Hudson, Ohio Jo-Ann Stores on Wednesday swung to a second-quarter profit and raised its full-year outlook. The retailer earned $5.4 million in the quarter ended July 31, compared with a loss of $3.2 million in the year-earlier period.
Sales rose 4.7% to $439.3 million. Same-store sales rose 4.4%.
Darrell Webb, chairman and CEO stated, "Our results marked not only record earnings performance but also the first time in five years that we have generated positive earnings in the second quarter. These results were driven by better than expected performance from our new stores, significant sales lift from our remodels and successful new product assortments.”
Looking ahead to its next fiscal year, the company expects to open at least 50 new stores and remodel at least 50 stores.