JOANN Inc. Stock Price, News & Analysis

JOANN Inc. (NASDAQ: JOAN) reported a net sales decline of 6.8% to $463.3 million for the second quarter ended July 30, 2022, with comparable store sales down by 6.2%. Digital sales grew by 2%, contributing over 12% of total sales. The company anticipates significant debt reduction by the end of fiscal 2023, despite facing inflationary pressures. A net loss of $56.9 million was reported, alongside a decrease in gross profit margin to 46.4%. Operating expenses increased 4.7%, primarily due to distribution costs. JOANN declared a quarterly dividend of $0.11 per share.

JOANN has appointed Scott Sekella as Chief Financial Officer, effective September 26, 2022. With over 20 years of finance experience, Sekella previously worked at Under Armour and held roles at Crocs and Henkel. CEO Wade Miquelon expressed confidence in Sekella's expertise to drive the company's success as they enter a crucial sales period. JOANN, a leader in fabrics and arts & crafts, operates 843 stores across 49 states, aiming to inspire creativity and offer a comprehensive range of supplies for its customers.

The Board of Directors of JOANN (NASDAQ: JOAN) has declared a quarterly dividend of 11 cents per common share, payable on September 23, 2022, to shareholders of record by September 9, 2022.

Additionally, JOANN plans to release its earnings for the second quarter of Fiscal 2023 after market close on September 1, 2022. A conference call will follow at 5:00 p.m. ET, providing insights into business and financial developments post quarter-end.

Cupixel, an innovative start-up focused on art creation, has secured $5M in seed funding, primarily from JOANN (NASDAQ: JOAN). The Cupixel app combines advanced AR and AI technologies to help users create art effortlessly, offering features such as smart tracing, photo conversion, and live artist guidance. The app is available on both Google Play and App Store for $12.99/month, with a free limited version. This funding will enhance their offerings, promoting creativity and well-being for users without prior art experience.

JOANN has appointed Brian Coleman, Vice President at Leonard Green & Partners, to its Board of Directors, effective June 24, 2022. Coleman, who has been with Leonard Green since 2017, brings extensive experience in consumer retail investment banking. Wade Miquelon, JOANN's President & CEO, expressed confidence in Coleman's insights and industry expertise benefiting the company. JOANN operates 852 stores across 49 states and has established itself as a leader in fabrics and crafts.

JOANN, a leader in fabrics and sewing, has appointed retail veteran Mario Sampson as Senior Vice President of Supply Chain, effective June 13, 2022. Sampson brings over a decade of experience in distribution and logistics from his previous roles at Ollie’s Bargain Outlet, Unique Industries, Macy’s, Amazon, and Target. His expertise is expected to enhance JOANN's supply chain operations amid evolving market conditions. JOANN operates 852 stores across 49 states and aims to inspire creativity in its customers.

JOANN Inc. (NASDAQ: JOAN) reported a challenging first quarter ending April 30, 2022, with net sales of $498 million, down 13.3% year-over-year. The comparable sales decline of 12.9% follows a 15.0% increase in the prior year. Gross profit fell to $240.7 million, a 20% decrease, while adjusted gross profit of $269.6 million declined by 11%. The net loss was $35.1 million compared to a profit of $15.1 million last year. Despite difficulties from supply chain disruptions and inflation, management remains optimistic about navigating these challenges.

JOANN Inc. (NASDAQ: JOAN) announced its participation in the upcoming William Blair Growth Stock Conference on June 6, 2022. Wade Miquelon, the President and CEO, along with CFO Matt Susz, will present at 3:20 p.m. Central Time. The presentation will be webcast live and available for replay on the company's investor website. JOANN has established itself as a leader in sewing and crafts with 846 stores across 49 states and a robust e-commerce platform, continuing its mission to inspire creativity among customers.

JOANN (NASDAQ: JOAN) has declared a quarterly dividend of 11 cents per common share, payable on June 24, 2022, to shareholders on record by June 10, 2022. The company will release its earnings for Q1 Fiscal 2023 on June 2, 2022, after market close, followed by a conference call at 5:00 p.m. ET. Interested participants can join the call by dialing 1 (833) 398-1023 or access it online. JOANN continues to be a leader in the arts and crafts industry with 846 stores across 49 states and a strong e-commerce presence.