-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A3gwluih6F9TV5j7JuUSPsOz+fqtDfe7hXcFSNuBKFr+f6NgT6LRC/mbhK3v7oaK jWrq7nyDGosL97ffXIwSOA== 0000950152-09-004173.txt : 20090427 0000950152-09-004173.hdr.sgml : 20090427 20090427090821 ACCESSION NUMBER: 0000950152-09-004173 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20090427 DATE AS OF CHANGE: 20090427 EFFECTIVENESS DATE: 20090427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JO-ANN STORES INC CENTRAL INDEX KEY: 0000034151 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 340720629 STATE OF INCORPORATION: OH FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-06695 FILM NUMBER: 09771223 BUSINESS ADDRESS: STREET 1: 5555 DARROW RD CITY: HUDSON STATE: OH ZIP: 44236 BUSINESS PHONE: 2166562600 MAIL ADDRESS: STREET 1: 5555 DARROW ROAD CITY: HUDSON STATE: OH ZIP: 44236 FORMER COMPANY: FORMER CONFORMED NAME: FABRI CENTERS OF AMERICA INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CLEVELAND FABRIC SHOPS INC NUMBER THREE DATE OF NAME CHANGE: 19681216 FORMER COMPANY: FORMER CONFORMED NAME: CLEVELAND FABRIC SHOPS INC DATE OF NAME CHANGE: 19681216 DEFA14A 1 l34548cdefa14a.htm FORM DEFA14A FORM DEFA14A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
SCHEDULE 14A
(RULE 14a-101)
SCHEDULE 14A INFORMATION
 
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Exchange Act of 1934 (Amendment No.     )
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Jo-Ann Stores
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(JO-ANN STORES LOGO)
 
 
Dear Shareholders;
 
Jo-Ann Stores succeeded in growing sales and improving net income in fiscal year 2009, despite the challenging economic conditions. Our company used its strong free cash flow from operating results and a substantial reduction of inventory to reduce long term debt and significantly increase our cash position. Our balance sheet is now among the strongest in our retail sector.
 
Throughout the year, our stores performed better than many retailers, as our core sewing and craft business continued to grow. However, weakness in the seasonal merchandise categories and on higher-ticket items, such as custom framing and home decorating fabrics, had a dampening effect on average ticket and overall sales. I believe the strength of our core business is a reflection of not only solid operating disciplines, but also a change in consumer values and behaviors stemming from the recession. The emerging trend toward families spending more time together at home should bode well for our industry and for Jo-Ann Stores over the longer term.
 
We made progress in revitalizing our store portfolio in fiscal 2009 by opening 21 new stores, remodeling 29 stores, and remerchandising more than 200 small format stores via our “store optimization” initiative. We also continued to invest in technology by rolling out a new suite of store systems, including new point-of sale, inventory management, human resources, and labor scheduling systems. These strategic investments in stores and technology position the company to grow more profitably and capture market share at a faster rate when the economy begins to improve.
 
In fiscal 2010, we will focus on expanding gross margin to improve financial performance, while also addressing a number of initiatives to drive sales and enhance our customer shopping experience. For example, our marketing will be modified to deliver a stronger value message; our in-store education and demonstration programs will be enhanced; and we will expand the product offering and functionality on our joann.com website. I am confident that we are taking the right steps to operate the company profitably in this difficult economy, while continuing to make decisions and investments focused on the longer term.
 
I want to thank our customers for their tremendous loyalty, and I would also like to express my gratitude to our Jo-Ann team members, our vendor partners, and our shareholders, for your ongoing support.
 
Sincerely,
 
 
-s- Darrell Webb
 
Darrell Webb

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