Jo-Ann Stores Q4 Profit Rises, Beats Estimate; Guides FY11

Fabric and crafts retailer Jo-Ann Stores, Inc. reported a surge in its fourth quarter profit, driven by same-store sales growth, improved margins due to reduced product costs from global sourcing initiatives, lower clearance levels and reduced freight costs. Earning for the quarter breezed ahead of Street estimates, as did revenues. Looking ahead, the company provided its earnings forecast for fiscal year 2011.