• March 12, 2009

Even though both its net income and sales fell in the fiscal fourth quarter, Jo-Ann Stores says its core business is holding up well, despite - or perhaps because of - the economic downturn.

Net income for the Hudson, Ohio-based crafts retailer fell to $20.4 million, from $27.5 million a year ago, while sales slipped 2.4% to $571.9 million compared to the same period last year, considerably less than many retailers. Same-store sales dropped 2.9% for the quarter, with its larger format stores outperforming its smaller ones.

"Our core sewing and crafts businesses continued to exhibit growth throughout the year, despite the deterioration in economic conditions," the company says. "While fiscal year 2010 will be somewhat unpredictable, we believe our company is positioned very well to serve consumers as their values and shopping behaviors change."--Sarah Mahoney