JOAN - JOANN stock plunges as inflation and supply chain issues weigh on Q1 results

JOANN (NASDAQ:JOAN) shares dip after earnings disappoint in Q1, due to inflation and supply chains issues. Total comparable sales fell 12.9% in the quarter vs. 15.0% increase year ago. Adjusted gross margin rate up 140 bps Y/Y to 54.1%. Adjusted EBITDA was $18.6M vs. $57.5M year ago. CEO comment: “While we know that supply chains will continue to be challenged, we have added carrier capacity and operating flexibility to better manage through those challenges and ensure we deliver exciting product assortments to our customers at the best possible cost." Shares down 20% premarket. The company lost around 24% on YTD basis.

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JOANN stock plunges as inflation and supply chain issues weigh on Q1 results