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A.C. Moore 4Q Profit Declines

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.

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