Joann Inc falls on missing Q3 estimates

Joann

12/12/2022 22:13

** Shares of fabric and craft retailer Joann Inc  JOAN.O 
down 4.3% at $4.20 after market
    ** Company reports ~8% fall in Q3 net sales to $562.8 mln vs
est of $570.0 mln - Refinitiv 
    ** Posts Q3 adj profit of $0.06/shr vs est $0.23/shr
    ** "It's clear that consumers are increasingly pressured by
inflation and are being more selective with their purchases in
the current holiday season, prioritizing household essentials
over many discretionary activities" - CEO Wade Miquelon
    ** "Targeting $200 million of cost savings from lower supply
chain, product costs, and other operating expenses to maximize
cash generation and liquidity in a challenging macro
environment," company says
    ** As of Monday's close, company's shares down ~58% this
year
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com))