Jo-Ann Stores Beats Estimates; Raises Guidance (JAS)

Jo-Ann Stores, Inc. JAS reports Q2 EPS of $0.20 versus estimates of $0.02. Jo-Ann Stores, Inc. reports revenues of $439.3 million versus estimates of $437.08 million. Revenues increased 4.7% year over year. The company issues FY 2011 EPS guidance of $3.20 to $3.35, up from $2.95 to $3.10. JAS sees same store sales positive by 3% to 4%, up from 2.5% to 3.5%. 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." Shares of JAS are higher in the after-hours by 5.24%.