• Mon. Sep 25th, 2023

(JOAN) – Joann’s Supply Chain Pressures Persist, Says This Analyst

ByShivani Kumaresan

Sep 2, 2022
(JOAN) – Joann's Supply Chain Pressures Persist, Says This Analyst

  • Telsey Advisory Group analyst Christina Fernandez maintained a Market Perform rating on the shares of Joann Inc JOAN with a price target of $8.00.
  • Joann’s Q2 adjusted EPS loss missed Street estimates with a 6.2% decline in comparable store sales.
  • The analyst said the company saw sequential improvement in its comparable sales as the quarter progressed.
  • However, Fernandez felt the supply chain costs remain elevated and are expected to weigh on the gross margin for at least another quarter.
  • The analyst believes for the stock to regain momentum, she needs to see a return to positive comparable store sales, easing of supply chain costs, and further debt reduction. 
  • The analyst also noted Joann’s appointment of Scott Sekella as its new CFO, effective September 26.
  • Price Action: JOAN shares are trading lower by 1.82% at $7.01 on the last check Friday.

Image and article originally from www.benzinga.com. Read the original article here.