Joann slips on weak 2024 sales forecast

Joann

05/06/2023 21:59

** Shares of arts and crafts retailer Joann Inc  JOAN.O 
down ~5% at $1.53 aftermarket
    ** Co forecasts full-year sales below Wall Street estimates,
saying discretionary spending remains under pressure
    ** Expects annual sales to fall 1% to 4%, while analysts' on
average estimate 1.7% decline, per Refinitiv data
    ** Also Q1 sales miss estimates and JOAN reports a
bigger-than-expected loss
    ** Posts adjusted loss per share of 93 cents in Q1, compared
to analysts' estimate of 66 cents
    ** Up to today's close, stock had fallen 43.5% in 2023

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