JOAN - Why Joann Stock Was Up This Week
Joann (NASDAQ: JOAN) stock beat a rising market this week. The arts and crafts specialist's stock rose 19% through Thursday trading, according to data provided by S&P Global Market Intelligence , compared to a 2% boost in the S&P 500. That spike helped put the company closer to the performance of the wider market so far this year, down 18% while the S&P has shed 16%.
The rally was powered by rising optimism that Joann's sales declines might start moderating in late 2022.
Management revealed in an early-September announcement that sales fell 6% in the Q2 selling period that ended in late July. CEO Wade Miquelon said in a conference call that he believes the economy is in the midst of a recession, which tends to reduce demand for discretionary and specialty retail.
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Why Joann Stock Was Up This Week