Jo-Ann Stores Announces Results for Second Quarter (JAS)

Jo-Ann Stores, Inc. JAS today announced financial results for its fiscal 2011 second quarter ended July 31, 2010. Net income for the second quarter was $5.4 million, or $0.20 per diluted share, compared with a net loss of $3.2 million, or ($0.13) 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. Gross margins for the second quarter increased approximately 120 basis points to 50.5% compared to the same period last year primarily due to global sourcing efforts as well as improved inventory management. The cash balance of $126.1 million at the end of the second quarter increased by $45.9 million compared to the end of the second quarter last year. The company had no debt outstanding at the end of the second quarter which was a reduction of $50.5 million compared to the end of the second quarter last year.