Jo-Ann Stores, Inc. (JAS) pre-announced its first-quarter sales results in early May, giving its share price a nice boost and causing analyst to upgrade their earnings forecasts.

Company Description

Jo-Ann Stores, Inc. operates as a specialty retailer of crafts in the Untied States. The company was founded in 1943. operates close to 1,000 stores and has a market cap of $541 million.

First-Quarter Pre-Release

Jo-Ann is set to release its full first-quarter results on May 27, but the company pre-released its sales figures on May 7, coming in at $460 million, up from $446.1 million in the same period last year.

On the same day, Jo-Ann also announced that its same-store sales, a key retail metric, were up 1% during the quarter.

Estimates Jump

After the solid pre-announce sales numbers hit the Street, analysts were quick to upgrade their earnings forecast. The next-year estimate jumped 10 cents to 90 cents per share, while the current-year estimate tacked on 8 cents to $1.24, a 38% earnings growth projection.

Valuations

Based on the current-year estimate, this stock has a P/E multiple of 22X, a premium to the overall market. Jo-Ann is operating in a Zacks industry rank #34 out of 217.

The Chart

Shares of JAS have been rallying with the overall market since early March, jumping from a low-point just below $12 to a recent high above $21. Valuations do look a bit pricey right now, so JAS will need to produce solid earnings to support more share-price growth. Take a look below.

Zacks Investment Research
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