A.C. Moore reports 4Q loss on 4.3% comps decline

BERLIN, N.J. -- A.C. Moore Arts & Crafts reported that sales for the fourth quarter of fiscal 2010 were $143.2 million, a decrease of 4.4% compared with sales of $149.7 million during the fourth quarter of last year. This decline was primarily attributable to a decrease in comparable-store sales of 4.3% during the quarter. Net loss was $4.8 million, or 20 cents per share, compared to a net loss of $0.5 million, or 2 cents per share, in the fourth quarter of fiscal 2009.

Sales for fiscal 2010 were $448.1 million, a decrease of 4.4%, compared with sales of $468.9 million for fiscal 2009. This decline was primarily due to a decrease in comparable-store sales of 5.4% during the year. The net loss for fiscal 2010 was $30.2 million, or $1.23 per share, versus a net loss of $25.9 million, or $1.15 per share, in fiscal 2009.

Joseph Jeffries, CEO, stated, “The entire organization is focused on executing our strategic and merchandising plans. With our improved inventory composition and merchandising strategy, we believe that A.C. Moore is positioned for better execution and results in fiscal 2011.”