A.C. Moore unhappy with 4Q weakness

BERLIN, N.J. A.C. Moore today reported a disappointing fourth quarter, with sales falling 10.4% to $177.3 million from $197.8 million last year. The company also saw a 14.5% drop in same-store sales for the quarter.

Rick Lepley, ceo, stated, “Obviously, we are disappointed with our fourth quarter results. The softness in seasonal and children’s categories along with our increased seasonal emphasis resulted in deeper discounting than planned. As we begin 2008, we are pleased to have implemented a perpetual inventory that we believe will assist in controlling inventory and reducing out-of-stocks.” 

The company reported that sales for the year ended Dec. 31, 2007 were $559.7 million, a decrease of 5.1% over sales of $589.5 million in the same period in 2006. Same-store sales decreased by 10.3% for the twelve month period.