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.