Exhibit 99.1
A.C. MOORE General Office o Distribution Center
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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 Crivelli
(856) 228-6700 (610) 642-8253
For Immediate Release
A.C. Moore's Third Quarter Sales Increase 10%
Company Expects to Meet Earnings Estimates
Blackwood, New Jersey, October 2, 2003 - A.C. Moore Arts & Crafts, Inc. (Nasdaq:
ACMR) reported today sales of $98.6 million for the third quarter ended
September 30, 2003, an increase of 10% over sales of $89.7 million during the
third quarter of 2002. Same store sales increased by 2%.
For the nine months ended September 30, 2003, sales were $284.2 million, an
increase of 10% over sales of $258.4 million in the first nine months of 2002.
Comparable store sales grew by 1% for the period, on top of a same store sales
increase of 9% in the first nine months of 2002.
Jack Parker, Chief Executive Officer, stated, "We saw momentum build throughout
the quarter with September, the most important month of the quarter, being the
strongest despite the effects of Hurricane Isabel. With our plans fully in
place, we are well positioned to maximize sales and profit in the fourth
quarter. We anticipate that our profits for the third quarter will meet
consensus expectations and we maintain our forecast for the full year to be at
the high end of the $0.84 to $0.88 per share range."
Third quarter earnings will be released on October 15, 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.
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 78 stores in the eastern United States.
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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.
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