JOANN Inc. - JOAN STOCK NEWS

JOANN (NASDAQ: JOAN) is expanding its workforce by inviting applicants to apply for various roles across its 853 U.S. stores. The company will hold nationwide hiring events on October 1, 2, 8, and 9, providing immediate interviews and job offers. Team Members enjoy benefits like a 30% discount, competitive pay, and flexible schedules. JOANN emphasizes inclusivity and employee well-being, having avoided layoffs during the pandemic and providing premium pay to staff. The company’s commitment to fostering a welcoming work environment is highlighted by its focus on creativity and personal growth.

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.

JOANN reported net sales of $496.9 million for the second quarter ending July 31, 2021, reflecting a 29.8% decrease from the previous year but an 8.1% growth on a two-year basis. Gross profit increased 17.8% compared to two years ago, achieving a gross margin of 53.7%. Net income rose to $5.2 million, a $173 million increase year-over-year. Adjusted EBITDA reached $23.5 million, up $27.8 million from the prior year. JOANN launched its international e-commerce platform and completed a $675 million debt refinancing with improved terms.

JOANN Inc. (NASDAQ: JOAN) announced it will release its second-quarter earnings on September 2, 2021, after market close. A conference call will take place at 5:00 p.m. ET, accessible via toll-free numbers for participants. The call will be streamed live on JOANN's website and available for replay for one year. JOANN, a leader in sewing and arts and crafts, operates 853 stores across 49 states and has a strong e-commerce presence, aiming to inspire creativity in customers.

The Board of Directors of JOANN (NASDAQ: JOAN) has declared a quarterly dividend of 10 cents per common share, payable on September 24, 2021. Shareholders of record must hold their shares by September 10, 2021 to qualify for the dividend. JOANN has developed into a leader in the arts and crafts industry, with 853 stores in 49 states and a strong e-commerce presence, inspiring creativity in customers for over 75 years.

JOANN Inc. (NASDAQ: JOAN) has successfully refinanced its existing first lien term loan facility, now totaling $675 million, to extend debt maturities and lower borrowing costs. The new facility matures on July 7, 2028, with an applicable rate reduced by 25 basis points to LIBOR plus 4.75%, and a LIBOR floor decreased to 0.75%. CFO Matt Susz highlighted the refinancing's strong demand and its potential to enhance ongoing growth investments.

JOANN Inc. (NASDAQ: JOAN) has officially joined the Russell 2000® Index as of June 28, 2021. This inclusion is a significant step for the company, enhancing its visibility among investors and affirming its position as a leader in the sewing and crafts market. The Russell 2000® membership remains valid for one year and aligns JOANN with growth and value style indexes. Approximately $10.6 trillion in assets reference the Russell indexes, making this inclusion a notable validation of JOANN's recent public listing and business growth.

JOANN reported robust first-quarter results for fiscal 2021, with net sales rising 15.0% to $574.4 million and total comparable sales also increasing by 15.0%. Gross margin improved to 52.7%, up 23.1% from last year. Net income soared to $15.1 million, a $38.7 million increase from a loss last year, resulting in diluted EPS of $0.38 and adjusted EPS of $0.46. Adjusted EBITDA rose significantly by 165% to $57.5 million, reflecting strong operational performance. The company announced a quarterly dividend of $0.10 per share, indicating strong cash flow management.