Jo-Ann reports 1Q earnings growth

HUDSON, Ohio Jo-Ann Stores has announced financial results for its fiscal 2009 first quarter ended May 3. Net earnings for the quarter were $3 million, or 12 cents per diluted share, versus a net loss of $1.7 million, or 7 cents loss per share in fiscal 2008.

Net sales for the first quarter increased 5.2% to $446.1 million from $424.2 million in the prior year. Same-store sales increased 4.5% compared with a 1.8% increase for the same period last year.

The company now expects fiscal 2009 same-store sales growth of 1% to 3% and earnings per diluted share in the range of 75 cents to 85 cents for the year versus the previously announced range of 70 cents to 85 cents.