HUDSON, Ohio Jo-Ann Stores announced that net income for the second quarter was $5.4 million, or 20 cents per diluted share, compared with a net loss of $3.2 million, or (13 cents) per diluted share, for the second quarter last year.
Net sales for the second quarter increased 4.7% to $439.3 million from $419.4 million for the same period last year. Same-store sales increased 4.4% compared with a 1.8% same-store sales increase for the second quarter last year.
Darrell Webb, chairman and chief executive officer stated, "Our results marked not only record earnings performance but also the first time in five years that we have generated positive earnings in the second quarter. These results were driven by better than expected performance from our new stores, significant sales lift from our remodels and successful new product assortments.” Webb concluded, "Given our solid balance sheet and cash position, we are excited to announce an acceleration of our new store openings for fiscal year 2012. We remain committed to executing our strategic initiatives and expect to deliver balanced and sustainable improvement in our results in the future."
For fiscal 2011, the company said it is now expecting a same-store sales increase of approximately 3% to 4% for the year versus the previously announced range of approximately 2.5% to 3.5% and earnings per diluted share in the range of $3.20 to $3.35 for the year versus the previously announced range of $2.95 to $3.10.