A.C. Moore losses widen, misses Street

New York City A.C. Moore Arts & Crafts reported Friday that the company posted a bigger third-quarter loss due to traffic-driving promotions that undermined margins.

The retailer lost $12.9 million in the quarter ended Oct. 3, compared with a loss of $7.5 million in the year-ago period.

Revenue dropped 9% to $106.1 million. Same-store sales declined 7.7 %.

Analysts expected a smaller loss and higher revenue of $109.6 million.

The company has 134 stores located in the Eastern United States from Maine to Florida.