A.C. Moore Reports Third Quarter EPS of $(1.04)

A.C. Moore Arts & Crafts, Inc. ACMR today announced results for the three and nine month periods ended October 2, 2010. Sales for the third quarter of 2010 were $99.7 million, a decrease of 6.0% compared to sales of $106.1 million during the third quarter of 2009. This decline was primarily due to a decrease in comparable store sales of 7.0% partially offset by the operation of two additional stores compared to the third quarter of last year. Net loss for the quarter was $8.1 million, or $0.33 per share, compared to a net loss of $12.9 million, or $0.53 per share in the third quarter of last year. Sales for the nine months ended October 2, 2010 were $304.9 million, a decrease of 4.5% compared to sales of $319.2 million during the comparable period of 2009. This decline is primarily attributable a 5.9% decrease in comparable store sales partially offset by the operation of two additional stores compared to the same period of last year. Net loss was $25.4 million, or $1.04 per share, for the nine months ended October 2, 2010, compared to a net loss of $25.4 million, or $1.16 for the comparable period last year.