Why Joann Stock Fell 17.5% at the Open Today

Shares of Joann (NASDAQ: JOAN), a craft store retailer, fell dramatically at the open of trading on June 3, losing as much as 17.5% in the first few minutes of the day. The drop was directly related to the company's first-quarter fiscal 2023 earnings release, which hit the Street after the close on June 2. The reading wasn't great.

Joann reported first-quarter fiscal 2023 sales of $498 million, down 13.3% compared to the same quarter in fiscal 2022. Comparable-store sales declined a huge 12.9% year over year. To be fair, the fiscal first quarter of 2022 was a tough comparison, with comparable store sales up 15%, so some pullback was to be expected. Still, management noted during Joann's fiscal first-quarter 2023 earnings conference call that traffic was weak during the just-ended quarter, so there was more to the drop than just a tough comparison. 

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Source Fool.com