Joann Inc drops on Q1 revenue miss

Joann

03/06/2022 14:19

** Shares of fabric and craft retailer Joann Inc  JOAN.O 
fall 16.7% premarket and are set to hit a record low of $6.58 at
the open, if losses hold
    ** Stock among top pct losers across U.S. exchanges before
the bell
    ** JOAN's Q1 sales fall 13% to $498 mln, missing Refinitiv
IBES estimates of $517 mln  urn:newsml:reuters.com:*:nGNXbvcjxC
    ** Company reports net loss of $35.1 mln in the quarter vs
profit of $15.1 mln a year ago, citing supply chain challenges
and inflationary pressures, including higher freight, labor and
distribution costs
    ** Stock had fallen 23.9% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))