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HUDSON, Ohio - Fabric and craft chain Jo-Ann Stores Inc. said Wednesday it posted a narrower loss in the second quarter, widely beating Wall Street estimates, and boosted its full-year forecast.
| JAS | 12.72 |  -1.07 |
Its shares jumped on the news, adding 8.5 percent to $24.60 in aftermarket trading, after closing the regular session down 28 cents at $22.67.
Losses totaled $11.7 million, or 47 cents per share, compared with a loss of $18.4 million, or 76 cents per share, in the same quarter last year.
Quarterly revenue increased 4 percent to $403 million from $388.5 million, a year earlier.
Analysts polled by Thomson Reuters expected a wider loss of 66 cents per share, with sales of $403.4 million.
The company also reported that same-store sales growth, a key indicator of a retailer's financial health, grew, but at a slower pace than last year--increasing 3.3 percent during the quarter compared with a 7 percent increase for the same period last year.
The company also lifted its full-year profit projection to between 95 cents per share and $1.05 per share. Previously, the company had projected earnings of 75 cents to 85 cents per share.
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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