Same-store sales for Jo-Ann grew 4.3% in Q4 2005 compared to the same period a year before, and fiscal 2005's same-store sales were 3.2% higher than in fiscal 2004. Net sales for the fourth quarter increased 6.4% to $588.2 million compared with a year earlier, and net sales for the year were up 4.5% over the previous year to $1.812 billion. Jo-Ann's numbers for both fiscal 2005 and 2004 reflect adjustments to accounting for leases, per new SEC interpretations of the matter, which Rosskamm characterized as "noise" that didn't interfere with continued growth.

"We continued to make progress on improving the operating performance of our existing superstore base, as well as validating our new 35,000-sf prototype concept," he continued. "The first 14 of these stores have now completed one year of operations and are meeting their pro forma operating profit targets."

Not only that, he noted that the Jo-Ann superstore model generates some 20% more per sf in cash flow for company than the standard store model, which Rosskamm attributed to more efficient promotions and staffing, among other factors. "With the accomplishments we have made this past year, and the experience we will gain in the 40 superstores we will open this year, we should be able to deliver continued earnings growth, while preparing for a more aggressive program of superstore conversions in the year to follow," Rosskamm said.