Posted on Fri, Nov. 6, 2009
A.C. Moore Arts & Crafts Inc. said today it lost $12.9 million, or 53 cents per share, on a steep sales decline during the quarter that ended Oct. 3.
The Berlin, Camden County-based retailer said that profits were dragged down by heavy discounting on merchandise but that customer counts at its stores increased as a result.
Sales declined to $106.1 million, compared with $116.7 million a year earlier, due partly to the closure of two stores, the company said. Sales at stores open at least a year, an important measure of retail health, declined 7.7 percent, the company said.
The earnings loss was steeper than the third-quarter last year, when net loss was just $7.5 million, or 37 cents per share. - Maria Panaritis
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