Jo-Ann Stores' 4Q same-store sales dip 2.9 percent

Craft and fabric retailer Jo-Ann Stores Inc. said Thursday its same-store sales slid 2.9 percent in the fourth quarter.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance because they measure growth at existing stores rather than newly opened ones.

Net sales for the fourth quarter ended Jan. 31 dipped 2 percent to $571.9 million from $585.9 million in the prior year.

For its 2009 fiscal year, same-store sales gained half a percent. Fiscal 2009 net sales gained about 1 percent to $1.9 billion, from $1.88 billion last year.

The company will report its fourth-quarter and full-year financial results on March 11.

Jo-Ann Stores shares gained 40 cents, or 3.2 percent, to $12.94 in afternoon trading. The stock has traded between $10.31 and $27 during the past 52 weeks.