A.C. Moore Arts & Crafts swings to 2007 profit
Shares of A.C. Moore Arts & Crafts, Inc. (Nasdaq:ACMR) are higher on news on Friday that the retailer swung to a profit during the 2007 year. The Berlin, N.J.-based company reported that net income for the year ended Dec. 31, 2007, was $3.8 million, or $0.19 per share, compared with a net loss of $0.4 million, or $0.02 per share, in 2006.
“While we have posted increases in gross margin rate and EPS, we must continue to focus on execution at the corporate and store level to improve profitability,” CEO Rick Lepley said in a statement.
At 1:38 p.m. ET, the stock had climbed $1.12, or 20%, to $6.67. For detailed price information and recent news stories about A.C. Moore Arts & Crafts, click ACMR.
