Joann’s third-quarter loss widened after the company logged lower sales.
The Hudson, Ohio-based fabric and sewing-products seller posted a loss of $21.6 million, or a 51 cents share, in the quarter ended Oct. 28, compared with a loss of $17.5 million, or 43 cents a share, a year earlier.
Stripping out certain one-time items, Joann reported an adjusted per-share loss of 21 cents, in line with analysts’ expectations.
Revenue fell 4.1% to $539.8 million, missing the $547.2 million expected by analysts polled by FactSet.