Jo-Ann Q4 profit up 8.9%, will open 55 to 60 stores in 2011
New York City -- Jo-Ann Stores reported Wednesday that net income for the quarter ended Jan. 29 rose 8.9% to $40.4 million, compared with $37.1 million in the year-ago period.
Sales increased 3.6% to $624.1 million, just missing Wall Street’s expected $625.1 million. Same-store sales rose 2%.
Chairman and CEO Darrell Webb said the fabric and crafts retailer plans to open 55 to 60 new stores and remodel 60 more this year.
Shareholders will vote on March 18 on a plan for Jo-Ann Stores to sell itself for $1.6 billion to Leonard Green & Partners.