JOAN Profile
JOANN Inc (JOAN) is a specialty retailer of crafting and sewing supplies in the United States. The company operates more than 860 stores across 49 states, as well as an e-commerce website. JOANN Inc is headquartered in Hudson, Ohio, and was founded in 1943.
JOANN Inc's product offerings include fabrics, sewing supplies, yarn and needle arts, baking and party supplies, art supplies, home décor, and paper crafting supplies. The company's stores also offer classes and workshops to help customers learn new crafting skills.
In March 2021, JOANN Inc became a publicly traded company on the NASDAQ under the ticker symbol JOAN. The company went public through an initial public offering (IPO) of 10.9 million shares priced at $12 per share, raising $130.8 million.
JOANN Inc has benefited from the growing interest in crafting and DIY activities, particularly during the COVID-19 pandemic when many people were spending more time at home. However, the company has also faced increased competition from online retailers such as Amazon, as well as other specialty crafting retailers.
In its most recent financial report for the third quarter of fiscal year 2022, JOANN Inc reported net sales of $525.7 million, an increase of 9.4% compared to the same quarter in the previous year. The company also reported net income of $18.3 million, compared to a net loss of $9.8 million in the same quarter the previous year.
Overall, JOANN Inc's financial performance has been positive in recent years, and the company's focus on crafting and sewing supplies has allowed it to differentiate itself from other retailers. However, the ongoing competition from online retailers and changing consumer trends will continue to be a challenge for the company.
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