Joann Inc. (NASDAQ:JOAN) stock dropped in after-hours trading following its Q3 earnings report. The company met analyst expectations with a loss of 21 cents per share, a significant decrease from the prior year's earnings. Quarterly sales of $539.80 million fell short of the $547.20 million estimate and were down 4.09% year-over-year. E-commerce sales grew by 11.5%, but operational cash use increased and free cash flow decreased. Joann announced a cost reduction target of $225 million under its Focus, Simplify and Grow initiative. Full-year 2024 Net Sales are expected to decrease by 1-2%. Shares were down 13.48% at $0.89 in after-hours trading.