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Stock News - Jo-Ann Stores (NYSE:JAS) Tops Estimates By 1c, But Share falls
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Jo-Ann Stores, Inc. (NYSE:JAS) fell 4.32% to $31.48 after quarterly profit that edged past market expectations, as tighter cost controls boosted margins, and it reaffirmed its full-year earnings outlook.
he company posted third-quarter net income of $24.1 million, or 90 cents per share, compared with net income of $10.2 million, or 40 cents a share, a year ago.
Revenue rose 6 percent to $509.1 million helped by positive customer response to its core sewing and craft merchandise.
Analysts on average were expecting earnings of 89 cents per share on revenue of $509.1 million, according to Thomson Reuters I/B/E/S.
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