A.C. Moore quarterly loss narrows

BERLIN, N.J. A.C. Moore Arts & Crafts today announced that sales for the second quarter ended June 30 were $124.4 million, a decrease of 4.1% versus sales of $129.8 million during the second quarter of 2006. Same-store sales decreased by 10% versus the same period in 2006. The net loss was $0.3 million, or 2 cents per share, compared with a net loss of $1.8 million, or 9 cents per share, in the second quarter of 2006. Second quarter 2007 results include a charge of 3 cents per share, related to a one time legal settlement.

Sales for the six months ended June 30 were $259.8 million, a decrease of 1.1% versus sales of $262.7 million in the same period in 2006. Same-store sales decreased by 7.4% for the six month period. Net income for the six months ended June 30 was $0.2 million, or 1 cent per share, versus a net loss of $1.5 million, or 8 cents per share, in the same period in 2006. Results for the six months ended June 30 include $0.4 million, or 1 cent per share related to the changes in management, versus $2 million, or 6 cents per share, in the same period in 2006.

Rick Lepley, ceo, stated, "We are pleased with our progress in improving gross margins, inventory, and our cash position. We believe our results indicate that our focus on improving store profitability continues to be the right course for us at this particular time."