A.C. Moore hit hard in the first quarter

BERLIN, N.J. A.C. Moore Arts & Crafts announced that sales for the first quarter of 2009 were $108.6 million, a decrease of 14.1% versus sales of $126.5 million during the first quarter of 2008. Same-store sales decreased by 13.4% versus the same period in 2008.

Net loss for the quarter was $4.3 million, or 21 cents per share, compared with a net loss of $1.8 million, or 9 cents per share, in the first quarter of 2008.

Rick Lepley, CEO, stated, “The economic environment continues to be challenging and discretionary spending remains weak. We do not expect any meaningful improvement before the second half of this year and remain focused on improving sales, managing our inventories, strengthening our balance sheet and making our supply chain more efficient.”