A.C. Moore fails to craft 2Q sales growth
BERLIN, N.J. — A.C. Moore Arts & Crafts saw sales for its second quarter decrease 0.8% to $99 million from $99.9 million last year. According to the company, the decrease was primarily due to a decrease in comparable-store sales of 0.7%. Net loss for the quarter was $7.9 million, or 32 cents per share, compared with a net loss of $9.7 million, or 40 cents per share in the second quarter of last year.
Joseph Jeffries, CEO, stated, “As we move toward our peak selling season, we are focused on executing our merchandising and operating plan.”
Sales for the six months ended July 2 were $201.7 million, a decrease of 1.7% compared with sales of $205.2 million during the comparable period of 2010. This decline is primarily attributable to a 1.7% decrease in comparable-store sales, the company reported. Net loss was $15.3 million, or 62 cents per share, for the six months ended July 2, compared with a net loss of $17.2 million, or 71 cents per share for the comparable period last year.