Shares of A.C. Moore Arts & Crafts (ACMR) tumbled Tuesday after the company revealed a widened fourth-quarter loss on much lower sales at its established stores.
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The Berlin-based retailer booked a net loss of $4.8 million, or 20 cents a share, compared with a loss of $500,000, or 2 cents a share, in the same quarter last year, trumping average analyst estimates polled by Thomson Reuters of 3 cents.
Revenue was $143.2 million, down 4.4% from $149.7 million a year ago, narrowly beating the Street’s view of $142.15 million. Sales took a hit from a 4.3% decline in comparable-store sales.
The company’s chief executive, Joseph Jeffries, said A.C. Moore continues to focus on executing its strategic and merchandising plans. The company was able to achieve lower expenses during the quarter as part of its larger turnaround initiatives.
The retailer said that it renewed on March 4 its asset-based credit facility for an additional five-year term.