Fiscal 2022 results
Jo-Ann Stores, LLC (Jo-Ann) earned $2.4 billion in revenue during Fiscal 2022, a decline of 12.4% compared to the previous year. This was likely to due to higher spending on arts and crafts materials during Fiscal 2021 amid closures and increased time at home. Operating profit was $99.7 million compared to $154.2 million the previous period. However, the company has posted improved performance across these metrics relative to pre-pandemic levels. Headwinds related to shipping costs and other supply chains factors amid the inflationary environment may further effect performance during Fiscal 2023.
COVID|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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