X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NANTUCKET, MA-Leading arts and crafts retailer A.C. Moore plans to take its chain of specialty stores national within the next few years as it moves to dominate the fragmented $60 billion a year arts and craft market, company president and chief operating officer Lawrence H. Fine said Thursday.

Speaking at the 15th Annual Wachovia Securities Conference on Nantucket, MA, Fine said the company, already a dominant force on the East Coast, intends to expand by 15 stores in 2005 and add another 20 outlets in 2006 in areas served by its southern New Jersey distribution center. In 2004, the company added 15 stores to its operations for a total of 98 stores in 15 states spanning Maine to Alabama.

“Our growth opportunity is very, very big,” said Fine, noting that the firm intends to double its current 98 stores in the eastern region within the next few years, potentially moving to the national level.

Financially, the Berlin, NJ-based retailer of arts and craft supplies is in good shape to fulfill its expansion plans. With average per store sales of $5.8 million and with only $30 million in debt from the construction last year of a 775,000 sf distribution facility and corporate headquarters, A.C. Moore sits on solid financial ground.

“We’ve a very strong balance sheet.” Fine said. “Our cash position is more than capable of supporting our growth plans.”

The company’s sales for the first quarter ending March 31, 2005 grew 10.2% to $122.9 million, an increase of $11.4 million over the same quarter of 2004. Net income for the quarter also was up rising from $1.23 million, or 6 cents per diluted share the first quarter of 2004 to $1.25 million, or 6 cents per fully diluted share, during the same period for 2005.

Sales last year also were strong, showing a 14% increase over 2003, Fine said. Those strong sales figures, which top retailers such as Bed Bath & Beyond, PetSmart, Linens ‘n Things and Dicks, make A.C. Moore a force to contend with in the arts and crafts market, Fine said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.