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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.