PRESS RELEASE
Exhibit 99.1
A.C. MOORE_________________________________ General Office o Distribution Center
500 University Court o Blackwood, New Jersey 08012
Phone: (856) 228-6700
Fax: (856) 228-0080
For: From:
A.C. Moore Arts & Crafts, Inc. Gregory FCA Communications, Inc.
Leslie Gordon For More Information Contact:
Chief Financial Officer Joe Anthony
(856) 228-6700 (610) 642-8253
For Immediate Release
A.C. Moore's Second Quarter Comp Store Sales Increase 4%
Company Expects to Beat Consensus Earnings Estimates
Blackwood, New Jersey, July 3, 2003 - A.C. Moore Arts & Crafts, Inc. (Nasdaq:
ACMR) reported today sales of $93.7 million for the second quarter ended June
30, 2003, an increase of 13% over sales of $82.9 million during the second
quarter of 2002. Same store sales increased by 4% on top of a same store sales
increase of 10% in the second quarter of 2002.
For the six months ended June 30, 2003, sales were $185.7 million, an increase
of 10% over sales of $168.7 million in the first six months of 2002. Comparable
store sales grew by 1% for the period, on top of a same store sales increase of
12% in the first half of 2002.
Jack Parker, Chief Executive Officer, stated, "Many of the merchandising
initiatives that we have undertaken in the first half of this year are helping
to drive sales. With the strong sales performance, we anticipate that our
profits for the quarter will beat the consensus estimate of $0.04 per share. We
are maintaining our forecast for the year at $0.84 to $0.88 per share."
Second quarter earnings will be released on July 16, 2003 and the Company will
host a conference call at 5:00 P.M. EDT. Investors will have the opportunity to
listen to the conference call live over the Internet through the Company's
investor relations portion of its website at www.acmoore.com.
The Company also announced that on Wednesday, July 9th, they will be presenting
at the CIBC World Markets Third Annual Consumer Growth Conference in Boston. A
webcast of their presentation, including slides, will be broadcast from the
Investor Relations page of the Company's website www.acmoore.com beginning at
approximately 8:15 a.m. EDT. To listen to the live presentation, please go to
the website at least fifteen minutes early to register and download any
necessary audio software. For those who cannot listen to the live broadcast, a
replay will be available approximately two hours after the presentation and will
be archived for thirty days.
A.C. Moore operates arts and crafts stores that offer a vast assortment of
traditional and contemporary arts and crafts merchandise for a wide range of
customers. The Company operates 74 stores in the eastern United States.
# # #
This press release contains statements that are forward-looking within the
meaning of applicable federal securities laws and are based on A.C. Moore's
current expectations and assumptions as of this date. The Company undertakes no
obligation to update or revise any forward-looking statement whether the result
of new developments or otherwise. These statements are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those anticipated. Factors that could cause actual results to differ from
those anticipated include, but are not limited to, customer demand and trends in
the arts and crafts industry, related inventory risks due to shifts in customer
demand, the effect of economic conditions, the impact of adverse weather
conditions, the impact of competitors' locations or pricing, the availability of
acceptable real estate locations for new stores, difficulties with respect to
new system technologies, supply constraints or difficulties, the effectiveness
of advertising strategies, the impact of the threat of terrorist attacks and
war, and other risks detailed in the Company's Securities and Exchange
Commission filings.