Jo-Ann Stores 1Q income up

HUDSON, Ohio Jo-Ann Stores announced that net income for the first quarter of fiscal 2010 was $8.6 million, or 33 cents per diluted share, compared with net income of $3 million, or 12 cents per diluted share for the first quarter last year.

Net sales for the first quarter increased 3.1% to $460 million from $446.1 million for the same period last year. Same-store sales increased 1% compared with a 4.5% same-store sales increase for the first quarter last year.

The company is reaffirming its previously announced outlook for fiscal 2010 and expects a same-store sales decline of 2% to 4% for the year and earnings per diluted share in the range of 70 cents to 85 cents for the year.