SAN FRANCISCO (Thomson Financial) - A.C. Moore Arts & Crafts Inc. late
Wednesday reported a preliminary third-quarter loss of $400,000, or 2 cents a
share, compared with the 4-cent mean loss estimate of analysts polled by Thomson
Financial.
In the same period last year, the Berlin, N.J.-based retailer posted a loss
of $2.6 million, or 13 cents a share
Sales in the period ended Sept. 30 fell 4.9% to $128.9 million, while
same-store sales fell 10%.
A.C. Moore said inventory balances for the periods between Dec. 31, 2004,
and June 30, 2007, may have been overstated by $15 million to $25 million, and
the company expects to restate past financial results.
As a result, A.C. Moore said it will not be able to file its Form 10-Q for
the quarter ended Sept. 30 by the due date of Nov. 9, but expects to file the
10-Q by the first quarter of 2008.
Gabriel Madway
gm
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