Jo Ann Stores Inc. released its fourth quarter and full year results today. The Fabric and crafts retailer's net income jumped 82% in the quarter ended January 30, 2009. The increased profit in fourth quarter was mainly attributable to the improved sales in sewing and craft businesses of company and also to higher margins.

Also, the reduced product and freight costs helped Jo Ann to improve the profit in the fourth quarter. The company also revealed its plan to open 30 new stores this year.

The company reported a net income of $37.1 million or $1.36 per share, increasing by 82% while in the same quarter last year the net income was reported $20.4 million or 79 cents per share. Revenue was reported to $602.2 million in the quarter, increasing by 5%.

For the full year 2009, the company reported a net profit of $66.6 million or $2.51 per share, comparing with the net profit of $21.9 million or 86 cents per share posted in FY 2008. Total revenue for the year was reported $2 billion, increasing by 5% while in FY2008 total revenue was reported of $1.9 billion.

Jo Ann also provided the outlook for the current fiscal. The company expects the profit for FY 2010 in a range between $2.75 and $2.90 per share.