Jo-Ann says soft home hurt quarter
Staff Staff -- Furniture Today, August 16, 2005
HUDSON, Ohio -- Jo-Ann Stores, Inc. is counting on its growing supercenter format and a focus on areas like crafts and yarn to spur sales in the second half of the year, company executives said during its second quarter conference call today.
One segment to take blame for the tough quarter was decorative home textiles, an area that the company said performed poorly.
Jo-Ann reported a net loss for its second fiscal quarter of $5.1 million compared with a net income of $0.3 million last year. Sales rose 3.5 percent to $383.8 million, with comps down 0.5 percent versus a 3.1 percent increase last year.
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