On Monday, fabrics retailer Joann revealed that net sales for its first fiscal quarter of 2024 dipped 4% year-over-year to reach $478.1 million. Joann posted a net loss of $54.2 million, compared to a net loss of $35.1 million a year ago. Nearly 12% of its quarterly revenue came from e-commerce.
Cristina Fernández, who covers Joann for Telsey Advisory Group, told Modern Retail that she sees arts and crafts spending — and Joann’s business — recovering with time. “Arts and crafts is in a normalization mode, in some ways, similar to electronics,” she explained. Fernández expects to see negative comps throughout the year, “but probably getting closer to where this year-over-year comparison is getting easier.”
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