Joann Inc. (NASDAQ: JOAN) stock declined by 3.84% at the last close while the JOAN stock price plunges by 7.76% in the after-hours trading session.JOANN has been inspiring creativity in the hearts, hands, and thoughts of its consumers for over 75 years. From a single shop in Cleveland, Ohio, the country’s market leader in sewing and textiles, as well as one of the fastest-growing rivals in the arts and crafts sector, has expanded to encompass 853 locations in 49 states, as well as a thriving e-commerce company.
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JOAN stock’ Financial Highlights
Joann Inc. reported its second quarter 2021 financial results. Given below is the summary:
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- In comparison to the same time previous year, net sales fell by 29.8% to $496.9 million, with total comparable sales down by 29.9%. Total comparable sales grew by 8.1 percent during a two-year period.
- When compared to the same quarter two years ago, gross profit grew 17.8% to $266.8 million.
- In comparison to the same time previous year, gross profit as a percentage of sales increased by 410 basis points to 53.7 percent. On a two-year basis, the gross margin improved by 460 basis points.
- In comparison to the same quarter two years earlier, net income increased by $173.0 million to $5.2 million.
- In comparison to the same quarter two years ago, adjusted EBITDA was $23.5 million, up $27.8 million.Read More
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Wade Miquelon, JOANN’s President and CEO commented,
In their first full quarter as a publicly traded business, they achieved a number of significant milestones. Despite several supply chain issues, they are on pace to provide a diverse and exciting assortment of fashion and seasonal items in time for the peak sales events, and their net promoter ratings show that consumer engagement and happiness are at record highs. Despite the high degree of uncertainty caused by the COVID-19 epidemic, the team members continue to provide excellent customer service, and he could not be more pleased of the work they perform every day. They’re excited to keep delighting their customers and delivering excellent results for the rest of the year.