Exhibit 99.1
(A.C. MOORE LOGO)
For:
A.C. Moore Arts & Crafts, Inc.
130 A.C. Moore Drive
Berlin, NJ 08009
A.C. Moore Reports Second Quarter Fiscal 2010 Financial Results
Berlin, New Jersey, August 10, 2010 —
A.C. Moore Arts & Crafts, Inc. (NASDAQ: ACMR) (the “Company” or “A.C. Moore”) today announced results for the three and six month periods ended July 3, 2010.
Sales for the second quarter of 2010 were $99.9 million, a decrease of 4.3% compared to 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 $0.40 per share, compared to a net loss of $8.1 million, or $0.38 per share in the second quarter of last year.
Sales for the six months ended July 3, 2010 were $205.2 million, a decrease of 3.7% compared to sales of $213.1 million during the comparable period of 2009. This decline is primarily attributable a 5.3% decrease in comparable store sales partially offset by the operation of two additional stores compared to the same period of last year. Net loss was $17.2 million, or $0.71 per share, for the six months ended July 3, 2010, compared to a net loss of $12.5 million, or $0.60 for the comparable period last year.
Joseph A. Jeffries, Chief Executive Officer, 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.”
The Company will host a conference call beginning at 8:30 a.m., Eastern Time, on Tuesday, August 10, 2010 to discuss second quarter 2010 results. To participate in the conference call, please dial 877-397-0272 and provide the operator with passcode #8604679. If you are unable to access the live call, please dial 888-203-1112 and enter #8604679 to access the taped digital replay. The replay will be available at approximately 9:30 a.m. ET on Tuesday, August 10, 2010 and will remain available until Tuesday, August 24, 2010 at 11:59 p.m. ET.
A simultaneous webcast of the conference call may be accessed at www.acmoore.com. Go to “About Us” and click on “Corporate Profile.” To listen to the live call via webcast, please go to the Company’s website at least 15 minutes early to register, download and install any necessary audio software. An archive of the conference call will be available approximately two hours after the conference call ends on the Company’s website.

 

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Tuesday, August 10, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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