Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On May 14, 2009, A.C. Moore Arts & Crafts ( ACMR - Get Report) reported that its net loss during Q1 FY09 widened, hurt by lower revenue. Net loss for the quarter stood at $4.31 million or $0.21 per share compared to $1.77 million or $0.09 per share in the prior year's quarter. The results include costs of $0.02 per share for the termination of an interest rate swap. The most recent consensus estimate was a loss of $0.16 per share. Revenue declined 14.1% to $108.65 million from $126.54 million a year ago. Same store sales decreased 13.4%. Cost of sales declined 14.3% to $62.10 million from $72.43 million. Gross profit decreased 14.0% to $46.55 million from $54.11 million, thereby improving the gross profit margin by 8 basis points to 42.84% from 42.76% in Q1 FY08. Selling, general, and administrative expenses fell 10.4% to $49.83 million from $55.61 million due to reduction in store payroll as well as advertising expenses. Moreover, store pre-opening and closing expenses decreased 36.6% to $398,000 from $628,000. The company's net loss from operations deteriorated to $3.68 million from $2.13 million in the prior year's quarter. Finally, interest expense increased 5.9% to $731,000 from $690,000 a year earlier. Net cash outflow from operating activities stood at $7.75 million compared to $7.66 million when compared to the same quarter last year. Recently, ACMR announced the resignation of Michael G. Zawoysky, executive vice president and chief financial officer.
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