JOANN (JOAN) 10-K 18 Mar 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Mar. 11, 2022	Jul. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 29, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--01-29
Entity Central Index Key	0001834585
Entity File Number	001-40204
Entity Registrant Name	JOANN Inc.
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1095540
Entity Address, Address Line One	5555 Darrow Road
Entity Address, City or Town	Hudson
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44236
City Area Code	330
Local Phone Number	656-2600
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	JOAN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 209.5
Entity Common Stock, Shares Outstanding		40,594,189
Documents Incorporated By Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the Company's 2022 Annual Meeting of Shareholders (the “fiscal 2022 Proxy Statement”) are incorporated by reference into Part III.
Auditor Name	Ernst & Young LLP
Auditor Location	Cleveland, Ohio
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Current assets:
Cash and cash equivalents	$ 22.5	$ 27.4
Inventories	658.6	555.9
Prepaid expenses and other current assets	39.2	71.5
Total current assets	720.3	654.8
Property, equipment and leasehold improvements, net	256.8	280.5
Operating lease assets	818	837
Goodwill, net	162	162
Intangible assets, net	370.3	377.2
Other assets	34.8	25.8
Total assets	2,362.2	2,337.3
Current liabilities:
Accounts payable	253.8	250.1
Accrued expenses	142.4	171.3
Current portion of operating lease liabilities	173.8	187.2
Current portion of long-term debt	6.8	0
Total current liabilities	576.8	608.6
Long-term debt, net	778.6	786.3
Long-term operating lease liabilities	733	766.4
Long-term deferred income taxes	87.7	87.3
Other long-term liabilities	36.3	46.3
Shareholders' equity:
Common stock, par value $0.01 per share; 200,000,000 authorized; issued 44,080,177 shares at January 29, 2022 and 36,822,658 shares at January 30, 2021	0.4	0.3
Additional paid-in capital	203.3	124.7
Retained deficit	(24.9)	(69)
Accumulated other comprehensive loss	1.8	(0.3)
Treasury stock at cost; 3,522,728 shares at January 29, 2022 and 1,920,278 shares at January 30, 2021	(30.8)	(13.3)
Total shareholders' equity	149.8	42.4
Total liabilities and shareholders' equity	$ 2,362.2	$ 2,337.3

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 29, 2022	Jan. 30, 2021
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	44,080,177	36,822,658
Treasury stock, shares	3,522,728	1,920,278

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Income Statement [Abstract]
Net sales	$ 2,417.6	$ 2,762.3	$ 2,241.2
Cost of sales	1,204.9	1,396.1	1,135.9
Selling, general and administrative expenses	1,032.9	1,132	977.4
Depreciation and amortization	80.1	80	77.5
Goodwill and trade name impairment	0	0	486.8
Operating profit (loss)	99.7	154.2	(436.4)
Interest expense, net	51.2	69	101.9
Debt related loss (gain)	3.3	(155.1)	(3.8)
Gain on sale leaseback	(24.5)	0	0
Income (loss) before income taxes	69.7	240.3	(534.5)
Income tax provision	13	28	12.1
Net income (loss)	56.7	212.3	(546.6)
Other comprehensive income (loss):
Cash flow hedges	2.8	0.7	0.5
Income tax (provision) benefit on cash flow hedges	(0.7)	(0.2)	(0.1)
Foreign currency translation	0	0.1	0
Other comprehensive income (loss)	2.1	0.6	0.4
Comprehensive income (loss)	$ 58.8	$ 212.9	$ (546.2)
Earnings (loss) per common share:
Basic	$ 1.39	$ 6.08	$ (15.67)
Diluted	$ 1.35	$ 5.93	$ (15.67)
Weighted-average common shares outstanding:
Basic	40,805,319	34,902,380	34,882,306
Diluted	42,075,986	35,798,491	34,882,306

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Net cash provided by (used for) operating activities:
Net income (loss)	$ 56.7	$ 212.3	$ (546.6)
Adjustments to reconcile net income (loss) to net cash provided (used for) by operating activities:
Non-cash operating lease expense	162.6	152.4	139.4
Depreciation and amortization	80.1	80	77.5
Deferred income taxes	(0.4)	(3.9)	7.9
Stock-based compensation expense	2.5	1.5	1.2
Amortization of deferred financing costs and original issue discount	2.5	3.7	4.3
Debt related loss (gain)	3.3	(155.1)	(3.8)
Gain on sale leaseback	(24.5)	0	0
Loss on disposal and impairment of fixed assets	0.9	3.4	1
Goodwill and trade name impairment	0	0	486.8
Changes in operating assets and liabilities:
(Increase) decrease in inventories	(102.7)	93.8	(33.9)
Decrease (increase) in prepaid expenses and other current assets	32.3	(22.5)	(3.5)
Increase in accounts payable	3.7	23	2.2
(Decrease) increase in accrued expenses	(29.5)	62	(18.5)
Decrease in operating lease liabilities	(190.4)	(130.8)	(147.1)
(Decrease) increase in other long-term liabilities	(18.3)	9.4	1.2
Other, net	(2.4)	(2.1)	(2)
Net cash provided by (used for) operating activities	(23.6)	327.1	(33.9)
Net cash used for investing activities:
Capital expenditures	(59.1)	(36)	(78.6)
Proceeds From Sale Leaseback	48.1	0	0
Proceeds from sale of fixed assets	0	0.5	0
Other investing activities	(2.2)	(0.2)	(0.9)
Net cash used for investing activities	(13.2)	(35.7)	(79.5)
Net cash (used for) provided by financing activities:
Term loan proceeds, net of original issue discount	671.6	0	0
Term loan payments	(708)	(2.3)	(26)
Borrowings on revolving credit facility	568.4	584.7	526.3
Repayments on revolving credit facility	(532.9)	(672.7)	(410.8)
Purchase and retirement of debt	(0.9)	(190.5)	(2.4)
Principal payments on finance lease obligations	(7.7)	(3.4)	(0.7)
Issuance of common stock, net of underwriting commissions and offering costs	76.9	0	0
Purchase of common stock	(20)	0	(0.5)
Proceeds from exercise of stock options	1.8	0	0.3
Dividends paid	(12.6)	0	0
Financing fees paid	(4.9)	(4.2)	0
Other financing activities	0.2	0	0.1
Net cash (used for) provided by financing activities	31.9	(288.4)	86.3
Net increase (decrease) in cash and cash equivalents	(4.9)	3	(27.1)
Cash and cash equivalents at beginning of period	27.4	24.4	51.5
Cash and cash equivalents at end of period	22.5	27.4	24.4
Cash paid during the period for:
Interest	49.6	62.1	97.4
Income taxes, net of refunds	$ 4.2	$ 55.2	$ 18.6

