Jo-Ann Q1 profit up
Hudson, Ohio Jo-Ann Stores said profits for the first quarter of fiscal 2010 soared to $8.6 million from $3.0 million in the year-ago period. The $8.6 million includes a $700,000 after-tax gain from the company's purchase of senior subordinated notes. Without that gain, profit for the quarter would have been $7.9 million.
Net sales for the first quarter rose 3.1% to $460.0 million, up from $446.1 million for the first quarter last year. Same-store sales rose 1%.
Internet sales, which comprise 2% of overall sales, rose nearly 16% to $9.5 million for the quarter.
"Jo-Ann Stores delivered solid operating results as we grew sales, expanded margins, improved earnings, and continued to reduce our debt," said chairman, president and CEO Darryl Webb, in a statement.
Jo-Ann plans to open about 20 new stores, close about 30 stores and remodel about 30 stores over the fiscal year.