Jo-Ann cuts 2Q loss

HUDSON, Ohio Jo-Ann Stores reported a net loss for the quarter was $3.2 million, or 13 cents per diluted share, versus a net loss of $11.7 million, or 47 cents per diluted share for the second quarter last year.

Net sales for the second quarter increased 4.1% to $419.4 million from $403 million for the same period last year. Same-store sales increased 1.8% compared with a 3.3% same-store sales increase for the second quarter last year.

Darrell Webb, chairman, president and CEO stated, “Jo-Ann Stores achieved strong financial improvement in the second quarter of fiscal 2010 through continued sales growth, margin expansion, and expense leverage. Our strategy to revitalize the store portfolio, enhance our merchandise offering, and constantly improve store conditions is making a meaningful difference in the shopping experience we provide and is continuing to attract customers.”

For fiscal 2010, the company is expecting same-store sales to be approximately flat to up 1% for the year and earnings per diluted share in the range of $1.35 to $1.50 for the year.