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Byline: FROM IBD NEWS SERVICES
Shares of fabrics retailer Jo-Ann Stores Inc. (New America, Sept. 25) plunged more than 14% this week after it warned that first-quarter earnings would fall well below Wall Street expectations.
The warning came on Monday -- the same day Jo-Ann announced fourth-quarter and full-year results for fiscal 2003, which ended Feb. 1.
The Hudson, Ohio-based firm posted record financial returns last year. The company earned $2.23 a share, up from 10 cents in fiscal 2002. Sales gained 7% to $1.7 billion. Same-store sales were up 8.4%.
Still, Jo-Ann officials said tough sales …