A.C. Moore Reports Q3 2009 Results
BERLIN, N.J. -- 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 3, 2009.
Sales for the third quarter of fiscal 2009 were $106.1 million, compared to sales of $116.7 million during the third quarter of fiscal 2008. Sales were impacted by operating two fewer stores than during the same period in 2008 and by a decrease in comparable store sales of 7.7%. Pre-tax loss for the quarter was $12.9 million, compared to a pre-tax loss of $4.4 million for the quarter last year. In the third quarter of 2008, the Company recorded a valuation allowance against the net deferred tax asset which resulted in income tax expense of $3.1 million, or $0.15 per share. Net loss for the quarter was $12.9 million, or $0.53 cents per share, compared to a net loss of $7.5 million, or $0.37 per share, for the comparable period last year.
Sales for the nine months ended October 3, 2009 were $319.2 million, compared to sales of $369.6 million during the comparable period of 2008. Sales were impacted by operating fewer stores than during the first nine months in 2008 and by a decrease in comparable store sales of 11.7%. Net loss for the nine months ended October 3, 2009 was $25.4 million, or $1.16 per share, compared to a net loss of $13.6 million, or $0.67 per share, for the same period last year. Prior year results include charges related to the non-cash fixed asset impairment of $0.07 per share.
Rick Lepley, Chief Executive Officer, said, "We were highly promotional in the quarter which adversely affected our margins. However, we are encouraged with the customer count increase from the second quarter, suggesting that shoppers were pleased with our advertising message and promotions."
The Company will host a conference call beginning at 8:30 a.m., Eastern Time, on Friday, November 6, 2009 to discuss third quarter 2009 results. To participate in the conference call, please dial (888) 503-8163 and provide the operator with passcode #7326849. If you are unable to access the live call, please dial (888) 203-1112 and enter pin #7326849 to access the taped digital replay. The replay will be available at approximately 9:30 a.m. ET on November 6, 2009 and will remain available until November 13, 2009 at 11:59 p.m.
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.
About A.C. Moore:
A.C. Moore is a specialty retailer of arts, crafts and floral merchandise for a wide range of customers. The Company currently serves customers through its 134 stores located in the Eastern United States from Maine to Florida and nationally via its e-commerce site, www.acmoore.com. For more information about A.C. Moore, visit our website at www.acmoore.com.