DEFA14A 1 l30863cdefa14a.htm JO-ANN STORES DEFA14A Jo-Ann Stores DEFA14A
 

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Dear Shareholders;
Fiscal 2008 marked an important year of positive transition at Jo-Ann Stores. Our team worked hard to deliver balanced and profitable growth following two years of negative same-store sales and in spite of the difficult economic environment.
Early in fiscal year 2008, we outlined our Strategic Growth Plan to improve financial performance. The three main themes of the plan were improving the customer shopping experience, enhancing our marketing and merchandising offers, and refining our new store and remodel program. We succeeded in making excellent progress in each of these areas and in dramatically upgrading the taste and quality of our product mix during fiscal 2008. This balanced approach to improving our business enabled us to achieve same-store sales growth, retail gross margin expansion, SG&A expense leverage, and earnings per share improvement. We also completed the acquisition of our Joann.com e-commerce website during the year.
I am confident in our Company’s ability to improve financial performance during fiscal year 2009, even if the forecasts for persistent economic weakness are accurate. We believe that our business will be somewhat insulated from the economic slowdown due to the strong demographics of our customers and the steady performance of sewing and craft retailers in previous recessions. We will also continue to take advantage of competitive withdrawals from the fabric business, which strengthens our market share position.
I believe there are significant growth opportunities ahead for Jo-Ann Stores, through new store openings and the revitalization of our existing stores. We are positioned to drive balanced, sustainable, and profitable growth over the long term, and we are focused on returning value to our shareholders. I want to thank our Jo-Ann team members, customers, vendor partners, and shareholders for their continued support.
Sincerely,
Darrell Webb