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss
Balance at Feb. 02, 2019	$ 373.2	$ 0.3	$ 121.7	$ (12.8)	$ 265.3	$ (1.3)
Balance,Shares at Feb. 02, 2019		34,852,200		1,863,200
Net income (loss)	(546.6)				(546.6)
Other comprehensive income	0.4					0.4
Stock-based compensation	1.2		1.2
Purchase of common stock, shares		(57,100)		57,100
Purchase of common stock	(0.5)			$ (0.5)
Exercise of stock options	0.3		0.3
Exercise of stock options, Shares		107,300
Balance at Feb. 01, 2020	(172)	$ 0.3	123.2	$ (13.3)	(281.3)	(0.9)
Balance,Shares at Feb. 01, 2020		34,902,400		1,920,300
Net income (loss)	212.3				212.3
Other comprehensive income	0.6					0.6
Stock-based compensation	$ 1.5		1.5
Exercise of stock options, Shares	0
Balance at Jan. 30, 2021	$ 42.4	$ 0.3	124.7	$ (13.3)	(69)	(0.3)
Balance,Shares at Jan. 30, 2021		34,902,400		1,920,300
Net income (loss)	56.7				56.7
Other comprehensive income	2.1					2.1
Issuance of common stock, Shares		7,109,400
Issuance of common stock	76.9	$ 0.1	76.8
Dividends	(12.6)				(12.6)
Stock-based compensation	2.5		2.5
Purchase of common stock, shares		(1,889,000)		1,889,000
Purchase of common stock	(20)			$ (20)
Exercise of stock options	$ 1.8		(0.7)	$ 2.5
Exercise of stock options, Shares	482,332	434,700		(286,600)
Balance at Jan. 29, 2022	$ 149.8	$ 0.4	$ 203.3	$ (30.8)	$ (24.9)	$ 1.8
Balance,Shares at Jan. 29, 2022		40,557,500		3,522,700

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Jan. 29, 2022$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends per share	$ 0.30

