Jo-Ann Stores Quarterly Profit Rises To $29.1 Mln

SAN FRANCISCO -- Jo-Ann Stores late Wednesday reported third-quarter net income of $29.1 million, or $1.09 a share, up from $24.1 million, or 90 cents a share, in the year-earlier quarter. Revenue rose 5.1% to $535.3 million. Analysts surveyed by FactSet were looking for earnings of $1.08 a share. The fabric and craft retailer also raised its 2011 earnings outlook to a range of $3.35 to $3.45 a share compared with the previous forecast of $3.20 to $3.35 a share. Copyright © 2010 MarketWatch, Inc.