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Jo-Ann Stores Announces Financial Results For Fourth Quarter

Jo-Ann Stores, Inc. (NYSE: JAS) today announced financial results for its fiscal 2011 fourth quarter and full year ended January 29, 2011. Net income for the quarter was $40.4 million, or $1.53 per diluted share, versus net income of $37.1 million, or $1.36 per diluted share, for the fourth quarter last year. Net income for the fourth quarter of fiscal 2011 includes expenses of $2.0 million after tax, or $0.07 per share, related to the pending acquisition by an affiliate of Leonard Green & Partners, L.P. announced on December 23, 2010. Excluding these expenses, net income for the fourth quarter of fiscal 2011 was $1.60 per share.

Net income for the fiscal year ended January 29, 2011, was $93.1 million, or $3.46 per diluted share, compared with net income of $66.6 million, or $2.51 per diluted share, in the prior year. Net income for fiscal year 2011 includes expenses of $2.0 million after tax, or $0.07 per share related to the pending merger. Excluding these expenses, net income for fiscal year 2011 was $3.53 per share.

Net sales for the fourth quarter increased 3.6% to $624.1 million from $602.2 million for the same period last year. Same-store sales increased 2.0% compared with a 4.4% same-store sales increase for the fourth quarter last year.

Large-format store net sales for the quarter increased 1.8% to $330.6 million compared to the same period last year. Same-store sales for large-format stores increased 0.7% compared with an increase of 3.1% in the fourth quarter last year. Small-format store net sales for the quarter increased 4.6% to $277.6 million compared to the same period last year. Same-store sales for small-format stores increased 3.8% compared with an increase of 6.1% in the fourth quarter last year. Internet sales through Joann.com increased 29.3% to $15.9 million for the fourth quarter compared to the same period last year.

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