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Jan. 29, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1—Significant A ccounting Policies Nature of Operations JOANN Fabric and Craft Stores was founded in 1943 as a single retail store. Today, JOANN is the nation’s leading fabric and craft specialty retailer. The Company's store locations and website feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabric, notions, crafts, frames, paper crafting supplies, artificial floral, finished seasonal and home décor items. As of January 29, 2022, the Company operated 848 store locations in 49 states. The significant accounting policies applied in preparing the accompanying Consolidated Financial Statements of the Company are summarized below. Basis of Presentation The Consolidated Financial Statements include the accounts of JOANN Inc. (formerly known as Jo-Ann Stores Holdings Inc.) (the “Holding Company”), Needle Holdings LLC (“Needle Holdings”) and Jo-Ann Stores, LLC and its wholly-owned subsidiaries (“JOANN”). Effective February 9, 2021, Jo-Ann Stores Holdings Inc. amended its certificate of incorporation to change its corporate name to “JOANN Inc.” The amendment was approved by the board of directors and was effected by the filing of a Certificate of Amendment with the Delaware Secretary of State. All of the entities referenced in the prior sentence hereinafter will be referred to collectively as the “Company” and are all controlled by affiliates of Leonard Green & Partners, L.P. (“LGP”). All intercompany accounts and transactions have been eliminated upon consolidation. The Holding Company has no operating activities and is limited to the issuance of shares of common stock and stock-based awards, the repurchase of common shares, the issuance and repurchase of debt, the receipt and payment of dividends or distributions and the payment of interest expense. The authorized, issued and outstanding common shares and treasury shares shown on the Consolidated Balance Sheets are of the Holding Company. Likewise, Needle Holdings has no operating activities and is limited to the issuance of initial shares of common stock and stock-based awards and the payment of dividends or distributions. COVID-19 Impact The ongoing spread of COVID-19 throughout the United States and internationally, as well as associated measures implemented by governmental authorities and private businesses in an attempt to minimize transmission of the virus (including social distancing mandates, shelter-in-place orders, vaccine mandates, and business restrictions and shutdowns) and consumer responses to such measures have had, and continue to have, negative and positive implications for the Company's business. Potential future impacts of the COVID-19 pandemic include, but are not limited to, difficulties in containing the virus and related variants, limited availability of effective vaccines and other medical treatments, stringent social distancing or lockdowns efforts, supply chain disruption, import and domestic freight costs, inflationary pressures and labor shortages. In the preparation of these financial statements and related disclosures, the Company assessed the impact that COVID-19 has had on estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As COVID-19 and its impacts are unprecedented and ever evolving, future events and effects related to the pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts. Specific material impacts of the COVID-19 pandemic are described throughout the Company’s related financial disclosures. Initial Public Offering On March 11, 2021, the Company’s registration statement on Form S-1 (File No. 333-253121) relating to its initial public offering was declared effective by the SEC. The Company’s shares of common stock began trading on the Nasdaq Global Market on March 12, 2021. The public offering price of the shares sold in the initial public offering was $ 12.00 per share. The initial public offering closed on March 11, 2021 and included 5,468,750 shares of common stock. As part of the Company’s initial public offering, the underwriters were provided with an option to purchase 1,640,625 additional shares at the initial public offering price. This option was exercised on April 13, 2021. In aggregate, the shares issued in the offering, including the exercise of the underwriters’ option, generated $ 76.9 million in net proceeds, which is net of $ 5.7 million in underwriters’ discount and commissions and $ 2.7 million in offering costs incurred. On March 19, 2021, in connection with the closing of the initial public offering, the Company used all net proceeds received from the initial public offering and borrowings from the Revolving Credit Facility (as defined below) to repay all of the outstanding borrowings and accrued interest under the Term Loan due 2024 (as defined below) totaling $ 72.7 million. Following such repayment, all obligations under the Term Loan due 2024 have been terminated. Stock Split On March 3, 2021, the Company’s board of directors approved and effected an 85.8808880756715 -for-1.0 unit split of its common stock. All share and per share data included in these Consolidated Financial Statements give effect to the stock split and have been retroactively adjusted for all periods . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Since actual results may differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31 and refers to the year in which the period ends (e.g., fiscal 2022 refers to the year ended January 29, 2022 ). Fiscal years consist of 52 weeks unless noted otherwise. Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments became effective for the Company’s interim and annual reporting periods beginning after December 15, 2020. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. The Company adopted ASU 2019-12 on January 31, 2021, and the adoption did not have a material impact on its Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company intends to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on its Consolidated Financial Statements. Cash and Cash Equivalents Cash equivalents are all highly liquid investments with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or net realizable value with cost determined on a weighted-average basis. Inventory valuation methods require certain management estimates and judgments, which affect the ending inventory valuation at cost, as well as the cost of sales reported for the year. These valuation methods include estimates of net realizable value on product designated for clearance and estimates of shrink between periods when the Company conducts distribution center inventory cycle counts and store physical inventories to substantiate inventory balances. The Company’s accrual for shrink is based on the actual historical shrink results of recent distribution center inventory cycle counts and store physical inventories. These estimates are compared to actual results as physical inventory counts are taken and reconciled to the general ledger. The majority of the Company’s store physical inventory counts are taken in the first three quarters of each year and the shrink accrual recorded at January 29, 2022 is based on shrink results of these prior physical inventory counts. Store locations that have been open one year or longer are physically inventoried at least once over an 18-month cycle, with stores exhibiting a higher rate of shrink to sales inventoried at least once per year. The Company continually monitors and adjusts the shrink rate estimates based on the results of store physical inventory counts and shrink trends. Inventory reserves for clearance product are estimated based on a number of factors, including, but not limited to, quantities of slow moving or carryover seasonal merchandise on hand, historical recovery statistics and future merchandising plans. The accuracy of the Company’s estimates can be affected by many factors, some of which are outside of the Company’s control, including changes in economic conditions and consumer buying trends. Consignment inventory is not reflected in the Company’s Consolidated Financial Statements. Consignment inventory consists of patterns, magazines, books, calendars, DVDs, ribbons and seeds. Consignment inventory can be returned to the vendor at any time. At the time consigned inventory is sold, the Company records the purchase liability in accounts payable and the related cost of merchandise in cost of sales. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and impairment. Depreciation is recorded over the estimated useful life of the assets principally by the straight-line method. The major classes of assets and ranges of estimated useful lives are: buildings and building/land improvements from 10 to 40 years; furniture and fixtures from five to 10 years; purchased software and computer equipment from three to five years; leasehold improvements for the lesser of 10 years or over the remaining term of the lease; and finance lease assets for the term of the underlying lease. Maintenance and repair expenditures are charged to expense as incurred and improvements and major renewals are capitalized. Software Development The Company capitalized $ 4.7 million in fiscal 2022 , $ 4.1 million in fiscal 2021 and $ 16.3 million in fiscal 2020 for internal use software acquired from third parties. The capitalized amounts are included in property, equipment and leasehold improvements, net. The Company amortizes internal use software on a straight-line basis over periods ranging from three to five years beginning at the time the software becomes operational. Amortization expense was $ 6.5 million in fiscal 2022 , $ 7.3 million in fiscal 2021 and $ 6.6 million in fiscal 2020 . The unamortized balance for internal use software was $ 16.6 million as of January 29, 2022 and $ 18.8 million as of January 30, 2021 . Goodwill and Other Intangible Assets The Company assesses the carrying value of goodwill at the reporting unit level. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. Annually, as of the first day of the fourth quarter, and more frequently if circumstances indicate impairment may exist, the Company assesses qualitative factors to determine if it is more-likely-than-not that the fair values of reporting units are below their respective carrying values. If it is determined that this is more-likely-than-not, a quantitative assessment is performed. The quantitative assessment compares the fair value of a reporting unit to its current carrying value. The Company determines the estimated fair value of a reporting unit based on valuation techniques including discounted cash flows as well as a market comparable method. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not considered impaired. Annually, as of the first day of the fourth quarter, and more frequently if circumstances indicate impairment may exist, the Company assesses qualitative factors to determine if it is more-likely-than-not that the fair values of the indefinite-lived intangible assets not subject to amortization (JOANN Trade Name and joann.com Domain Name) are below their respective carrying values. If it is determined that this is more-likely-than-not, a quantitative assessment is performed. The quantitative assessment compares the fair value of an intangible asset to its current carrying value. The Company determines the estimated fair value of an intangible asset based upon the relief from royalty method. See Notes to Consolidated Financial Statements, Note 8—Goodwill and Other Intangible Assets for further details. Impairment of Long-Lived and Operating Lease Assets The Company evaluates long-lived and operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. Factors considered that could trigger an impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant changes in the manner of use of the assets or the Company’s overall business strategies. Potential impairment exists if the estimated undiscounted cash flow expected to result from the use of the asset is less than the carrying value of the asset. The amount of the impairment loss represents the excess of the carrying value of the asset over its fair value. Management estimates fair value based on a projected discounted cash flow method using a discount rate that is considered to be commensurate with the risk inherent in the Company’s current business model. Additional factors are taken into consideration, such as local market conditions, operating environment and other trends. As a result of the adverse impact of the COVID-19 pandemic on certain store locations during the first quarter of fiscal 2021, the Company recognized impairment losses in the amount of $ 2.2 million within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Additionally, based on management’s ongoing review of the performance of its stores, utilization of assets and other facilities, impairment losses included within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss) amounted to $ 0.3 million for fiscal 2022 , $ 1.9 million for fiscal 2021 and $ 0.2 million for fiscal 2020 . Store Pre-Opening and Closing Costs Store pre-opening costs are expensed as incurred and included in SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). These costs are incurred prior to a new store or remodeled store opening, and include the hiring and training costs for new team members, processing costs of initial merchandise and rental expense for the period prior to the store opening for business. The Company recognizes costs associated with exit or disposal activities at the time the obligation is incurred. In addition, any liabilities that arise from exit or disposal activities are initially measured and recorded at fair value. Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Store pre-opening costs $ 5.1 $ 4.1 $ 7.5 Store closing costs 1.1 1.5 1.8 Total $ 6.2 $ 5.6 $ 9.3 Accrued Expenses The Company estimates certain material expenses in an effort to record those expenses in the period incurred. The Company’s most material estimates relate to compensation, taxes and insurance-related expenses, significant portions of which are self-insured. The Company is self-insured for certain losses relating to general liability, workers’ compensation and team member medical benefit claims. The ultimate cost of the Company’s workers’ compensation and general liability insurance accruals are recorded based on actuarial valuations and historical claims experience. The Company’s team member medical insurance accruals are recorded based on its medical claims processed, as well as historical medical claims experience for claims incurred but not yet reported. The Company maintains stop-loss coverage to limit the exposure to certain insurance-related risks. Management believes that the various assumptions developed and actuarial methods used to determine its self-insurance reserves are reasonable and provide meaningful data and information that is used to make the best estimate of the Company’s exposure to these risks. Differences in estimates and assumptions could result in an accrual requirement materially different from the calculated accrual. Historically, such differences have not been significant. See Notes to Consolidated Financial Statements, Note 6—Accrued Expenses and Other Long-Term Liabilities for discussion regarding the Company’s accrued expenses. Financial Instruments A financial instrument is cash or a contract that imposes an obligation to deliver or conveys a right to receive cash or another financial instrument. The carrying values of the Company’s cash and cash equivalents, accounts payable and borrowings on the Company’s Revolving Credit Facility are considered to be representative of fair value due to the short maturity of these instruments. See Notes to Consolidated Financial Statements, Note 4—Fair Value Measurement for discussion regarding the fair value of the Company’s derivative instrument and term loan debt instruments. Income Taxes The Company does business in various jurisdictions that impose income taxes. The aggregate amount of income tax expense to accrue and the amount currently payable are based upon the tax statutes of each jurisdiction, pursuant to the asset and liability method. This process involves adjusting book income for items that are treated differently by the applicable taxing authorities. Deferred tax assets and liabilities are reflected on the balance sheet for temporary differences that will reverse in subsequent years. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are estimated to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period during which the change is enacted. The Company considers indefinite-lived intangibles as a potential future source of taxable income when considering the realizability of indefinite-lived deferred tax assets. The current tax provision can be affected by the mix of income and identification or resolution of uncertain tax positions. Because income from different state jurisdictions may be taxed at different rates, the shift in mix between states during a year or over years can cause the effective tax rate to change. The rate is based on the best estimate of an annual effective rate, and those estimates are updated quarterly. The Company also regularly evaluates the status and likely outcomes of uncertain tax positions. Uncertain tax positions are provided for potential exposures when it is considered more-likely-than-not that a taxing authority may take a sustainable position on a matter contrary to the Company’s position. The Company evaluates these uncertain tax positions, including interest thereon, on a quarterly basis to ensure that they have been appropriately adjusted for events, including audit settlements that may impact the ultimate payment for such exposure. As a matter of course, the Company is regularly audited by federal, state and local tax authorities. For federal purposes, effective fiscal 2015, the Company is part of the Compliance Assurance Process (“CAP”) program, pursuant to which it works collaboratively with the IRS in order to address issues prior to its filing of the return. CAP allows for the IRS to achieve an acceptable level of assurance regarding the accuracy of filed tax returns while substantially shortening the length of post filing examinations. The CAP program consists of three phases: CAP, Compliance Maintenance and Bridge. Beginning in fiscal 2018 and through fiscal 2019, the Company was in the Compliance Maintenance phase of the program, such that the level of pre-filing and post-filing IRS audit testing was reduced from the CAP phase. Beginning in fiscal 2021, the Company entered the Bridge phase of the CAP program, pursuant to which the IRS will not accept disclosures, will not conduct reviews and will not provide letters of assurance for the year. There are limited circumstances that tax years in the Bridge phase will be opened for examination. The Company will return to the Compliance Maintenance phase effective fiscal 2023. Share Repurchase Program and Treasury Stock Treasury stock consists of the Company’s common stock that has been issued, but subsequently reacquired. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock is recorded as a reduction to shareholders’ equity, as the Company does not currently intend to retire the treasury stock held. When shares are reissued, the Company uses an average cost method to determine cost. Revenue Recognition Revenue is primarily associated with sales of merchandise to customers within the Company’s retail stores and customers utilizing its e-commerce channels. Retail sales, net of estimated returns and point-of-sale coupons and discounts, are recorded at the point-of-sale when customers take control of the merchandise in stores. E-commerce sales include shipping revenue and are recorded upon delivery to the customer. Shipping and handling fees charged to customers are recorded as sales with related costs recorded as cost of sales. Sales taxes are not included in sales, as the Company acts as a conduit for collecting and remitting sales taxes to the appropriate governmental authorities. Payment is typically due at the point-of-sale, thus the Company does not have material customer receivables. The Company allows for merchandise to be returned under most circumstances. The current policy allows for customers to receive an even exchange or full refund based upon the original method of payment when the returned purchase is accompanied with a receipt. Historic customer return activity is used to estimate the returns reserve, which historically, has not been material to the Company’s Consolidated Financial Statements. The Company presents the gross sales returns reserve in accounts payable and the estimated value of the merchandise expected to be returned in prepaid expenses and other current assets within the accompanying Consolidated Balance Sheets. Proceeds from the sale of JOANN gift cards are recorded as a liability and recognized as net sales when redeemed by the holder. Gift card breakage represents the remaining balance of the Company’s liability for gift cards for which the likelihood of redemption by the customer is remote. Gift card breakage is recognized as net sales in proportion to the pattern of rights exercised by the customer and is determined based on historical redemption patterns. The Company generally is not required by law to escheat the value of unredeemed gift cards to the states in which it operates. Activity related to the Company’s gift card liabilities was as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Balance at beginning of period $ 37.9 $ 32.4 $ 30.8 Issuance of gift cards 43.6 45.9 39.6 Revenue recognized (a) ( 38.9 ) ( 39.2 ) ( 36.7 ) Gift card breakage ( 1.2 ) ( 1.2 ) ( 1.3 ) Balance at end of period $ 41.4 $ 37.9 $ 32.4 (a) Revenue recognized from the beginning liability during fiscal 2022, fiscal 2021 and fiscal 2020 totaled $ 9.3 million , $ 8.3 million and $ 8.9 million , respectively. Cost of Sales Inbound freight and duties, including tariffs, related to import purchases and internal transfer costs are considered to be direct costs of the Company’s merchandise and, accordingly, are recognized when the related merchandise is sold as cost of sales. Cost of sales does not include depreciation and amortization. Purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network are considered to be period costs not directly attributable to the value of merchandise and, accordingly, are expensed as incurred as SG&A expenses. The Company receives vendor support, including cash discounts, volume discounts, allowances and markdown support. The Company has agreements in place with each vendor setting forth the specific conditions for each allowance or payment. Depending on the arrangement, the Company either recognizes the allowance as a reduction of current costs or defers the payment over the period the related merchandise is sold through cost of sales. Operating Leases The Company records right-of-use lease assets and lease liabilities on its Consolidated Balance Sheets. Lease liabilities are recorded at a discount based upon the Company’s estimated incremental borrowing rate. Factors incorporated into the calculation of lease discount rates include the valuations and yields of the Company’s term loan facilities, their credit spread over comparable U.S. Treasury rates, and an index of the credit spreads for U.S. Retail Company debt yields. The Company records lease cost on a straight-line basis over the base, non-cancelable lease term commencing on the date that the Company takes physical possession of the property from the landlord, which may include a period prior to the opening of a store or other facility to make any necessary leasehold improvements and install fixtures. Any tenant allowances received are recorded as a reduction of lease payments when calculating the lease liability and the associated asset. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and lease expense for such leases is recognized on a straight-line basis over the lease term. The Company combines lease and non-lease components. Many leases include one or more options to renew, and the exercise of lease renewal options is at the Company’s sole discretion. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Related Party Transactions Prior to the completion of the Company’s initial public offering, the Company paid a monthly management fee to LGP, which is included in SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Starting in April 2020, the management fee payable to LGP was forgiven through December 2020 due to the impact of the COVID-19 pandemic. The Company paid management fees to LGP of $ 0.4 million , $ 1.3 million and $ 5.0 million during fiscal 2022, fiscal 2021 and fiscal 2020, respectively. Payment of the monthly management fee was discontinued upon the completion of the Company’s initial public offering in March 2021, as LGP no longer provides managerial services to the Company in any form. During fiscal 2022 , the Company paid dividends of $ 8.3 million to LGP as part of the Company's quarterly dividend payments. Advertising Costs The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense, net of co-operative advertising agreements, was $ 59.4 million for fiscal 2022, $ 60.6 million for fiscal 2021 and $ 64.5 million for fiscal 2020. Included in prepaid expenses and other current assets was $ 1.6 million and $ 2.0 million at the end of fiscal 2022 and fiscal 2021 , respectively, relating to prepayments of production costs for advertising. Stock-Based Compensation The fair value of stock-based awards is recognized as compensation expense on a straight-line basis over the requisite service period of the awards within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). The fair value of stock options is determined using the Black-Scholes option pricing model. Determining the fair value of options at the grant date requires judgment, including estimating the expected term that stock options will be outstanding prior to exercise and the associated volatility. Prior to the Company’s initial public offering, the absence of an active market for the Company’s common stock required the Company’s board of directors to determine the fair value of its common stock for purposes of granting stock options. The Company obtained contemporaneous third-party valuations to assist the board of directors in determining the fair value of the Company’s common stock. Following the listing of the Company’s common stock on Nasdaq, it is not necessary to determine the fair value of its common stock, as its shares are traded in the public market. See Notes to Consolidated Financial Statements, Note 10—Stock-Based Compensation for further details.

