Jo-Ann Stores sales, earnings up in Q1

HUDSON, Ohio Jo-Ann Stores announced that net income for the first quarter was $18.2 million, or 66 cents per diluted share, compared with net income of $8.6 million, or 33 cents per diluted share, for the first quarter last year.

Net sales for the first quarter increased 4.4% to $480.3 million from $460 million for the same period last year. Same-store sales increased 4.1% compared with a 1% same-store sales increase for the first quarter last year.

Darrell Webb, chairman and chief executive officer stated, "Our team delivered record financial results in the first quarter of fiscal 2011. Sales remained strong, even as we began to cycle positive sales results from the previous year. Our seasonal merchandise and custom framing categories, which struggled through the recession, delivered positive sales trends for the first time in two years. I was also pleased with our continuing progress on global sourcing and inventory management which contributed to our gross margin improvement." Webb concluded, "We believe Jo-Ann Stores is positioned for sustainable sales and margin growth as we execute our strategic initiatives."

For fiscal 2011, the company is now expecting a same-store sales increase of approximately 2.5% to 3.5% for the year and earnings per diluted share in the range of $2.95 to $3.10 for the year versus the previously announced range of $2.75 to $2.90.