Jo-Ann Stores (JAS) Profit Jumps, Stock Climbs

Jo-Ann Stores Inc JAS on Wednesday after the market closed released financial results that far exceeded Wall Street earnings expectations. Jo-Ann Stores Inc reported that its 1st quarter earnings more than doubled to $18.2 million, or 66 cents per share, up from $8.6 million, or 33 cents per share, a year earlier. Revenue rose 4.4% to $480.3 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 44 cents per share, on revenue of $479.7 million. Jo-Ann Stores Inc raised its full-year earnings forecast to $2.95 to $3.10 per share, compared to the average analyst estimate of $2.95 earnings per share. Shares of Jo-Ann Stores Inc were up more than 4% at $44.50 per share in after-hours trading on Wednesday.