Jo-Ann Stores sales, earnings up in Q1
HUDSON, Ohio Jo-Ann Stores announced that net income for the first quarter was $18.2 million, or 66 cents per diluted share, compared with net income of $8.6 million, or 33 cents per diluted share, for the first quarter last year.
Net sales for the first quarter increased 4.4% to $480.3 million from $460 million for the same period last year. Same-store sales increased 4.1% compared with a 1% same-store sales increase for the first quarter last year.
Darrell Webb, chairman and chief executive officer stated, “Our team delivered record financial results in the first quarter of fiscal 2011. Sales remained strong, even as we began to cycle positive sales results from the previous year. Our seasonal merchandise and custom framing categories, which struggled through the recession, delivered positive sales trends for the first time in two years. I was also pleased with our continuing progress on global sourcing and inventory management which contributed to our gross margin improvement.” Webb concluded, “We believe Jo-Ann Stores is positioned for sustainable sales and margin growth as we execute our strategic initiatives.”
For fiscal 2011, the company is now expecting a same-store sales increase of approximately 2.5% to 3.5% for the year and earnings per diluted share in the range of $2.95 to $3.10 for the year versus the previously announced range of $2.75 to $2.90.
RadioShack extends partnership with Lance Armstrong
FORT WORTH, Texas RadioShack’s chairman and CEO Julian Day announced at the company’s annual meeting on May 24 that RadioShack has expanded its partnership with Lance Armstrong and the Livestrong foundation. The company said it will introduce exclusive Livestrong-branded products and accessories in all stores beginning in July.
DSW sees improved sales, earnings for Q1
COLUMBUS, Ohio DSW announced net income of $30.2 million on net sales of $449.5 million for the first quarter ended May 1, compared with net income of $7.1 million on net sales of $385.8 million for the first quarter ended May 2, 2009. Same-store sales increased 16.2% versus a decrease of 4.7% last year.
Diluted earnings per share were 67 cents for the first quarter of fiscal 2010 compared with diluted earnings per share of 16 cents last year.
The company reiterated its estimate of an increase in annual comparable-store sales of approximately 6% to 8% and annual diluted earnings per share of approximately $1.65 to $1.75 for fiscal 2010. The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010. The second half performance implied in the guidance recognizes the more challenging last year comparisons for both sales growth and merchandise margins.