Jo-Ann Stores, Inc.

Jo-Ann Stores, Inc. (JAS)) analysts continue to raise estimates after solid sales growth in the second quarter.

Sales Increasing

On Aug 6 the company reported net sales for the second quarter of $419.4 million, up from $403 million. Same store sales increased 1.8% since last year, which is good, but the company saw a 3.3% increase last year.

Full second-quarter results are expected later this week.

Estimates Still Rising

Since I wrote about Jo-Ann stores last month the Zacks Consensus Estimate continues to climb. The average estimate for full-year 2009 is now $1.10, up from 99 cents. Forecasts for next year are averaging $1.37, up from $1.29.

Each analyst polled by Zacks has raised their projections in that time period. Given these estimates, year-over-year earnings growth is expected to be 44% this year and another 25% in 2010.

The Chart

After the double-bottom formation I highlighted last month, shares continued to climb. Now that it is about the previous level I expect that to act as support. However, keep a close eye on the stock as the MACD did cross to the bottom. Take a look below.

Read the July 17th Feature Here

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