Joann Inc (NASDAQ:JOAN) reported a second-quarter FY22 sales decline of 29.8% year-on-year, to $496.9 million, missing the analyst consensus of $534.03 million.
Comparable sales decreased 29.9% versus last year and increased 8.1% on a two-year stack basis.
The gross margin expanded 410 basis points Y/Y to 53.7% and gained 460 basis points on a two-year basis.
The company reported a $(0.3) million operating loss compared to a profit of $48.1 million Q2 FY21.
The company held $22.1 million in cash and equivalents as of July 31, 2021.
Adjusted EBITDA of $23.5 million decreased 74.7% Y/Y.
Adjusted EPS of $(0.20) missed the analyst consensus of $(0.13).
Said CEO Wade Miquelon, "We achieved a number of important milestones in our first full quarter as a newly public company. We continued to accelerate growth in gross profit dollars and net earnings on a two-year basis in what is historically our lowest volume period of our fiscal year. We also continued to position our business for success in our upcoming key fall and holiday seasons.
"Despite numerous supply chain challenges, we are on track to deliver a broad and exciting array of fashion and seasonal products in time for our peak sales events and our customer engagement and satisfaction are at record levels as evidenced by our net promoter scores."
JOAN shares are trading lower by $1.72, or 13.5% at $11.04 Friday.
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