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A.C. Moore comps down in Q3

BERLIN, N.J. A.C. Moore Arts & Crafts reported that sales for the third quarter of 2010 were $99.7 million, a decrease of 6% compared with 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% 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 33 cents per share, compared with a net loss of $12.9 million, or 53 cents 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 Oct. 2, compared with a net loss of $25.4 million, or $1.16 for the comparable period last year.

Joseph Jeffries, CEO, 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.”

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