Joann swings to Q4 profit as sales rise 21%

Joann swung to a profit in its fourth quarter and full-year as consumers spent more time at home and invested in crafting projects amid the pandemic.

The sewing and arts-and-crafts retailer, posted net income of $38.3 million, or $1.05 per share, for the ended Jan. 30, compared to a loss of $358.1 million, or $10.26 per share, in the year-ago period.  

Sales rose 20.9% to $840.8 million. Comparable sales were up 21.2%.

For the full year, Joann’s net sales increased 23.3% to $2.76 billion. Total comparable sales rose 23.5%. Net income was $212.3 million compared to a $546.6 million loss in the prior fiscal year. 

“We are extremely pleased with our strong performance in 2020, which is a true testament to the resiliency, flexibility and dedication of our passionate employees across our entire organization,” said Wade Miquelon, president and CEO. “Collectively, our field, distribution center and corporate teams’ unwavering focus on serving our customers and communities, in what was an unprecedented year, was nothing short of amazing.”

Joann operated 855 stores nationwide.