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Joann Fabrics

February 6, 2011 by BusinessPost 

Joann Fabrics, Jo-Ann Stores, Inc. (NYSE: JAS) announced today that net sales for the fourth quarter ended January 29, 2011, increased 3.6% to 624.1 million and 602.2 million compared to and for the same period last year. Comparable store sales increased 2.0% against an increase in comparable store sales of 4.4% for the fourth year of the last year. Customer transactions increased 1.1% and the average ticket increased 0.9%. Severe winter weather negatively on store sales of about 0.8%.

Large format stores net sales for the quarter increased 1.8% to 330.6 million and compared to the same period last year. Same store sales for large format stores increased 0.7% compared with an increase of 3.1% in the fourth year of the last year. Net sales of small format store sales rose 4.6% to 277.6 million and compared to the same period last year. Same store sales for small-format stores increased 3.8% compared to an increase of 6.1% in the fourth year of the last year. Internet sales through Joann.com increased 29.3% to $ 15.9 million compared to the same period last year.

Sew-store sales rose 1.8%. The company continued to experience positive trends in most of its fabric and sewing notions product categories. Non-sewing-store sales rose 2.5% due to growth in both boats and seasonal products.

Net sales for the year ended January 29, 2011, increased 4.4% to $ 2.079 billion from 1.991 billion U.S. dollars last year. Comparable store sales increased 3.5% for the year compared with an increase of 3.1% last year.

Fourth Quarter Conference Call

The company will release its results for the fourth quarter and fiscal year 2011 March 9, 2011. In conjunction with the publication of results, investors are invited to listen to a lecture pre-recorded earnings call to be broadcast on the Internet at 4:30 p.m. Eastern Time. Publication of results will give you instructions on how to access the call.

Jo-Ann Stores, Inc. (www.joann.com) is the retailer of the nation’s largest specialty fabrics and one of the largest specialty retailers of crafts, operating 751 stores in 48 states.

Statement Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to certain risks and uncertainties. Our actual results, performance or achievements could differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, changes in general economic conditions, risks in implementing new marketing initiatives, natural disasters and geopolitical events, changes in customer demand, changes in trends in the textile industry and handicrafts, changes in competitive pricing for products, the impact of competitive store openings and closings, our dependence on suppliers, seasonality, disruption of transmission or an increase in transportation costs, energy, our ability to recruit and retain highly qualified personnel, our ability to manage our inventory, our ability to effectively manage our distribution network, disruption of our information systems, failure to maintain the security of our electronic and other confidential information, failure to comply with laws and regulations, failure to carry out the strategy for store growth, changes in accounting standards and the effective tax rate, the inadequacy of our insurance coverage, cash and cash equivalents held in financial institutions beyond the limits of federal guarantee, the volatility of our stock price, the damage to our reputation, and other factors. Other important factors that could cause actual results to differ materially from those expressed in forward-looking statements are discussed in the Company Securities and Exchange Commission.

Additional Information and Where to Find

This communication may be deemed solicitation material in respect of the proposed merger of Jo-Ann with an affiliate of Leonard Green & Partners LP in connection with the proposed merger; Jo-Ann filed a preliminary proxy circular with SEC. Once completed, a definitive proxy statement and form of proxy will be sent to shareholders. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE Jo-Ann URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE MERGER CAREFULLY AND IN ITS ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Jo-Ann shareholders will be able to obtain, without charge, a copy of the definitive proxy statement (when available) and other relevant documents filed with the SEC on the SEC Web site at http://www. sec.gov. Jo-Ann shareholders will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by directing a request by mail or phone Jo-Ann Stores Inc., Attn: Corporate Communications, 5555 Darrow Road, Hudson, Ohio 44236, telephone: (330) 463-6865, or from the investor relations section of company website, http://www. joann.com.

Participants in the Solicitation

Jo-Ann and its directors and executive officers may be deemed participants in the solicitation of proxies from shareholders Jo-Ann to respect the special meeting of shareholders to be held to consider the merger proposal. Information about the directors and officers Jo-Ann and their ownership of shares of common stock is set forth in the proxy statement for Jo-Ann 2010 Annual Meeting of Shareholders, which was filed with the SEC on April 26, 2010. Shareholders may obtain additional information regarding the interests of directors and officers Jo-Ann in the proposed merger, which may differ from those of Jo-Ann shareholders generally, by reading the definitive proxy statement and other relevant documents concerning the proposed merger when they become available.

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