JOAN - JOANN Non-GAAP EPS of -$0.93 misses by $0.25 revenue of $478.1M misses by $2.51M
2023-06-05 16:21:41 ET
- JOANN press release ( NASDAQ: JOAN ): Q1 Non-GAAP EPS of -$0.93 misses by $0.25 .
- Revenue of $478.1M (-4.0% Y/Y) misses by $2.51M .
- Gross margin was 52.1% on a GAAP basis, an increase of 380 basis points compared to the first quarter last year.
- Adjusted EBITDA of $3.5 million compared to $18.6 million the same quarter last year.
- Identified $200 million in targeted annual cost reductions under Focus, Simplify and Grow initiative.
- Long-term debt, net was $1,031.9 million as of April 29, 2023, with cash and cash equivalents of $19.7 million.
- 2024 Outlook: Net Sales Down 1% to 4% inclusive of a 53 rd week worth approximately 2%; Adjusted EBITDA between $85 million and $95 million; Capital Expenditures, net of landlord contributions between $40 million and $45 million; Free Cash Flow year over year improvement between $150 million and $170 million.
- Shares +2.48% .
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JOANN Non-GAAP EPS of -$0.93 misses by $0.25, revenue of $478.1M misses by $2.51M