Fabric, notions seller Jo-Ann Stores’ 1st-qtr net income more than doubles

Fabric seller Jo-Ann Stores’ 1Q profit soars

HUDSON, Ohio — Jo-Ann Stores Inc. reported Wednesday that its first-quarter net income more than doubled as its sales and margins improved, and the retailer raised its full-year outlook.

The craft and fabric chain earned $18.2 million, or 66 cents per share, for the quarter that ended May 1. That’s up from $8.6 million, or 33 cents per share, a year earlier, when it realized a one-time gain of 3 cents per share.

Revenue grew 4.4 percent to $480.3 million.

Analysts polled by Thomson Reuters expected the company to earn 44 cents per share on revenue of $479.7 million.

The company expects to earn $2.95 to $3.10 per share for the year, up from a previous forecast for $2.75 to $2.90 per share. Analysts expect the company to earn $2.95 per share for the year.

Shares of Jo-Ann fell 18 cents Wednesday to close at $42.70. They rose 27 cents to $43.08 in after-hours trading.