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HUDSON, Ohio - Jo-Ann Stores Inc. upgraded its outlook for the 2009 fiscal year on Wednesday based on its plans and performance.
| JAS | 12.72 |  -1.07 |
The sewing and craft company said it anticipates earning 95 cents to $1.05 a share for the year, up from the previously estimated range of 75 cents to 85 cents.
Jo-Ann said it made the upgrade based on its first-half results, management's operating assumptions for the remainder of the year, its strategic growth plans as well as the uncertain economic conditions.
The company also reported Wednesday that it narrowed its loss for the quarter to $11.7 million, or 47 cents a share, from a net loss of $18.4 million, or 76 cents a share, in the same quarter last year.
Analysts polled by Thomson Reuters had expected a loss of 66 cents a share for the quarter. Shares of the company rose nearly 9 percent in after-hours trading Wednesday to $1.93.
Jo-Ann also said it expects same-store sales to grow 2 percent to 3.5 percent for the year and to make capital expenditures for the full year of approximately $60 million.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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