Berlin, N.J. A.C. Moore Arts & Crafts Inc. said Friday its fourth-quarter profit dipped 5.6%, hurt partly by inventory restatement and store closing costs.
Earnings for the period ended Dec. 31 slipped to $4.7 million compared with $4.9 million a year earlier. Quarterly revenue fell to $177.3 million, down 10% from $197.8 million.
Last month A.C. Moore said its fourth-quarter sales declined because it was forced to discount more merchandise than it had planned.
The company swung to a full-year profit of $3.8 million from a loss of $406,000 in 2006. Annual sales dropped 5% to $559.7 million from $589.5 million.