Comps rise as loss narrows for Jo-Ann Stores
By Staff -- Home Textiles Today, 8/30/2007 1:00:00 PM
Hudson, Ohio -- Jo-Ann Stores is starting to see “very positive” results from its remodeled stores, and while the 789-unit fabric and craft chain remains cautious about projections, second quarter losses narrowed and comp store sales swung up strongly.
During the earnings call late yesterday, chairman, president and ceo Darrell Webb said that since early this year the revamped units have seen double-digit same-store increases, while cautioning, “We still want to make sure that holds over a longer period of time before we make any conclusions.”
Jo-Ann has completed 26 remodels, which yield larger craft assortments. Meanwhile the company continues to downtrend its home accents department, and to trim back its seasonal purchases.
For the quarter the company pruned its net loss to $18.4 million from $21.2 million one year ago. Sales of $388.5 million were up 7.0% from $363.2 million last year. Same-store sales increased 7.0% -- a dramatic reversal of last year’s 8.4% comp decline.
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