In a 3- to 4-quart pan, combine cherries, sugar, and lemon juice. Stir over medium heat until sugar is dissolved and cherries are juicy, about 10 minutes. Adjust heat to maintain a low simmer and stir occasionally until mixture has thickened, about 40 minutes.
Stir in almond extract and pour preserves into a bowl. Chill, uncovered, until cold, about 4 hours. Cover and chill for up to 3 weeks.
Nutritional analysis per 1/4 cup.