JoAnn stock falls after retailer misses Q4 expectations, saw jump in freight costs
Shares of JoAnn Inc. fell more than 7% in the extended session Thursday after the retailer missed Wall Street's fourth-quarter expectations and said it had to absorb nearly $60 million in increased ocean freight costs in the full year. JoAnn said it earned $13.6 million, or 32 cents a share, compared with $38.3 million, or $1.06 a share, in the year-ago period. Net sales fell 12.5% to $735.3 million, JoAnn said. Analysts polled by FactSet expected the retailer to earn 98 cents a share on sales of $752 million. The retailer faced "significant supply-chain headwinds and disruptions," including "fully absorbing close to $60 million of higher ocean freight costs this past year," Chief Executive Wade Miquelon said in a statement. Despite that, JoAnn's "top line improved by 8% compared to pre-pandemic levels," Miquelon said. Shares of JoAnn's dropped 3.1% in the regular trading day.
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