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Jo-Ann Stores Begins Cautious Bounceback

HUDSON, OH-As comps increase the company is opening new stores but cutting back on its renovations program.

By Debra Hazel | Updated on May 31, 2007

HUDSON, OH-Having posted its first comp-store sales increase in six quarters, Jo-Ann Stores is cautiously opening new stores and remodeling existing units, executives said during the company’s first-quarter conference call.

Same-store sales increased 1.8% over the previous year, despite a total decline of 0.1% to $424.2 million, proof of progress in a turnaround strategy, said Darrell Webb, chairman, president, and chief executive officer. But the company also is cutting back on the expenditures per square foot of its remodeling program, which will include 20 traditional stores and four superstores this year.

“We spent $15 per square foot on [previous] remodels,” Webb said. “The remodels we’ve planned for this year have been scaled back to about $10 per square foot and focused on the larger stores, where we see a greater [return].”

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