Jo-Ann Stores narrows losses in Q2

Hudson, Ohio Jo-Ann Stores reported late Wednesday a much smaller loss than analysts predicted as sales improved.

The retailer’s loss for the quarter ended Aug. 1 totaled $3.2 million, compared with a loss of $11.7 million a year ago.

Revenue rose 4% to $419.4 million, precisely what analysts predicted.

Same-store sales edged up 0.1% at large-format stores and rose 3.9% at small-format stores.

"Jo-Ann Stores achieved strong financial improvement in the second quarter of fiscal 2010 through continued sales growth, margin expansion, and expense leverage," said Darrell Webb, company chairman, president and CEO.