Jo-Ann sees increase in 3Q income

HUDSON, Ohio Jo-Ann Stores announced that net income for the third quarter was $24.1 million, or 90 cents per diluted share, versus net income of $10.2 million, or 40 cents per diluted share for the third quarter last year.

Large-format store net sales for the quarter increased 8.7% to $272 million compared with the same period last year. Same-store sales for large-format stores increased 2.3% compared with a decrease of 3.8% in the same period last year. Small-format store net sales for the quarter increased 3% to $228.5 million compared with the same period last year. Same-store sales for small-format stores increased 6.7% compared with an increase of 1.2% for the same period last year. Internet sales through Joann.com for the quarter increased 6.2% to $8.6 million compared to the same period last year.

Based upon the company’s year-to-date results and management’s operating assumptions for the remainder of the year, the company expects a same-store sales increase of approximately 2.3% to 2.7% for the year and earnings per diluted share in the range of $1.95 to $2.05 for the year.