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A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-Q Quarterly report for the period ending Saturday, October 2, 2010

A.C. Moore Arts Crafts, Inc.

CIK: 1042809
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 Third Quarter Fiscal 2010 Financial Results
Berlin, New Jersey, November 9, 2010 —
A.C. Moore Arts & Crafts, Inc. (NASDAQ: ACMR) (the “Company” or “A.C. Moore”) today announced results for the three and nine month periods ended October 2, 2010.
Sales for the third quarter of 2010 were $99.7 million, a decrease of 6.0% compared to sales of $106.1 million during the third quarter of 2009. This decline was primarily due to a decrease in comparable store sales of 7.0% partially offset by the operation of two additional stores compared to the third quarter of last year. Net loss for the quarter was $8.1 million, or $0.33 per share, compared to a net loss of $12.9 million, or $0.53 per share in the third quarter of last year.
Sales for the nine months ended October 2, 2010 were $304.9 million, a decrease of 4.5% compared to sales of $319.2 million during the comparable period of 2009. This decline is primarily attributable a 5.9% 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 $25.4 million, or $1.04 per share, for the nine months ended October 2, 2010, compared to a net loss of $25.4 million, or $1.16 for the comparable period last year.
Joseph A. Jeffries, Chief Executive Officer, stated, “We achieved year over year improvements in several important metrics including gross margin, expense control, and inventory management. However, until we achieve sustained profitability, we will not consider our turnaround efforts to be successful. The entire organization is focused on driving the merchandising plan, improving execution and delivering improved operating results as we move forward.”
The Company will host a conference call beginning at 8:30 a.m., Eastern Time, on Tuesday, November 9, 2010 to discuss third quarter 2010 results. To participate in the conference call, please dial 877-440-5807 and provide the operator with passcode #1418410. If you are unable to access the live call, please dial 888-203-1112 and enter #1418410 to access the taped digital replay. The replay will be available at approximately 9:30 a.m. ET on Tuesday, November 9, 2010 and will remain available until Tuesday, November 23, 2010 at 11:59 p.m. ET.

 

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Tuesday, November 9, 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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Definitive Proxy Statement (Form DEF 14A)
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A.C. Moore Arts Crafts, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1042809
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-102979
Submitted to the SEC: Tue Nov 09 2010 10:43:12 AM EST
Accepted by the SEC: Tue Nov 09 2010
Period: Saturday, October 2, 2010
Industry: Retail Hobby Toy And Game Shops

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