GlobeNewswire Inc | Sep 13, 2021 08:07AM EDT

September 13, 2021

HUDSON, Ohio, Sept. 13, 2021 (GLOBE NEWSWIRE) -- JOANN Inc., the nations category leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry, today announced that its Board of Directors has authorized the Company to repurchase outstanding shares of its common stock.

The authorization enables the Company to repurchase up to an aggregate of $20.0 million of the Companys common stock through open-market transactions, privately negotiated transactions, including through accelerated share repurchases or pursuant to the terms of a Rule 10b5-1 plan, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors, and will be at managements discretion. The Company is not obligated to make any purchases, and the program may be suspended or discontinued at any time. The authorization is active until March 9, 2022.

Wade Miquelon, JOANNs President and Chief Executive Officer stated, In keeping with our commitment to create shareholder value, this approval to repurchase shares will enable us to manage the dilutive effect of current and future stock-based awards. It also reflects the strength of our balance sheet and ongoing confidence in our ability to generate robust cash flow and business results.

About JOANN

For more than 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nations category leader in sewing and fabrics and one of the fastest growing competitors in the arts and crafts industry has grown to include 853 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance, and inspiration needed to achieve any project or passion.

Cautionary Statement Concerning Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. JOANN intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Readers can generally identify forward-looking statements by the use of forward-looking terminology such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, potential, predict, seek, vision, or should, or the negative thereof or other variations thereon or comparable terminology. Many factors could affect JOANNs actual financial results and cause them to vary materially from the expectations contained in forward-looking statements, including those set forth in this document. These risks, uncertainties, and factors include, among other things: the effects of potential changes to U.S. trade regulations and policies, including tariffs, on JOANNs business; developments involving JOANNs competitors and its industry; potential future impacts of the COVID-19 pandemic, including effects on supply chain costs and capacity; JOANNs ability to timely identify or effectively respond to consumer trends, and the potential effects of that ability on its relationship with its customers, the demand for JOANNs products and its market share; JOANNs expectations regarding the seasonality of its business; JOANNs ability to manage the distinct risks facing its e-commerce business and maintain a relevant omni-channel experience for its customers; JOANNs ability to maintain or negotiate favorable lease terms; JOANNs ability to anticipate and effectively respond to disruptions or inefficiencies in its distribution network, e-commerce fulfillment function and transportation system; JOANNs ability to execute on its growth strategy to renovate and improve the performance of its existing locations; JOANNs ability to execute on its cost-saving initiatives; JOANNs ability to attract and retain a qualified management team and other team members while controlling its labor costs; the impact of JOANNs debt and lease obligations on its ability to raise additional capital to fund its operations and maintain flexibility in operating its business; JOANNs reliance on and relationships with third party service providers; JOANNs reliance on and relationships with foreign suppliers and their ability to supply it with adequate, timely, and cost-effective product supplies; JOANNs ability, and its third party service providers ability, to maintain security and prevent unauthorized access to electronic and other confidential information; the impacts of potential disruptions to JOANNs information systems, including its websites and mobile applications; JOANNs ability to respond to risks associated with existing and future payment options; JOANNs ability to maintain and enhance a strong brand image; JOANNs ability to maintain adequate insurance coverage; JOANNs status as a controlled company and control of JOANN as a public company by affiliates of Leonard Green & Partners, L.P.; the impact of evolving governmental laws and regulations and the outcomes of legal proceedings; and the timing and amount of purchases, if any, of shares of JOANNs common stock.

The preceding list is not intended to be an exhaustive list of all of JOANNs forward-looking statements. JOANN has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While JOANN believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond JOANNs control. Furthermore, the potential impact of the COVID-19 pandemic on JOANNs business operations and financial results and on the world economy as a whole may heighten the risks and uncertainties that affect JOANNs forward-looking statements. Given these risks and uncertainties, Readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included elsewhere in this document are not guarantees of future performance and JOANNs actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements included elsewhere in this document. In addition, even if JOANNs results of operations, financial condition and liquidity, and events in the industry in which it operates, are consistent with the forward-looking statements included elsewhere in this document, they may not be predictive of results or developments in future periods. Any forward-looking statement that JOANN makes in this document speaks only as of the date of such statement. Except as required by law, JOANN does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this document.

Investor Relations Contacts:Ajay Jainajay.jain@joann.com330-463-8585

Corporate Communications:Amanda Hayesamanda.hayes@joann.com216-296-5887