Financing

Financing	12 Months Ended
	Jan. 29, 2022
Debt Disclosure [Abstract]
Financing	Note 2—Financing Long-term debt, net consisted of the following: January 29, January 30, (Dollars in millions) Revolving Credit Facility $ 121.0 $ 85.5 Term Loan due 2023 — 635.4 Term Loan due 2024 — 72.8 Term Loan due 2028 673.3 — Total debt 794.3 793.7 Less unamortized discount and debt costs ( 8.9 ) ( 7.4 ) Total debt, net 785.4 786.3 Less current portion of debt ( 6.8 ) — Long-term debt, net $ 778.6 $ 786.3 Revolving Credit Facility On October 21, 2016 , the Company entered into an asset-based revolving credit facility agreement (the “Revolving Credit Facility”), which provided for senior secured financing of up to $ 400.0 million, subject to a borrowing base, maturing on October 20, 2021 . The borrowing base equals the sum of (i) the appraised net orderly liquidation value of eligible inventory at an advance rate of 90.0 percent to 92.5 percent, based on seasonality, plus (ii) 90.0 to 92.5 percent of the appraised net orderly liquidation value of eligible in-transit inventory, based on seasonality, plus (iii) 90.0 percent of eligible credit and debit card receivables, plus (iv) 90.0 percent of eligible letter of credit inventory, minus (v) certain availability reserves. The facility is secured by a first priority security interest in JOANN’s inventory, accounts receivable, and related assets with a second priority interest in all other assets, excluding real estate. It is guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The Revolving Credit Facility agreement requires that from the time excess availability on any day is less than the greater of (i) $ 35.0 million and (ii) 10 percent of the Maximum Credit (as defined in the credit agreement) until the time excess availability is greater than the greater of (i) $ 35.0 million and (ii) 10 percent of the Maximum Credit for 30 consecutive calendar days, the consolidated fixed charge coverage ratio shall be not less than 1.0 to 1.0 . The total fees and expenses associated with the Revolving Credit Facility were $ 1.7 million, which fees represent banking, legal and other professional services. These fees and expenses were recorded as deferred costs and are being amortized over the life of the Revolving Credit Facility. On November 25, 2020, the Company entered into an agreement to amend various terms of the asset-based revolving credit agreement dated October 21, 2016 (as amended, the “First Amendment”), which provided for senior secured financing of up to $ 500.0 million, subject to a borrowing base, maturing on November 25, 2025 . No changes were made to the borrowing base formula. The amended facility was secured by a first priority security interest in JOANN’s inventory, accounts receivable, and related assets with a second priority interest in all other assets, excluding real estate. It also continued to be guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The total fees and expenses associated with the First Amendment were $ 4.2 million, which fees represent banking, legal and other professional services. These fees and expenses were recorded as deferred costs and are being amortized over the life of the Revolving Credit Facility. Additionally, $ 0.1 million of debt extinguishment costs were recorded in fiscal 2021 related to the previously deferred costs of the Revolving Credit Facility. On December 22, 2021, the Company entered into an agreement to amend various terms of the asset-based revolving credit agreement dated October 21, 2016 , as previously amended, (as amended, the “Second Amendment”), which provides for senior secured financing of up to $ 500.0 million, subject to a borrowing base, maturing on December 22, 2026 . No changes were made to the borrowing base formula. The amended facility is secured by a first priority security interest in JOANN’s inventory, accounts receivable, and related assets with a second priority interest in all other assets, excluding real estate. It also continues to be guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. Under the Second Amendment, base rate loans bear an additional margin of 0.50 percent when average historical excess capacity is less than 40.00 percent of the maximum credit, and 0.25 percent when average historical excess capacity is greater than or equal to 40.00 percent of the maximum credit. Eurodollar rate loans bear an additional margin of 1.50 percent when average historical excess capacity is less than 40.00 percent of the maximum credit, and 1.25 percent when average historical excess capacity is greater than or equal to 40.00 percent of the maximum credit. Unused commitment fees on the amended facility remain calculated based on a rate of 0.20 percent per annum. In the event LIBOR ceases to be available during the term of the amended facility, the Amended Credit Agreement provides procedures to determine a “LIBOR Successor Rate.” The Company has the option to request an increase in the size of the facility up to $ 150.0 million (for a total facility of $ 650.0 million) in increments of $ 20.0 million, provided that no default exists or would arise from the increase. However, the lenders under the Amended Credit Agreement are under no obligation to provide any such additional amounts. The total fees and expenses associated with the Second Amendment were $ 1.0 million, which fees represent ban king, legal and other professional services. These fees and expenses were recorded as deferred costs and are being amortized over the life of the Revolving Credit Facility. Additionally, $ 0.3 million of debt extinguishment costs were recorded in fiscal 2022 related to the previously deferred costs of the Revolving Credit Facility. As of January 29, 2022, there were $ 121.0 million of borrowings on the Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $ 18.1 million. As of January 29, 2022 , the Company’s excess availability on the facility was $ 239.6 million. During fiscal 2022 , the weighted average interest rate for borrowings under the Revolving Credit Facility was 2.75 percent, compared to 2.19 percent for fiscal 2021 . As of January 30, 2021, there were $ 85.5 mi llion of borrowings on the Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $ 23.6 million. As of January 30, 2021, the Company’s excess availability on the facility was $ 270.8 million. Term Loan due 2023 On October 21, 2016, the Company entered into a $ 725.0 million senior secured term loan facility (the “Term Loan due 2023”) which was issued at 98.0 percent of face value. On July 21, 2017, the Company completed syndication of an incremental term loan in an aggregate principal amount of $ 180.0 million, which was issued at 99.0 percent of face value, by obtaining an increase in the principal amount of the Term Loan due 2023. Proceeds from the incremental term loan of $ 178.2 million were used to pay $ 1.8 million of fees and expenses related to the incremental term loan, with the remainder used to repurchase $ 171.6 million plus $ 4.8 million of accrued interest of the previously outstanding senior notes issued by JOANN, due 2019. The Term Loan due 2023 facility was with a syndicate of lenders and was secured by substantially all the assets of JOANN, excluding the Revolving Credit Facility collateral, and had a second priority security interest in the Revolving Credit Facility collateral. It was guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The Term Loan due 2023 had a maturity date of October 20, 2023 . Base rate loans bore an additional margin of 4.0 percent, while Eurodollar rate loans bore an additional margin of 5.0 percent. Eurodollar rate loans were subject to a 1.0 percent LIBOR floor. Interest payments were made (a) as to any loan other than a base rate loan, the last day of each interest period applicable to such loan and the applicable maturity date; provided that if any interest period for a Eurodollar rate loan exceeded three months, the respective dates that fall every three months after the beginning of such interest period shall also be interest payment dates; and (b) as to any base rate loan, the last business day of each January, April, July and October and the applicable maturity date. For the period it was outstanding in fiscal 2022, the weighted average interest rate for borrowings under the Term Loan due 2023 facility was 6.08 percent, compared to 6.19 percent during fiscal 2021. The Term Loan due 2023 provided for mandatory quarterly repayments of $ 2.3 million on the last business day of each Ja nuary, April, July and October. As of the second quarter of fiscal 2021, the mandatory quarterly repayments were no longer required as a result of the Company’s debt repurchases (as described below) exceeding the total mandatory quarterly repayments due over the balance of the life of the loan. The Term Loan due 2023 also contained a provision requiring up to 50.0 percent of “excess cash flow” (as defined in the Term Loan due 2023 agreement and commencing with the fiscal year ended February 3, 2018) to be applied toward payment of principal on that facility, with step-downs to 25.0 percent and 0.0 percent should the senior secured net leverage ratio be less than 2.50x and 2.00x, respectively. No excess cash flow principal payment was required related to either fiscal 2021 or fiscal 2020. The Term Loan due 2023 agreement did not contain any financial covenants. The Term Loan due 2023 was issued at a $ 14.5 million discount. A portion of the discount in the