Joann Inc tumbles after missing Q4 sales estimates

Joann

18/03/2022 14:33

** Shares of arts and crafts retailer  JOAN.O  fall as much
as ~8% to $11.89 after co misses Q4 sales estimates  urn:newsml:reuters.com:*:nASA034UL
    ** Stock last down 6.1%, on course for a second straight
session of losses
    ** JOAN's Q4 net sales fall 12.5% to $735.3 mln, missing
analysts' estimates of $749.9 mln, as per Refinitiv IBES data 
    ** Co after market close on Thursday reported adjusted
profit of $1.16 per share, compared with $1.65 a year ago
 urn:newsml:reuters.com:*:nGNX3jffK3
    ** Piper Sandler cut target price to $11 from $12 and
downgrades JOAN to "neutral" from "overweight"
    ** Brokerage says to offset freight pressures JOAN is
increasing prices, but this seems challenging considering recent
sales weakness
    ** Shares up 1.6% since March 2021 IPO price of $12

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))