Joann Inc.’s stock slid 15% to an all-time low of $1.77 on Friday after reporting fourth-quarter earnings that missed analyst expectations.
The fabric and craft retailer posted a quarterly loss of $91.1 million, or $2.23 a share, after the market closed Thursday. Those results compared with a profit of $13.6 million, or 32 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 7 cents a share, compared with the 62 cents forecast by analysts surveyed by FactSet.
Sales declined 5.8% to $692.8 million, topping analyst expectations for $668.8 million, according to FactSet.
Analysts at Wells Fargo and Loop Capital each cut their price targets on the stock to $2 a share on Friday.