A.C. Moore 1Q loss widens

A bad economy that has people turning away from crafts supplies sent A.C. Moore Arts & Crafts to a wider earnings loss over the first quarter of last year, the Berlin-based store announced today.

The loss for the quarter ended April 4 was $4.3 million (21 cents a share) on revenues of $108.65 million, over a first-quarter 2008 loss of $1.77 million (9 cents a share) on revenues of $126.54 million.

"The economic environment continues to be challenging and discretionary spending remains weak," said Rick A. Lepley, chief executive officer. "We do not expect any meaningful improvement before the second half of this year and remain focused on improving sales, managing our inventories, strengthening our balance sheet and making our supply chain more efficient."

Company shares were priced at $2.67, down 46 cents (14.70 percent), shortly after Nasdaq trading opened this morning.