AC Moore Arts & Crafts reports net loss in Q4

Mon. March 16, 2009; Posted: 07:18 AM

Mar 16, 2009 (Datamonitor via COMTEX) -- ACMR | Quote | Chart | News | PowerRating -- AC Moore Arts & Crafts, a specialty retailer of arts, crafts and floral merchandise, has reported a net loss of $13 million, or $0.64 per diluted share, for the fourth quarter ended January 3, 2009, compared to a net income of $4.7 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2007.

For the fourth quarter of 2008, sales were $165 million, a decrease of 6.9% versus $177.3 million during the fourth quarter of 2007. Same store sales for the fourth quarter of 2008 decreased by 8.7% versus the same quarter of fiscal 2007.

For fiscal 2008, sales were $534.7 million, a decrease of 4.5% over $559.7 million for fiscal 2007. Same store sales decreased by 8.7% for fiscal 2008. Net loss was $26.6 million, or $1.31 per diluted share, versus net income of $3.8 million, or $0.19 per diluted share, in fiscal 2007.

Rick Lepley, CEO of AC Moore Arts & Crafts, said: "We remain focused on managing our balance sheet and expenses through this very challenging macroeconomic environment. We will concentrate our resources in areas we believe will have a favorable long-term impact on our company, including our new state-of-the-art retail merchandising system which we began to implement during the fourth quarter."

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