News Brief
Craftier Americans Boost Jo-Ann Stores Results
May 28, 2009, 12:59 PM
With more families looking for low-cost activities, Jo-Ann Stores says its net income for the first quarter of its fiscal year jumped to $8.6 million, compared to $3 million in the same period a year ago.
Sales gained 3.1% to $460 million, from $446.1 million a year ago. On a comparable-store basis, though, sales actually declined, falling 0.6% for the quarter at its large format stores, and 0.3% at its smaller-format units.
"As the challenging economy persists, Jo-Ann's product offering is resonating with consumers seeking affordable, family-oriented activities," the company says in its release, with strongest growth in core sewing and craft categories, "while seasonal and high ticket product sales continue to be challenging."--Sarah Mahoney
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