Jo-Ann Stores sees 4Q income fall

HUDSON, Ohio Jo-Ann Stores reported that net income for the fourth quarter of fiscal 2009 was $20.4 million, or 79 cents per diluted share, compared with net income of $27.5 million, or $1.10 per diluted share in the prior year fourth quarter.

Net income for the full fiscal year ended Jan. 31 was $21.9 million, or 86 cents per diluted share, compared with net income of $15.4 million, or 62 cents per diluted share, in the prior year.

Net sales for the fourth quarter decreased 2.4% to $571.9 million compared to the same period last year. Fourth quarter same-store sales decreased 2.9% versus a same-store sales increase of 3.3% in last year’s fourth quarter.

Net sales for the fiscal year were $1.901 billion versus $1.879 billion in the prior year. Same-store sales increased 0.5% versus a same-store sales increase of 3.5% last year.

For fiscal 2010 the company expects a same-store sales decline of 2% to 4% and earnings per diluted share in the range of 70 cents to 85 cents.