A.C. Moore's Second Quarter Sales Increase 12%
BERLIN, N.J., July 7 /PRNewswire-FirstCall/ -- A.C. Moore Arts & Crafts, Inc. (NASDAQ:ACMR) today reported sales of $113.5 million for the second quarter
ended June 30, 2005, an increase of 12.1% over sales of $101.2 million during
the second quarter of 2004. Same store sales in the second quarter of 2005
increased by 0.5% versus 2004, this was below the Company's expectations for
the quarter.
For the six months ended June 30, 2005, sales were $236.4 million, an increase
of 11.1% over sales of $212.7 million in the first six months of 2004. Same
store sales decreased by 0.6% for the period.
Based on the reported sales, the Company is expecting second quarter results to
be in the range of a loss of one cent to a profit of one cent per share. The
Company is also lowering its full year profit forecast by six cents per share
to the range of $1.00 to $1.03 per share.
Jack Parker, Chief Executive Officer, stated, "During the second quarter, we
spent a great deal of energy re-merchandising our stores and preparing for the
important last six months of the year. This year we re-worked over 75% of our
basic merchandise footage. We believe the changes we made will not only serve
us well in the third and fourth quarters of this year but also provide benefits
for future years. With that said, we were disappointed with our sales in the
second quarter, especially our weekend business starting with Memorial Day and
continuing through June." Second quarter earnings and an update for our full year outlook will be
released on July 20, 2005 and the company will host a conference call at 5:00
PM Eastern Daylight time that evening to discuss the financial results in
detail. To participate, please call 973-409-9254. If you are unable to access
the live call, please dial 973-341-3080 and enter pin number 6248054 to access
the taped digital replay. The replay will be available at approximately 7:00
PM on July 20th and will remain available until Wednesday, July 27th at 11:59
PM Eastern Daylight time.
A simultaneous webcast of the conference call may be accessed at
http://www.acmoore.com/. Go to "Investor Relations" and click on "Corporate
Profile." To listen to the live call, please go to the web site at least
fifteen minutes early to register, download and install any necessary audio
software. An archive of the conference call will be available approximately
two hours after the conference call ends and will remain available on the
company's website until July 20, 2006.
A.C. Moore operates arts and crafts stores that offer a vast assortment of
traditional and contemporary arts and crafts merchandise for a wide range of
customers. The Company operates 99 stores in the Eastern United States. For
more information about the Company, visit our website at
http://www.acmoore.com/.
This press release contains statements that are forward-looking within the
meaning of applicable federal securities laws and are based on A.C. Moore's
current expectations and assumptions as of this date. The Company undertakes
no obligation to update or revise any forward-looking statement whether the
result of new developments or otherwise. These statements are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those anticipated. Factors that could cause actual results to
differ from those anticipated include, but are not limited to, the impact of
the adoption of EITF Issue 02-16, customer demand and trends in the arts and
crafts industry, related inventory risks due to shifts in customer demand, the
effect of economic conditions, the impact of adverse weather conditions, the
impact of competitors' locations or pricing, the availability of acceptable
real estate locations for new stores, difficulties with respect to new system
technologies, supply constraints or difficulties, the effectiveness of
advertising strategies, the impact of the threat of terrorist attacks and war,
the uncertainty of the final resolution of the insurance claim relating to the
roof collapse, our ability to maintain an effective system of internal control
over financial reporting, and other risks detailed in the Company's Securities
and Exchange Commission filings. DATASOURCE: A.C. Moore Arts & Crafts, Inc.
CONTACT: Leslie Gordon, Chief Financial Officer, A.C. Moore Arts & Crafts, Inc., +1-856-768-4930, or Joe Crivelli, Gregory FCA Communications, Inc., +1-610-642-8253 Web site: http://www.acmoore.com/
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