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Jo-Ann's Threadbare Days
By Jeremy MacNealy
May 16, 2006

Jo-Ann Stores (NYSE: JAS) posted fiscal 2007 first-quarter results, and they weren't pretty. Still, investors anticipated the weakness well in advance -- witness its cratered stock in the latter half of 2005 -- and good things may be just around the corner.

In the quarterly earnings conference call, management described the current environment as a "challenging" one affecting the entire industry. The language was a bit more colorful in later remarks, indicating the company is in the middle of the "severest industry downturn in some time." Sales for the current period, or lack thereof, certainly point to this weakness......
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