JOANN sees sales fall in Q3, points to uncertain consumer backdrop [Seeking Alpha]
JOANN, Inc. - common stock (JOAN)
Company Research
Source: Seeking Alpha
Gross margin was up 240 basis points to 52.3% of sales. Selling, general and administrative expenses increased by 1.6% from the same quarter last year. Adjusted EBITDA was reported at $37.5M vs. $40.2M a year ago. EPS came in at -$0.21 vs. -$0.26 consensus and $0.06 a year ago. On the balance sheet, JOANN ( JOAN ) ended the quarter with a long-term debt position of $1.15B and a cash position of $28.3M. JOANN ( JOAN ) said strategic inventory receipt reductions and lower ocean freight costs resulted in total inventory down 9.0% at the end of the quarter compared to last year. CEO update: "In light of the uncertain consumer environment, we are working to manage all aspects of the business prudently while leveraging our read and react capabilities through advanced data analytics to control what we can control and capitalize on new opportunities as they arise. With the strategic shifts we have implemented this year, combined with our ongoing cost reduction strategies, we are pleased
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