JOANN Announces 10% Dividend Increase

Rhea-AI Summary

JOANN (NASDAQ: JOAN) announced a 10% increase in its quarterly dividend, raising it to 11 cents per share. This decision reflects the company's commitment to return capital to shareholders and is part of its broader capital allocation strategy. The dividend is scheduled for payment on April 8, 2022, to shareholders recorded by the close of business on March 25, 2022. Additionally, JOANN plans to focus on debt reduction and strategic investments, including a store refresh program.

Positive

• 10% increase in quarterly dividend to 11 cents per share.
• Commitment to returning capital to shareholders.
• Focus on debt reduction and strategic store refresh program.

Negative

• None.

HUDSON, Ohio, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of JOANN (NASDAQ: JOAN) has voted to increase the quarterly dividend on the Company’s common shares by 10% to 11 cents per common share.

“Our dividend increase and our attractive dividend yield are integral to our capital allocation strategy,” said Matt Susz, JOANN’s chief financial officer. “This action demonstrates our continued commitment to return capital to shareholders. We also remain focused on further debt reduction and using our free cash flow to invest in other strategic initiatives, including our store refresh program.”

The dividend is payable on April 8, 2022 to shareholders of record at the close of business March 25, 2022.  

About JOANN

For more than 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s category leader in sewing and fabrics and one of the fastest growing competitors in the arts and crafts industry has grown to include 848 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance, and inspiration needed to achieve any project or passion.

FAQ

What is the new dividend amount for JOANN (JOAN)?

JOANN has increased its quarterly dividend to 11 cents per share.

When is the dividend payout date for JOANN?

The dividend is payable on April 8, 2022.

What is the record date for JOANN's dividend payment?

The record date for the dividend payment is March 25, 2022.

How much has JOANN increased its dividend by?

JOANN has increased its dividend by 10%.

What are JOANN's plans for shareholder capital in 2022?

JOANN plans to focus on debt reduction and strategic investments, including a store refresh program.