amount of $ 11.1 million was recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2023 and $ 3.4 million of the discount was charged to earnings. The debt issuance costs and discount were written off in connection with the repurchase and refinancing transactions described below. The incremental term loan was issued at a $ 1.8 million discount, which was recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2023. The total fees and expenses associated with issuing the incremental term loan were $ 1.8 million, which fees represent banking, legal and other professional fees. These fees and expenses were recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2023. A portion of the deferred costs and discount was written off in connection with the repurchase transactions described below. During fiscal 2021, the Company repurchased $ 206.8 million in face value of the Term Loan due 2023 at an average of 63 percent of par, resulting in a $ 73.0 million gain, which is included in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss). A write-off of the deferred charges and original issue discount, totaling $ 2.6 million, associated with the original debt issuance was recognized as an offset to the gain recognized in debt related loss (gain). The Term Loan due 2023 was refinanced on July 7, 2021 with the Amendment No. 2 to the Company’s Credit Agreement (see Term Loan Due 2028 below). A write-off of the deferred charges and original issue discount, totaling $ 3.1 million, associated with the original debt issuance was recognized in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss) as a result of the refinancing. Term Loan due 2024 On May 21, 2018, the Company entered into a $ 225.0 million term loan facility (the “Term Loan due 2024”, which was issued at 98.5 percent of face value. The Term Loan due 2024 was with a syndicate of lenders. The Term Loan due 2024 was secured by a second priority security interest in all the assets of JOANN, excluding the Revolving Credit Facility collateral, and had a third priority security interest in the Revolving Credit Facility collateral. It was guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The Term Loan due 2024 had a maturity date of May 21, 2024 . Base rate loans bore an additional margin of 8.25 percent, while Eurodollar rate loans bore an additional margin of 9.25 percent. Eurodollar rate loans were subject to a 1.0 percent LIBOR floor. Interest payments were made (a) as to any loan other than a base rate loan, the last day of each interest period applicable to such loan and the applicable maturity date; provided that if any interest period for a Eurodollar rate loan exceeded three months, the respective dates that fall every three months after the beginning of such interest period shall also be interest payment dates; and (b) as to any base rate loan, the last business day of each January, April, July and October and the applicable maturity date. For the period it was outstanding in fiscal 2022, the weighted average interest rate for borrowings under the Term Loan due 2024 was 10.39 percent, compared to 10.54 percent during fiscal 2021. The Term Loan due 2024 did not require amortization payments. The Term Loan due 2024 contained a p rovision requiring up to 50.0 percent of “excess cash flow” (as defined in the Term Loan due 2024 agreement and commencing with the fiscal year ended February 2, 2019) to be applied toward payment of principal on that facility with step-downs to 25.0 percent and 0.0 percent should the First Lien Net Leverage Ratio (as defined by the Term Loan due 2024 agreement) be less than or equal to 2.50x and 2.00x, respectively; provided, however, for so long as any indebtedness is outstanding under the Term Loan due 2024 agreement, any permitted priority secured debt or any permitted refinancing of any of the foregoing, only declined proceeds shall be subject to the prepayment requirements. No excess cash flow principal payment was required related to either fiscal 2021 or fiscal 2020. The Term Loan due 2024 agreement did not contain any financial covenants. The Term Loan due 2024 was issued at a $ 3.4 million discount, which was recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2024. The total fees and expenses associated with issuing the Term Loan due 2024 were $ 2.7 million, which fees represent banking, legal and other professional fees. These fees and expenses were recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2024. A portion of the debt issuance costs and discount was written off in connection with the repurchase transactions described below. During fiscal 2020, the Company repurchased $ 6.3 million in face value of the Term Loan due 2024 at an average of 38 percent of par, resulting in a $ 3.8 million gain, which was included in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss) for fiscal 2020. A write-off of the deferred charges and original issue discount, totaling $ 0.1 million, associated with the original debt issuance was recognized as an offset to the gain recognized in debt related loss (gain). During fiscal 2021, the Company repurchased $ 144.7 million in face value of the Term Loan due 2024 at an average of 43 percent of par, resulting in a $ 82.0 million gain, which was included in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss). A write-off of the deferred charges and original issue discount, totaling $ 3.4 million, associated with the original debt issuance was recognized as an offset to the gain recognized in debt related loss (gain). On March 19, 2021, in connection with the closing of the initial public offering, the Company used all net proceeds received from the initial public offering and borrowings from the Revolving Credit Facility to repay all of the outstanding borrowings and accrued interest under the Term Loan due 2024 totaling $ 72.7 million. Following such repayment, all obligations under the Term Loan due 2024 were terminated in the first quarter of fiscal 2022. A write-off of the deferred charges and original issue discount, totaling $ 0.9 million, associated with the original debt issuance was recognized in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income as a result of the repayment. Term Loan Due 2028 On July 7, 2021, the Company entered into the Amendment No. 2 (“Amendment No. 2”) to the Credit Agreement, dated as of October 21, 2016. Amendment No. 2, among other things, provided for a new $ 675 million incremental first-lien term loan credit facility with a maturity date of July 7, 2028 (the “Term Loan due 2028” and, together with the Term Loan due 2023 and Term Loan due 2024, the “Term Loans”). The Term Loan due 2028 was issued at 99.5 percent of face value and was used to refinance the Company’s outstanding Term Loan due 2023, as well as to reduce amounts borrowed under the Revolving Credit Facility and pay related fees and expenses. Amendment No. 2 reduced the applicable interest rates for Eurodollar rate loans and base rate loans from 5.00 % and 4.00 % to 4.75 % and 3.75 %, respectively, and reduced the LIBOR floor from 1.00 % to 0.75 %. Other than the changes described above, all other material provisions of the Credit Agreement remain unchanged. During fiscal 2022, the weighted average interest rate for borrowings under the Term Loan due 2028 wa s 5.58 percent. The Term Loan due 2028 was issued at a $ 3.4 million discount. A portion of the discount in the amount of $ 3.1 million was recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2028 and $ 0.3 million of the discount was charged to earnings. The total fees and expenses associated with the Term Loan due 2028 were $ 6.8 million, which fees represent banking, legal and other professional services. The Company capitalized $ 3.8 million of these fees as a reduction of debt and the remaining fees were charged to earnings. Covenants The covenants contained in the credit agreements restrict JOANN’s ability to pay dividends or make other distributions; accordingly, any dividends may only be made in accordance with such covenants. Among other restrictions, the credit agreements permit the public parent company to pay dividends on its common stock in amounts not to exceed the greater of 6 % per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC from any such public offering of common stock of Jo-Ann Stores, LLC or its direct or indirect parent company, or 7 % of Market Capitalization (as defined in the credit agreements). So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $ 100 million, which amount can increase if certain other conditions are satisfied, including if JOANN’s leverage does not exceed certain thresholds. Additionally, the Revolving Credit Facility allows for unlimited dividends, so long as there is no event of default and the Company’s excess availability after giving pro forma effect for the thirty-day period immediately preceding such payment shall be greater than (a) the greater of 12.5 % of the maximum credit and $ 40 million and the consolidated fixed charge coverage ratio shall be greater than or equal to 1.0 to 1.0 or (b) 17.5 % of the maximum credit calculated. At January 29, 2022, the Company was in compliance with all covenants under its credit agreements. At January 29, 2022, the Company’s fixed minimum debt principal maturities were as follows: Fiscal Year Revolving Term Loan Total (Dollars in millions) 2023 $ — $ 6.8 $ 6.8 2024 — 8.4 8.4 2025 — 6.8 6.8 2026 — 6.7 6.7 Thereafter 121.0 644.6 765.6 $ 121.0 $ 673.3 $ 794.3

