RTTNews | Sep 3, 2021 10:53AM EDT

10:53 Friday, September 3, 2021 (RTTNews.com) - Shares of JOANN Inc. (JOAN) are slipping over 16% on Friday morning after reporting its second-quarter results.

JOAN is currently trading at $10.68, down $2.09 or 16.34%, on the Nasdaq, on a volume of 1.5 million shares, above average volume of 460 thousand shares. The stock has traded between $9.75 and $17.50 in the 52 week period. In the past one month period, the company's market value has dropped over 32%.

Second-quarter net income plunged to $5.2 million or $0.12 per share from $149.9 million or $4.17 per share last year. Net sales decreased by 29.8% to $496.9 million from $708.0 million last year. Total comparable sales decreased 29.9%.

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