A.C. Moore quarterly loss widens

0 Comments | Philadelphia Inquirer, The, October, 2006 | by INQUIRER STAFF

Specialty retailer A.C. Moore Arts & Crafts Inc. said executive severance costs and stock option expenses contributed to a widened third-quarter loss. The Berlin arts and crafts retailer said its net loss for the three months that ended Sept. 30 was $2.6 million, or 13 cents per share, compared to $1.9 million, or 10 cents per share for the same period a year ago.

Sales for the latest quarter grew 12 percent to $128.9 million, compared to $115.1 million a year earlier. Same-store sales were up 2 percent, the company said. A.C. Moore shares were down 59 cents, or 2.85 percent, to $20.13 in midmorning trading on the Nasdaq Stock Exchange. The company said the latest results include costs of $888,000 related to management changes, including severance costs relating to departing...