JOANN Announces Stock Repurchase Authorization
JOANN Inc. announced a $20 million share repurchase program authorized by its Board of Directors, enhancing shareholder value and managing dilution from stock-based awards. This program is set to be executed through various open-market and negotiated transactions and is valid until March 9, 2022. CEO Wade Miquelon emphasized confidence in the company’s robust cash flow and business performance. JOANN operates 853 stores in 49 states, focusing on sewing and crafts, committed to inspiring creativity among its customers.
- Authorization of a $20 million share repurchase program to enhance shareholder value.
- Management's confidence in the strength of the balance sheet and ability to generate robust cash flow.
- None.
HUDSON, Ohio, Sept. 13, 2021 (GLOBE NEWSWIRE) -- JOANN Inc., the nation’s category leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry, today announced that its Board of Directors has authorized the Company to repurchase outstanding shares of its common stock.
The authorization enables the Company to repurchase up to an aggregate of
Wade Miquelon, JOANN’s President and Chief Executive Officer stated, “In keeping with our commitment to create shareholder value, this approval to repurchase shares will enable us to manage the dilutive effect of current and future stock-based awards. It also reflects the strength of our balance sheet and ongoing confidence in our ability to generate robust cash flow and business results.”
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 853 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.
Cautionary Statement Concerning Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. JOANN intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Readers can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “vision,” or “should,” or the negative thereof or other variations thereon or comparable terminology. Many factors could affect JOANN’s actual financial results and cause them to vary materially from the expectations contained in forward-looking statements, including those set forth in this document. These risks, uncertainties, and factors include, among other things: the effects of potential changes to U.S. trade regulations and policies, including tariffs, on JOANN’s business; developments involving JOANN’s competitors and its industry; potential future impacts of the COVID-19 pandemic, including effects on supply chain costs and capacity; JOANN’s ability to timely identify or effectively respond to consumer trends, and the potential effects of that ability on its relationship with its customers, the demand for JOANN’s products and its market share; JOANN’s expectations regarding the seasonality of its business; JOANN’s ability to manage the distinct risks facing its e-commerce business and maintain a relevant omni-channel experience for its customers; JOANN’s ability to maintain or negotiate favorable lease terms; JOANN’s ability to anticipate and effectively respond to disruptions or inefficiencies in its distribution network, e-commerce fulfillment function and transportation system; JOANN’s ability to execute on its growth strategy to renovate and improve the performance of its existing locations; JOANN’s ability to execute on its cost-saving initiatives; JOANN’s ability to attract and retain a qualified management team and other team members while controlling its labor costs; the impact of JOANN’s debt and lease obligations on its ability to raise additional capital to fund its operations and maintain flexibility in operating its business; JOANN’s reliance on and relationships with third party service providers; JOANN’s reliance on and relationships with foreign suppliers and their ability to supply it with adequate, timely, and cost-effective product supplies; JOANN’s ability, and its third party service providers’ ability, to maintain security and prevent unauthorized access to electronic and other confidential information; the impacts of potential disruptions to JOANN’s information systems, including its websites and mobile applications; JOANN’s ability to respond to risks associated with existing and future payment options; JOANN’s ability to maintain and enhance a strong brand image; JOANN’s ability to maintain adequate insurance coverage; JOANN’s status as a “controlled company” and control of JOANN as a public company by affiliates of Leonard Green & Partners, L.P.; the impact of evolving governmental laws and regulations and the outcomes of legal proceedings; and the timing and amount of purchases, if any, of shares of JOANN’s common stock.
The preceding list is not intended to be an exhaustive list of all of JOANN’s forward-looking statements. JOANN has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While JOANN believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond JOANN’s control. Furthermore, the potential impact of the COVID-19 pandemic on JOANN’s business operations and financial results and on the world economy as a whole may heighten the risks and uncertainties that affect JOANN’s forward-looking statements. Given these risks and uncertainties, Readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included elsewhere in this document are not guarantees of future performance and JOANN’s actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements included elsewhere in this document. In addition, even if JOANN’s results of operations, financial condition and liquidity, and events in the industry in which it operates, are consistent with the forward-looking statements included elsewhere in this document, they may not be predictive of results or developments in future periods. Any forward-looking statement that JOANN makes in this document speaks only as of the date of such statement. Except as required by law, JOANN does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this document.
Investor Relations Contacts:
Ajay Jain
ajay.jain@joann.com
330-463-8585
Corporate Communications:
Amanda Hayes
amanda.hayes@joann.com
216-296-5887
FAQ
What is the purpose of JOANN's $20 million share repurchase program?
Until when is JOANN's share repurchase program authorized?
What factors will determine the number of shares repurchased by JOANN?
How does the share repurchase affect JOANN's stock performance?
What has JOANN's CEO said about the company's future?
