Joann hits record low on dour annual sales forecast

Joann

06/06/2023 18:04

** Shares of arts and crafts retailer Joann Inc  JOAN.O 
fall as much as 30.4% to a record low of $1.12; Stock last down
26.4%
    ** Brokerage Piper Sandler cuts price target on JOAN to
$1.50 from $3.50 and Telsey Advisory Group trims PT to $2 from
$2.50
    ** Brokerages say weaker demand for Joann's products in
April weighed on its overall sales in Q1
    ** TAG says, JOAN sees steady demand for sewing and arts &
crafts, while its higher-priced items remain pressured and is
expected to persist throughout 2023
    ** Co forecast full-year sales below Wall Street estimates
and Q1 sales missed expectations on Monday aftermarket close
    ** Stock has an average rating of "hold" among six analysts;
their median PT is $1.50 - Refinitiv
    ** Stock has fallen 58.6% so far in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))