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JOANN JOANN Announces Second Quarter Fiscal Year 2022 Results September 2 , 2021 • Net sales of $ 496.9 million , a total comparable sales growth of 8.1 % on a two - year basis • Continued margin expansion driving gross profit dollar growth of 17.8 % on a two - year basis • Net income of $ 5.2 million or an increase of $ 173.0 million compared to the second quarter of fiscal 2020 • Adjusted EBITDA of $ 23.5 million or an increase of $ 27.8 million compared to the second quarter of fiscal 2020 HUDSON , Ohio , Sept. 02 , 2021 ( GLOBE NEWSWIRE ) -- JOANN Inc. ( NASDAQ : JOAN ) ( “ JOANN ” ) , the nation's category leader in sewing and one of the fastest growing competitors in the arts and crafts category , today reported results for its second quarter ending July 31 , 2021 . Wade Miquelon , JOANN's President and Chief Executive Officer stated , " We achieved a number of important milestones in our first full quarter as a newly public company . We continued to accelerate growth in gross profit dollars and net earnings on a two - year basis in what is historically our lowest volume period of our fiscal year . We also continued to position our business for success in our upcoming key fall and holiday seasons . Despite numerous supply chain challenges , we are on track to deliver a broad and exciting array of fashion and seasonal products in time for our peak sales events and our customer engagement and satisfaction are at record levels as evidenced by our net promoter scores . Our team members continue to deliver a great customer experience amidst what continues to be a high level of uncertainty driven by the COVID - 19 pandemic , and I could not be prouder of the job they do every day . We look forward to continuing to delight our customers and deliver strong results through the balance of this year . " Second Quarter Highlights : • Net sales decreased by 29.8 % compared to the same period last year , to $ 496.9 million with total comparable sales decreasing 29.9 % . On a two - year stack , total comparable sales increased by 8.1 % . • Omni - channel net sales reached $ 53.5 million , up 115 % on a two - year basis and represented approximately 11 % of total second quarter sales ( compared to around 5 % in the second quarter of fiscal 2020 ) . Our buy online pick - up in store and curbside pickup features continue to be especially popular with our customers . • Gross profit increased 17.8 % to $ 266.8 million compared to the same period two years ago . • Gross profit as a percent of sales improved to 53.7 % , up 410 basis points compared to the same period last year . The gross margin increased by 460 basis points on a two - year basis . • Net income of $ 5.2 million , improved by $ 173.0 million compared to the same quarter two years ago . • Adjusted EBITDA of $ 23.5 million , improved by $ 27.8 million compared to the same quarter two years ago . • Our first quarterly dividend of $ 0.10 per share was paid to holders of JOANN common stock . • We launched our international e - commerce platform , currently shipping to 29 countries offering products across every major product category . Balance Sheet Highlights : Completed a debt refinancing with a new $ 675 million term loan facility . Maturity was extended to July of 2028 with improved interest rate pricing and business terms . • Adjusted EBITDA for Credit Agreement reporting was $ 295.8 million on a trailing 12 - month basis , resulting in net debt to Adjusted EBITDA leverage of 2.7x . • Long - term debt , net was $ 771.2 million as of July 31 , 2021 , with cash and cash equivalents of $ 22.1 million . • Working capital efficiency continues to improve based on inventory turns of 2.1x as of July 31 , 2021 - an improvement from 1.9x as of August 1 , 2020 . ● Webcast and Conference Call Information : JOANN management will host a conference call and webcast to discuss the results today , Thursday , September 2 , 2021 at 5:00 p.m. ET . The number to call for the live interactive teleconference is 1 ( 800 ) 774-6070 and the passcode is 9752013 # . The live broadcast of JOANN's conference call will be available online at the Company's website , www.joann.com , under the Investor Relations section , on September 2 , 2021 , beginning at 5:00 p.m. ET . The online replay will follow shortly after the call and will be available for one year . JOANN Inc. Consolidated Statements of Income ( Unaudited ) Thirteen Weeks Ended Twenty - Six Weeks Ended