A.C. Moore reports 2Q loss
BERLIN, N.J. A.C. Moore Arts & Crafts reported that sales for the second quarter of 2010 were $99.9 million, a decrease of 4.3% compared with sales of $104.4 million during the second quarter of 2009. This decline was primarily due to a decrease in comparable-store sales of 5.9% partially offset by the operation of two additional stores compared to the second quarter of last year. Net loss for the quarter was $9.7 million, or 40 cents per share, compared to a net loss of $8.1 million, or 38 cents per share in the second quarter of last year.
Joseph Jeffries, CEO, stated, “We will not be satisfied until we return to sustained profitability. I am confident that we have both the right team and strategy in place. We will continue to focus on our merchandise plan, remodel program, and store level execution to drive improved performance.”