Jo-Ann profit up in Q3, to accelerate openings and remodels in fiscal 2012

Hudson, Ohio -- Jo-Ann Stores reported net income for its fiscal 2011 third quarter ended Oct. 30, of $29.1 million, up from $24.1 million in the year ago period. The retailer also raised its full-year outlook.

Net sales for the third quarter increased 5.1% to $535.3 million, from $509.1 million last year. Same-store sales increased 4.1%.

Chairman and CEO Darrell Webb said the chain was encouraged by the results in its new and remodeled stores, and was increasing its plan for both new store openings and remodel projects in fiscal 2012.

For fiscal 2011, the company expects to open 30 new stores and close approximately 25 stores.

Net sales for the third quarter increased 5.1% to $535.3 million, from $509.1 million for the same period last year. Same-store sales increased 4.1%, compared with a 4.3% same-store sales increase for the third quarter last year.