- The stock price of JOANN Inc. (NASDAQ: JOAN) increased by 18.99% yesterday. This is why it happened.
The stock price of JOANN Inc. (NASDAQ: JOAN) increased by 18.99% yesterday as it went from a previous close of $14.22 to $16.92. Investors responded positively to the company’s first quarter fiscal year 2022 results.
These are the highlights:
— Strong top line performance and significant expansion of gross margin
— Revenue and total comparable sales both increased 15% over the same period last year
— Net income increased $38.7 million to $15.1 million compared to the same period last year with diluted earnings per share (EPS) of $0.38 and adjusted EPS of $0.46
— Adjusted EBITDA increased 165% to $57.5 million compared to the same period last year
KEY QUOTE:
“Our first quarter performance is a strong indication of the sustained momentum we have in our business coming off our record performance in fiscal year 2021. The strength of the JOANN brand and compelling in-store experience continue to resonate with our core customer while also attracting new enthusiasts. We attribute this to our expansive and well-curated merchandise assortments, tailored marketing, superior customer service and convenient omni-channel shopping options. Our growth remained consistently strong across the majority of our product categories as well as all service channels and geographies. Most importantly, we are achieving new highs in our net promoter scores, with both store and omni-channel service metrics increasing across the board. Our teams’ focus and dedication to serving our growing base of customers has never been stronger. I am incredibly proud of and grateful to all of our team members for staying true to our mission and vision to inspire creatively in ourselves and our customers.”
— Wade Miquelon, JOANN’s President and Chief Executive Officer
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
