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Investing.com — Shares of Joann Inc (NASDAQ:JOAN), the specialty retailer of crafts and fabrics, plunged 10% Friday after posting fourth-quarter earnings after the bell Thursday that missed analyst expectations.
Revenue was $735.3 million, missing analyst expectations of $752.33 million. Sales declined by 12.5% compared to the same period last year, with total comparable sales decreasing 12.4%.
In contrast, earnings per share were $1.16, beating estimates of 98 cents a share.
The company said it had to absorb close to $60 million of higher ocean freight costs this past year.
“We’ve now completed our first full year as a public company. During Fiscal 2022, we achieved a number of critical milestones which we expect will underpin our continued growth longer term. Despite significant supply chain headwinds and disruptions, our top-line improved by 8% compared to pre-pandemic levels,” said Joann’s President and Chief Executive Officer Wade Miquelon.
Following the report, Piper Sandler analyst Peter Keith downgraded the stock to neutral from overweight.
