JO-ANN STORES ANNOUNCES SECOND QUARTER SALES RESULTS
Same-store sales increased 4.4% in the second quarter
HUDSON, OH – August 5, 2010 — Jo-Ann Stores, Inc. (NYSE: JAS) reported today that net sales for the second quarter ended July 31, 2010, increased 4.7% to $439.3 million compared to $419.4 million for the same period last year. Same-store sales increased 4.4% versus a same-store sales increase of 1.8% for the second quarter last year. Traffic increased 3.8% and average ticket increased 0.6%.
Large-format store net sales for the quarter increased 3.9% to $238.2 million compared to the same period last year. Same-store sales for large-format stores increased 3.0% compared with an increase of 0.1% in the second quarter last year. Small-format store net sales increased 5.4% to $192.4 million compared to the same period last year. Same-store sales for small-format stores increased 6.2% compared with an increase of 3.9% in the second quarter last year. Internet sales through Joann.com increased 16.0% to $8.7 million compared to the same period last year.
Sewing same-store sales increased 5.1%. The company continued to experience strength in nearly all of its fabric and sewing notions merchandise categories. Non-sewing same-store sales increased 3.5% due to growth in core craft merchandise categories.
Net sales for the six-month period ended July 31, 2010 increased 4.6% to $919.6 million versus $879.4 million in the prior year. Same-store sales increased 4.2% for the six-month period compared with a 1.4% increase for the same period last year.
Second Quarter Conference Call
The company will report earnings for its second quarter of fiscal 2011 on August 25, 2010. In conjunction with the earnings release, investors are invited to listen to the earnings conference call to be broadcast live over the Internet at 4:30 PM Eastern time. The earnings release will provide instructions on how to access the call.
Jo-Ann Stores, Inc. (http://www.joann.com), is the leading national fabric and craft retailer with 752 locations in 48 states.
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