Shares of Jo-Ann Stores (NYSE:JAS) shot up more than 5% in after-hours trading late Wednesday after the retailer reported a second-quarter profit and upped its full-year outlook.
The fabric and craft retailer posted net income of $5.4 million, or 20 cents a share, compared with a loss of $3.2 million, or 13 cents a share, in the same quarter last year. The results were sharply ahead of the 2 cents expected by analysts polled by Thomson Reuters.
Revenue for the Hudson, Ohio-based company was $439.3 million, up 4.7% from $419.4 million a year ago, beating the Street’s view of $437.08 million.
Earnings were boosted by same-store sales, which increased 4.4% during the quarter; in the same quarter last year, they had increased 1.8%. Sales from the Internet rose 16%.
Jo-Ann CEO Darrell Webb said the results reflected not only record earnings but also positive earnings in the second quarter not seen for five years.
“These results were driven by better than expected performance from our new stores, significant sales lift from our remodels and successful new product assortments,” he said.
In light of the stronger-than-expected results, the company said it now expects earnings to be in the range of $3.20 to $3.45, up from its previous view of $2.95 to $3.10.
Shares of Jo-Ann were up 5% in after hours.