Jo-Ann Stores same-store sales increase; raised outlook

HUDSON, Ohio Jo-Ann Stores reported net sales results for third quarter fiscal 2010, provided preliminary expectations for third quarter earnings per share and increased its full year fiscal 2010 outlook.

Net sales for third quarter ended Oct. 31 increased 6% to $509.1 million from $480.1 million for the same period last year. Same-store sales increased 4.3% compared with a 1.5% same-store sales decrease for the third quarter last year.

Net sales for the nine-month period ended Oct. 31 were $1.39 billion versus $1.33 billion in the prior year. Same-store sales increased 2.5% for the nine-month period compared with a 1.9% increase for the same period last year.

Based on the better than expected sales results, the company currently expects fiscal third quarter 2010 earnings per diluted share within a range of 88 cents to 90 cents, compared with 40 cents per diluted share in third quarter fiscal 2009.

The company is increasing its previously announced expectations for fiscal 2010. The company expects same-store sales to increase approximately 2.3% to 2.7% for the year versus the previously announced range of approximately flat to up 1%. Earnings per diluted share are expected to be in the range of $1.95 to $2.05 for the year versus the previously announced range of $1.35 to $1.5.