A.C. Moore reports deepening Q1 loss

Berlin, N.J. Citing a challenging economic environment, A.C. Moore Arts & Crafts reported Thursday a net loss of $4.3 million for the first quarter. That compares to a net loss of $1.8 million in the year-ago period.

Sales for the first quarter were $108.6 million, a decrease of 14.1%. Same-store sales dropped 13.4%.

Rick A. Lepley, CEO, stated: “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.”