-=JOANN (JOAN) reported earnings on Wed 1 Sept 21 (a/h)

 

JOANN Inc. misses by $0.07, misses on revs 

• Reports Q2 (Jul) loss of $0.20 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of ($0.13); revenues fell 29.8% year/year to $496.9 mln vs the $532.84 mln S&P Capital IQ Consensus.
• On a two-year stack, total comparable sales increased by 8.1%.
• Gross profit as a percent of sales improved to 53.7%, up 410 basis points compared to the same period last year. The gross margin increased by 460 basis points on a two-year basis.
• Adjusted EBITDA of $23.5 million, improved by $27.8 million compared to the same quarter two years ago.