USA: Fabrics Retailer Jo-Ann Celebrates Profit Leap
Jo-Ann Stores Inc, a leading retailer of fabrics and crafts, on Tuesday posted a 74 per cent leap in fourth quarter earnings, compared to the year-ago period. The Ohio-based company, which operates around 1,000 stores, said in a statement seasonal net sales rose slightly to $498.2 million, while earnings grew to $23m, or $1.22 a share, compared to $13.2m, or 72 cents a share, in the year-ago quarter. Same-store sales grew more than seven per cent.
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