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A.C. Moore shares fall on departure of CFO

By Associated Press
June 16, 2008 | Comments (0)

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Shares of Arts and crafts retailer A.C. Moore Arts & Crafts Inc. fell on Monday, after the company said its chief financial officer is leaving.

Marc Katz will leave June 27 to pursue a career opportunity in the private equity sector, the Berlin, N.J.-based company said.

The company has struggled amid a difficult economic environment. In May it reported a first-quarter loss, wider than analysts expected, as revenue fell 7 percent. Sales in stores open at least one year, a key retail metric known as same-store sales, fell 11.6 percent.

Last week the company said it would close seven to 10 stores in 2008 and open fewer stores than originally planned in 2008.

Shares fell 22 cents, or 2.8 percent, to $7.75 during afternoon trading. The stock has traded between $5.47 and $22.13 during the past year, and is down 42 percent since the start of the year.

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