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● HUDSON , OH ( December 2 , 2021 ) 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 third quarter ending October 30 , 2021 . ● JOANN JOANN's President and Chief Executive Officer , Wade Miquelon , stated : " Our business continues to demonstrate strong top and bottom line growth from pre - pandemic levels . I am most proud of the work our team has put in to overcome what are now well publicized and wide - spread supply chain challenges . As a result of proactive measures taken , we have enjoyed a very strong fall seasonal business and have robust holiday assortments ready to support our key fourth quarter customer demand . In addition , our digital platforms continue to be industry leading as evidenced by our growth in ecommerce sales versus pre - pandemic levels and expanded capabilities fueled by several strategic partnerships . We remain encouraged by the level of positive customer engagement with our brand and the potential of our strategies to deliver sustained growth " . Third Quarter Highlights : Net sales decreased by 14.4 % compared to the same period last year , to $ 611.0 million with total comparable sales decreasing 14.2 % . On a two - year stack , total comparable sales increased by 8.0 % . ● JOANN ANNOUNCES THIRD QUARTER FISCAL YEAR 2022 RESULTS ● Net sales of $ 611.0 million , reflecting a total comparable sales growth of 8.0 % on a two - year basis Net income of $ 22.8 million , an increase of $ 31.2 million compared to the third quarter of fiscal 2020 Adjusted EBITDA of $ 72.6 million , an 84 % increase compared to the third quarter of fiscal 2020 Omni - channel net sales were $ 66.4 million for the quarter , 137 % growth on a two - year basis and representing approximately 11 % of total third quarter sales . Our gross profit of $ 318.8 million increased 12.3 % on a two - year basis . After adjusting for $ 11.3 million of excess ocean freight and related supply chain costs during the third quarter ending October 30 , 2021 , gross profit two - year growth was 16.3 % . As a percent of sales , gross profit margin was 52.2 % , and after adjusting for excess supply chain costs during the third quarter ending October 30 , 2021 was 54.0 % , or a 410 basis points improvement on a two - year basis and 110 basis points higher than the 3rd quarter last year . Net income of $ 22.8 million increased by $ 31.2 million from two years ago . Fully diluted earnings per share were $ 0.53 compared to a loss of $ ( 0.24 ) for the same quarter two years ago . Fully diluted adjusted earnings per share were $ 0.73 compared to a loss of $ ( 0.11 ) for the same quarter two years ago . Adjusted EBITDA of $ 72.6 million improved by 84 % compared to the same quarter two years ago . Our quarterly dividend of $ 0.10 per share was paid to holders of JOANN common stock on September 24 , 2021 . We further expanded the rollout of our international e - commerce platform , currently shipping to 58 countries across every product category and also expanded our online payment options domestically to include Klarna and Apple Pay . Balance Sheet Highlights : Adjusted EBITDA for Credit Agreement reporting was $ 266.8 million on a trailing 12 - month basis , resulting in net debt to Adjusted EBITDA leverage of 3.2x for Credit Agreement Reporting , which will represent maximum annual leverage as we have built inventories for our peak selling season . Long - term debt , net was $ 853.8 million as of October 30 , 2021 , with cash and cash equivalents of $ 30.9 million . During the quarter we repurchased 978,930 shares of our common stock at a total cost of $ 10.8 million . Webcast and Conference Call Information : JOANN management will host a conference call and webcast to discuss the results today , Thursday , December 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 8705951 # . 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 December 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 .