Joann Inc (NASDAQ:JOAN) shares are trading lower by 7.7% at $11.98 after the company reported worse-than-expected fourth-quarter sales results.
Jo-Ann reported quarterly earnings of $1.16 per share which beat the analyst consensus estimate of $1.03. Jo-Ann reported quarterly sales of $735.30 million which missed the analyst consensus estimate of $749.89 million by 2%. This is a 13% decrease over sales of $840.80 million in the same period last year.
Relative to FY 2020, Jo-Ann says net sales increased by 7.9% to $2.4 billion and comparable sales grew by 8.3% for FY 2021. Jo-Ann also says gross profit increased by 10% for FY 2021 compared to FY 2020.
Jo-Ann is engaged in the sewing business. The company provides fabrics, sewing supplies, yarn and needle arts, paper crafting, jewelry making, fabric crafting, craft lights, wedding decorations and home decor products.
Jo-Ann has a 52-week high of $17.50 and a 52-week low of $8.51.
