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04.09 07:34:24

Jo-Ann's reduces losses on higher sales - USA

US arts and crafts retailer Jo-Ann Stores has posted a 7% increase in its Q2 sales to $388.5 million.

Comp sales were positive for the quarter, with a 7% increase compared to a decrease of 8.4% in the same period last year.

Net loss for the quarter was $18.4 million, versus $21.2 million last year.

"We are encouraged by our sales momentum," said Darrell Webb, chairman, president, and chief executive officer. "We continue to execute the various elements of our strategic plan with positive results, including enhancements to advertising and merchandise assortments, repositioning inventory, and improving our in-store shopping experience. While some of these initiatives have impacted margins in the short term, we remain confident in our ability to deliver balanced sales and margin expansion while driving profitable growth over the long term."

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