Exhibit 99.1
A.C. MOORE (LOGO) General Office o Distribution Center
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130 A.C. Moore Drive o Berlin, NJ 08009
PHONE: (856) 768-4930 o FAX: (856) 753-4723
FOR: FROM:
A.C. Moore Arts & Crafts, Inc. Gregory FCA Communications, Inc.
Leslie Gordon For More Information Contact:
Chief Financial Officer Joe Crivelli
(856) 768-4930 (610) 642-8253
FOR IMMEDIATE RELEASE
A.C. MOORE'S FIRST QUARTER SALES INCREASE 10.2%
Berlin, New Jersey, April 7, 2005 - A.C. Moore Arts & Crafts, Inc. (Nasdaq:
ACMR) reported today sales of $122.9 million for the first quarter ended March
31, 2005, an increase of 10.2% over sales of $111.5 million during the first
quarter of 2004. Same store sales in the first quarter of 2005 decreased by 1.6%
versus 2004. This compares to a same store sales increase of 9.4% in the first
quarter of 2004 versus 2003.
Jack Parker, Chief Executive Officer, stated, "Although we were disappointed
with our comp store decrease of 1.6% versus the 9.4% increase we had in 2004, we
were very encouraged with the results of our southern stores as, with comparable
weather to last year, they significantly exceeded the plan. This gives us
comfort in knowing that our merchandise mix is in place to achieve our
objectives for the balance of the year. We now forecast that our first quarter
earnings will meet or beat analysts' consensus earnings estimates."
First quarter earnings and an update for our full year outlook will be released
on April 20, 2005 and the company will host a conference call at 5:00 PM Eastern
Daylight time that evening to discuss the financial results in detail. To
participate, please call 973-409-9254. If you are unable to access the live
call, please dial 973-341-3080 and enter pin number 5937368 to access the taped
digital replay. The replay will be available at approximately 7:00 PM on April
20th and will remain available until Wednesday, April 27th at 11:59 PM Eastern
Daylight Time.
A simultaneous webcast of the conference call may be accessed at
http://www.acmoore.com. Go to "Investor Relations" and click on "Corporate
Profile." To listen to the live call, please go to the web site at least fifteen
minutes early to register, download and install any necessary audio software. An
archive of the conference call will be available approximately two hours after
the conference call ends and will remain available on the company's website
until April 20, 2006.
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 96 stores on the eastern United States. For more
information about the Company, visit our website at www.acmoore.com.
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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, the impact of the adoption of
EITF Issue 02-16, the impact of the adoption of FAS 123R, 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, the uncertainty of the final resolution of the insurance claim
relating to the roof collapse, our ability to maintain an effective system of
internal control over financial reporting, and other risks detailed in the
Company's Securities and Exchange Commission filings.