Creative Leisure News Reports Jo-Ann, Hancock & Michaels are all up…

In today’s issue of Creative Leisure News, editor Mike Hartnett reports Jo-Ann net income rose 20%, Hancock  sales were up 1%, and Michaels sales were up 4.2% while its same store sales are up 2.9%.  See excerpts below or go to for the articles or to start your own subscription today.


For the third quarter ended Oct. 30, net income rose 20.7% to $29.1 million ($1.09/diluted share.) – better than analysts expected. Based upon the company’s third quarter results, management increased its previously announced expectations for the year: Earnings/diluted share to $3.35-$3.45 from the previously announced $3.20-$3.35; same-store sales to rise 3.5% to 4.0% versus the previously announced 3.0%-4.0%; gross margin to improve 90-100 basis points instead of 70-90 basis points; and selling, general and administrative expenses, as a percentage of net sales, to improve 60-70 basis points versus 50-70 basis points…

The stock had reached a 52-week high in the days preceding the earnings announcement, but analysts expected the new earnings prediction to be even higher, so the price dropped 5%…


Sales for the quarter ended Oct. 30 increased 1.1% to $73.5 million and same-store sales rose 0.3%. Operating income was down to $2.8 million from $4.5 million a year ago. Net income was down, too, to $1.4 million ($0.07/share), compared to net $3.0 million ($0.16) a year ago…


For the quarter ended Oct. 30, sales rose 4.2% to $968 million, and same-store sales increased 2.9%. There was a 2.4% increase in transactions, a 0.7% increase in average ticket, and a negative impact of 0.2% from deferred custom framing revenue. Canadian currency translation positively affected same-store sales by approximately 40 basis points…

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