JOANN Q3 EPS $(0.21), Inline, Sales $539.80M Miss $547.20M Estimate
Portfolio Pulse from Benzinga Newsdesk
JOANN Inc. (NASDAQ:JOAN) reported Q3 EPS of $(0.21), which was in line with analyst estimates, but experienced a significant 450% decrease from the $0.06 per share earned in the same quarter last year. The company's quarterly sales were $539.80 million, falling short of the expected $547.20 million by 1.35% and marking a 4.09% decline from the previous year's sales of $562.80 million.
December 04, 2023 | 9:06 pm
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NEGATIVE IMPACT
JOANN Inc. reported Q3 EPS in line with expectations but showed a steep decline in earnings and a slight miss in revenue estimates, indicating potential concerns over profitability and growth.
The reported EPS being in line with estimates might not significantly impact the stock price. However, the substantial decrease in earnings compared to last year and the miss on revenue estimates could lead to negative investor sentiment in the short term, potentially causing the stock price to decline.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100