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Thursday, November 05, 2009

Jo-Anne Stores Boosts 2010 Sales, Earnings View

By Kathryn Glass

FOXBusiness

Shares of craft supply store Jo-Anne Stores, Inc. (JAS) saw shares surge nearly 16%, Thursday after the company announced third-quarter sales gave full-year 2010 guidance ahead of expectations.

The company forecast earnings ranging from 88 cents to 90 cents per share in the third quarter of 2010; analysts were expecting earnings of 45 cents per share in the quarter. Jo-Anne Stores and raised its forecast for 2010 same-store sales to increases between 2.3% and 2.7%, compared to earlier forecasts of flat to a 1% increase in same store sales.

For the full-year, the company boosted its earnings per share view to range between $1.95 and $2.05, compared to a previous outlook ranging between $1.35 and $1.50. Analysts polled by Thomson Reuters were expecting full-year earnings of $1.48 per share for 2010.

Third-quarter sales rose 4.3%, compared to a 1.5% decrease in sales reported in the same period of last year. The company said store traffic rose 4.9%, while the average ticket fell 0.6%.

The craft retailer’s stock rose $4.30 or 15.81% in Thursday’s session to close at $31.50 a share.

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