HomeTrending EquitiesWhy did JOANN Inc. (JOAN) stock surge on Thursday?

Why did JOANN Inc. (JOAN) stock surge on Thursday?

JOANN Inc. (JOAN) shares soared 7.26% in after-hours on Thursday, December 02, 2021, and closed the daily trading at $10.05. Even in the regular trading session, JOAN’s stock gained 8.57%. The stock volume remained 0.75 million shares. JOAN shares have moved down 4.39% in the past week. Over the past three months, the stock has lost 26.57%, while over the past six months, it has declined 44.62%.


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Let’s discuss its recent news and developments.

JOAN latest development

On December 02, 2021, JOANN Inc. (JOAN) announced results for its third-quarter ending October 30, 2021.

Q3 2022 financial highlights

  • JOAN reported net sales of $611.0 million for Q3 2022 compared to $714.1 million in Q3 2021.
  • The total cost of sales was $292.2 million in Q3 2022 compared to $339.6 million in Q3 2021.
  • It earned a gross profit of $318.8 million in Q3 2022 compared to $374.5 million in the same period of fiscal 2021.
  • Net income of $22.8 million increased by $31.2 million from two years ago. Fully diluted earnings per share were $0.53 compared to a loss of $(0.24) for the same quarter two years ago.
  • Net income was $22.8 million and earnings per share were $0.53 in Q3 2022 compared to net income of $47.7 million and earnings per share of $1.37 in Q3 2021.
  • Adjusted EBITDA was $72.6 million compared to $102.4 million in Q3 2021.

JOAN and Singer Joint venture

On December 02, 2021, JOANN Inc. (JOAN) and SINGER® sewing brand, formed a joint venture that will revolutionize the way people create and utilize sewing and craft patterns. The joint venture will launch products and services with patented technology that reinvents the sewing pattern process, making them easier to use and accessible anywhere and at any time.

The joint venture will be led by Stacey Weller, a veteran in the sewing and craft industry, and the venture will launch related products and services initially domestically through various channels, including a direct-to-consumer model, at all JOANN store locations, and through Singer’s robust dealer network that extends throughout the United States and to nearly 180 other countries.

Dividend declaration by JOAN

On November 19, 2021, The Board of Directors of JOANN (JOAN) authorized a quarterly dividend of 10 cents per common share. The dividend is payable on December 29, 2021, to shareholders of record at the close of business on December 15, 2021.

Conclusion

JOANN stock went up in the after-hours, due to the new venture. It was unable to impress with its Q3 financial results which missed the targets. We can expect it to continue its momentum on Friday as well.

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