Derivative Instruments

Derivative Instruments	12 Months Ended
	Jan. 29, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 3—Derivative Instruments The Company is exposed to certain market risks during the normal course of its business arising from adverse changes in interest rates. The Company’s exposure to interest rate risk results primarily from its variable-rate borrowings. The Company may selectively use derivative financial instruments to manage the risks from fluctuations in interest rates. The Company does not purchase or hold derivatives for trading or speculative purposes. Fluctuations in interest rates can be volatile, and the Company’s risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Company’s financial results. Interest Rate Swap In August 2021, the Company entered into an interest rate swap agreement with U.S. Bank N.A., which has a $ 200 million notional value with an effective date of October 26, 2023 and a maturity date of October 26, 2025 . Beginning in January 2024, the Company receives 1-month, 3-month or 6-month LIBOR, at the Company's election, subject to a 0.75 percent floor, and pays a fixed rate of interest of 1.44 percent per annum on a quarterly basis. In connection with the execution of the interest rate swap agreement, no cash was exchanged between the Company and the counterparty. The fair value of the interest rate swap as of January 29, 2022 was $ 2.4 million and is presented within other assets in the accompanying Consolidated Balance Sheets. The Company designated its interest rate swap as a cash flow hedge and structured it to be highly effective. Unrealized gains and losses related to the fair value of the interest rate swap are recorded to accumulated other comprehensive income (loss), net of tax. In the event of early termination of the interest rate swap, the Company will receive from or pay to the counterparty the fair value of the interest rate swap agreement, and the unrealized gain or loss outstanding will be recognized in earnings. Interest Rate Cap In July 2018, the Company purchased, for $ 2.2 million, a forward starting interest rate cap based on 3-month LIBOR effective October 23, 2018 through October 23, 2021. The objective of the hedging instrument was to offset the variability of cash flows in term loan debt interest payments attributable to fluctuations in LIBOR beyond 3.5 percent. The interest rate cap expired in October 2021. As of January 30, 2021 , the interest rate cap had an amortized notional amount of $ 681.4 million and a fair value of zero . The time value of the interest rate cap was excluded from the assessment of effectiveness and was amortized to interest expense over the life of the hedge. The impacts of the Company’s derivative instruments on the accompanying Consolidated Statements of Comprehensive Income (Loss) for fiscal 2022 and fiscal 2021 are presented in the table below: Fiscal Year Ended January 29, January 30, (Dollars in millions) Gain recognized in other comprehensive income on derivatives, gross of income taxes $ 2.4 $ — Amount reclassified from accumulated other comprehensive income into earnings — — Amortization of excluded component to interest expense 0.4 0.7

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jan. 29, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4—Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable; and Level 3 – Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. The valuations of the Company's interest rate derivatives are measured as the present value of all expected future cash flows based on LIBOR-based yield curves. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparty which is a Level 2 fair value measurement. The fair value of the Company’s interest rate derivatives were as follows: Instrument Balance Sheet January 29, January 30, (Dollars in millions) Interest rate swap Other assets $ 2.4 $ — Interest rate cap Other assets — — The fair values of cash and cash equivalents, accounts payable and borrowings on the Company’s Revolving Credit Facility approximated their carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Long-term debt is presented at carrying value in the Company’s Consolidated Balance Sheets. The fair value of the Company’s term loans was determined based on quoted market prices or recent trades of these debt instruments in less active markets. If the Company’s long-term debt was recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. The following provides the carrying and fair values of the Company’s term loans as of January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 Carrying Fair Carrying Fair (Dollars in millions) Term Loan due 2023 (a) $ — $ — $ 628.9 $ 605.3 Term Loan due 2024 (a) — — 71.9 57.5 Term Loan due 2028 (a) 664.3 656.0 — — (a) Net of deferred financing costs and original issue discount. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). The fair values are determined based on either a market approach, an income approach, in which the Company utilizes internal cash flow projections over the life of the underlying assets discounted using a discount rate that is considered to be commensurate with the risk inherent in the Company’s current business model or a combination of both. These measures of fair value, and related inputs, are considered a Level 3 approach under the fair value hierarchy. The Company uses the end of the period when determining the timing of transfers between levels. There were no transfers between levels during the periods presented.

