Joann Shares Plummet As Q2 Results Miss Estimates

Joann Inc JOAN reported a second-quarter FY22 sales decline of 29.8% year-on-year, to $496.9 million, missing the analyst consensus of $534.03 million.
Comparable sales decreased 29.9% versus last year and increased 8.1% on a two-year stack basis.
The gross margin expanded 410 basis points Y/Y to 53.7% and gained 460 basis points on a two-year basis.
The company reported a $(0.3) million operating loss compared to a profit of $48.1 million Q2 FY21.
The company held $22.1 million in cash and equivalents as of July 31, 2021.
Adjusted EBITDA of $23.5 million decreased 74.7% Y/Y.
Adjusted EPS of $(0.20) missed the analyst consensus of $(0.13).
Price Action: JOAN shares are trading lower by 14.58% at $10.90 in premarket on the last check Friday.

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