By Sabela Ojea
Joann, the special retail company, has announced an increase in sales for the latest quarter. The month of July, in particular, marked the strongest topline performance in over two years, thanks to cost-cutting measures. This positive news has led to an increase of 7.8% in the company’s shares during after-hours trading, reaching $1.23.
For the fiscal second quarter, which ended on July 29, Joann reported a net loss of $73.3 million, or $1.76 per share. This is compared to a loss of $56.9 million, or $1.40 per share, during the same period last year. Financial analysts surveyed by FactSet had predicted narrower losses per share of $1.39. However, after excluding one-time items, the company’s loss per share came to $1.44.
Sales for the quarter decreased slightly to $453.8 million, down from $463.3 million the previous year. Despite the decline, analysts had expected even lower sales at $437.5 million.
The company’s Chief Financial Officer, Scott Sekella, commented, “We continue to drive operational excellence with our cost-cutting initiatives, surpassing our target of $200 million in annual cost reductions.”