PREVIEW: Joann up slightly ahead of results after the bell

Joann

01/09/2022 20:56

** Shares of Joann Inc  JOAN.O  were up 0.4% late afternoon on
Thurs ahead of the crafts retailer's quarterly results due after
the close
    ** Earlier in the day, the co announced that it has named
retail finance veteran Scott Sekella as its CFO effective Sept
26  urn:newsml:reuters.com:*:nGNX1hYkhT
    ** Co expected to show a fall in quarterly revenue to
$451.62 mln from $496.90 mln a year ago, and it is expected to
post a loss of 65c/shr vs a loss of 20c in the yr-ago period,
according to IBES data from Refinitiv
    ** The average analyst rating on the stock is a "hold," and
the median 12-month price target is $7​, based on Refinitiv
data. The stock was last at $7.13
    ** High inflation hitting consumer spending has been a
negative for some retailers this earnings season
    ** The stock is down about 30% YTD vs a roughly 25% decline
in the Nasdaq  .IXIC  over that period

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))