USA: Fabric Retailer Jo-Ann Enjoys $8.7m Q1 Profit
Leading US fabric and crafts retailer Jo-Ann Stores Inc yesterday posted a first quarter profit of $8.7 million compared to net loss of $6.4m in the year-ago period. The Ohio-based operator of 960 stores said in a statement that the turn-around was triggered by strong sales and better margins due to less discounting.
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