Crafts retailer Joann Inc falls on missing Q4 profit estimates

Joann

23/03/2023 21:08

** Shares of arts and crafts retailer Joann Inc  JOAN.O 
down ~5% at $2 after market
    ** Company misses Q4 adjusted profit estimates, hurt by
rising freight and products costs
    ** JOAN posts Q4 adjusted EPS of 7 cents, missing estimates
of 70 cents, per Refinitiv IBES data
    ** Q4 net sales fall 5.8% to $692.8 mln, but beat estimates
of $681.4 mln
    ** As of Thursday's close, stock down ~83% in past 12 months

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com; Twitter: https://twitter.com/AnanyaMariam))