, recently appointed Travis Smith evp of merchandising. Smith, who worked for “a number of years” alongside Webb at Fred Meyer, is already assessing the relevance of some product categories on the selling floor.
“Being a fabric and craft store, [Smith] is evaluating if we are in categories we shouldn’t be in,” Webb said.
During the quarter, net loss was $21.2 million, or $0.90 per share, compared with a net loss of $5.1 million, or $0.23 per share in the prior year’s same period.
Net sales were $363.2 million compared to $383.8 million the previous year.
Also during the quarter, same-store sales decreased 8.4%, vs. same-store-sales decrease of 0.5% in the second quarter last year – a decline that was “all related to decreased customer transaction,” explained James Kerr, who Webb recently promoted to evp and cfo from chief accounting officer. “Customer traffic is relatively flat year-over-year, but our conversion rate is down, resulting in a transaction count decrease.”
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