Jo-Ann Stores 1Q sales rise 5 percent

The company said its sales for the period ended May 3 jumped to $446.1 million, from $424.2 million in the corresponding period last year.

Analysts polled by Thomson Financial, on average, expected quarterly revenue of $434.9 million.

The retailer also said its first quarter same-store sales rose 4.5 percent.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.