Leases

Leases	12 Months Ended
	Jan. 29, 2022
Leases [Abstract]
Leases	Note 5—Leases With the exception of one store location, all of the Company’s store locations operate out of leased facilities. The Company’s store location leases generally have initial terms of 10 years with renewal options for up to 25 years . The Company leases three distribution centers located in West Jefferson, Ohio; Opelika, Alabama; and Visalia, California. The initial term of the West Jefferson, Ohio lease expires in June 2028 and the Company has renewal options for up to an additional 18 years . The initial term of the Opelika, Alabama lease expires in June 2041 and the Company has renewal options for up to an additional 20 years . The Visalia distribution center consists of two facilities with separate leases. The initial term of the first lease expires in October 2026 , and the Company has renewal options for up to an additional 40 years . The second lease expires in May 2024 and has no renewal options. The Company also leases certain computer and store equipment, with lease terms that are generally five years or less. The Company generally has lease arrangements that have minimum lease payments. Certain of the Company’s leased store locations have variable payments based upon actual costs of common area maintenance, real estate taxes and property and liability insurance. In addition, some of the Company’s leased store locations have provisions for variable payments based upon a specified percentage of defined sales volume or dependent on an existing index or rate, such as the consumer price index or the prime interest rate. Also, some of the Company’s leases contain escalation clauses and provide for contingent rents based on a percent of sales in excess of defined minimums. As most of the Company’s leases include one or more options to renew and extend the lease term, the exercise of lease renewal options is at the Company’s sole discretion. Generally, a renewal option is not deemed to be reasonably certain to be exercised until such option is legally executed. The Company’s store location leases do not include purchase options or residual value guarantees on the leased property. The depreciable life of leasehold improvements are limited by the expected lease term. Due to the large number of temporary store closures as a result of the COVID-19 pandemic during fiscal year 2021, the Company negotiated with landlords for rent concessions, either in the form of rent abatement (meaning no rent due for select months) or rent deferral (meaning rent payments are delayed until a future period). The majority of the delayed rent payments were made during fiscal year 2022. As a result of these rent concessions, the Company has adjusted its operating lease liabilities on the accompanying Consolidated Balance Sheets. A majority of the Company’s leases are classified as operating leases and the associated assets and liabilities are presented as separate lines on the Consolidated Balance Sheets. Operating lease assets and operating lease liabilities are recognized at the date the leased property is delivered to the Company based on the present value of the remaining future minimum lease payments. Additional information related to the Company’s operating leases is as follows: Fiscal Fiscal (Dollars in millions) Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 246.7 $ 195.2 Operating lease assets obtained in exchange for new operating lease liabilities $ 120.3 $ 282.3 Operating lease cost (b) $ 217.5 $ 212.2 Variable lease cost (b) $ 59.5 $ 59.0 Weighted-average remaining lease term 6.11 years 5.91 years Weighted-average discount rate 5.91 % 5.80 % (a) Reflected as operating cash outflows in the accompanying Consolidated Statements of Cash Flows (b) Reflected as SG&A expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss) The Company has a small number of leases classified as finance leases which are presented in the Consolidated Balance Sheets as follows: Classification January 29, January 30, (Dollars in millions) Assets: Finance lease assets, net Property, equipment and leasehold improvements, net $ 15.2 $ 12.1 Liabilities: Current portion of finance lease liabilities Accrued expenses 9.2 5.6 Long-term portion of finance lease liabilities Other long-term liabilities 7.8 7.2 In fiscal 2022 and fiscal 2021, the Company incurred $ 8.8 million and $ 4.3 million, respectively, of finance lease amortization expense which is presented as depreciation and amortization within the accompanying Consolidated Statements of Comprehensive Income (Loss). In fiscal 2022 and fiscal 2021, the Company incurred $ 0.7 million and $ 0.4 million, respectively, of finance lease interest expense which is presented as interest expense, net within the accompanying Consolidated Statements of Comprehensive Income (Loss). The following is a schedule of future minimum rental payments under non-cancelable operating and financing leases as of January 29, 2022: Future Minimum Rental Fiscal Year: Operating Finance Total (Dollars in millions) 2023 $ 221.6 $ 9.7 $ 231.3 2024 214.3 6.5 220.8 2025 178.9 1.4 180.3 2026 144.2 — 144.2 2027 105.9 — 105.9 Thereafter 232.5 — 232.5 Total lease payments $ 1,097.4 $ 17.6 $ 1,115.0 Less: imputed interest ( 190.6 ) ( 0.6 ) ( 191.2 ) Present value of lease liabilities $ 906.8 $ 17.0 $ 923.8 (1) Operating lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to approximately twenty leases to commence in fiscal year 2023 with average terms of 10 years and future minimum lease payments of approximately $ 76.7 million. (2) Finance lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to two leases to commence in fiscal year 2023 with terms of 5 years and future minimum lease payments of approximately $ 11.6 million.

Accrued Expenses and Other Long

Accrued Expenses and Other Long-Term Liabilities	12 Months Ended
	Jan. 29, 2022
Accrued Liabilities And Other Liabilities [Abstract]
Accrued Expenses and Other Long-Term Liabilities	Note 6—Accrued Expenses and Other Long-Term Liabilities Accrued expenses consisted of the following: January 29, January 30, (Dollars in millions) Accrued taxes $ 23.6 $ 23.4 Accrued compensation and payroll taxes 39.7 73.8 Accrued interest 0.6 5.1 Workers’ compensation and general liability insurance 9.9 9.8 Occupancy and rent-related liabilities 2.1 2.6 Customer gift cards 41.4 37.9 Capital expenditures payable 4.7 1.5 Finance lease obligations 9.2 5.6 Other 11.2 11.6 Total accrued expenses $ 142.4 $ 171.3 Other long-term liabilities consisted of the following: January 29, January 30, (Dollars in millions) Workers’ compensation and general liability insurance $ 15.8 $ 17.4 Finance lease obligations 7.8 7.2 Deferred payroll taxes — 10.7 Other 12.7 11.0 Total other long-term liabilities $ 36.3 $ 46.3 Total discounted insurance liabilities for fiscal 2022 were $ 25.7 million, reflecting a 0.4 percent discount rate, and for fiscal 2021 were $ 27.2 million, reflecting a 0.8 percent discount rate. The long-term portion of certain workers’ compensation and general liability accruals are discounted to their net present value based on expected loss payment patterns determined by independent actuaries using actual historical payments. The following table represents a five year schedule for estimated future long term insurance liabilities: Fiscal Year-Ended Liability (Dollars in 2024 $ 4.9 2025 3.6 2026 2.7 2027 1.6 2028 0.9 Thereafter 2.1 Total long-term workers’ compensation and general liability insurance $ 15.8

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	12 Months Ended
	Jan. 29, 2022
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements	Note 7—Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consisted of the following: January 29, January 30, (Dollars in millions) Land and buildings $ 52.5 $ 83.5 Furniture, fixtures and equipment 366.9 349.3 Purchased software and computer equipment 110.8 114.3 Leasehold improvements 374.6 356.1 Construction in progress 6.6 1.9 Finance lease assets 28.7 16.8 940.1 921.9 Less accumulated depreciation and amortization ( 683.3 ) ( 641.4 ) Property, equipment and leasehold improvements, net $ 256.8 $ 280.5 Depreciation expense was $ 73.2 million in fiscal 2022, $ 73.1 million in fiscal 2021 and $ 70.3 million in fiscal 2020 .

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Jan. 29, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 8—Goodwill and Other Intangible Assets The Company acquired certain intangible assets and recognized goodwill based on the excess of purchase price over the fair value of assets acquired and liabilities assumed. Changes in the carrying value of goodwill were as follows: Fiscal Year Ended January 29, January 30, (Dollars in millions) Goodwill, gross $ 643.8 $ 643.8 Accumulated impairment ( 481.8 ) ( 481.8 ) Goodwill, net $ 162.0 $ 162.0 The carrying amount and accumulated amortization of identifiable intangible assets was: January 29, 2022 January 30, 2021 Estimated Gross Accumulated Amortization Gross Accumulated Amortization (Dollars in millions) JOANN trade name $ 325.0 $ — $ 325.0 $ — joann.com domain name 10.0 — 10.0 — Creativebug trade name 10 0.1 — 0.1 — Customer relationships 16 110.0 74.8 110.0 67.9 Total intangible assets $ 445.1 $ 74.8 $ 445.1 $ 67.9 Due to the Company’s negative comparable sales and declining margins, primarily as a result of the expected ongoing impact of U.S. tariffs on imported merchandise from China enacted during the second half of fiscal 2019 and subsequently increased during the second quarter of fiscal 2020, a quantitative impairment analysis of goodwill related to the JOANN reporting unit was completed as of July 6, 2019. The Company performed a discounted cash flow analysis and a market multiple analysis and used the resulting average as the fair value. Based on the analyses performed, the carrying value of the reporting unit exceeded the fair value of the reporting unit; therefore, the Company recognized a non-cash goodwill impairment charge of $ 130.4 million, which was recorded as goodwill and trade name impairment within the accompanying Consolidated Statements of Comprehensive Income (Loss) during the second quarter of fiscal 2020. As of July 6, 2019, the Company also performed a quantitative impairment analysis of the JOANN Trade Name utilizing a relief from royalty approach by comparing the fair value of the trade name to its carrying value. Based on this information, the Company determined there was no impairment related to the JOANN Trade Name during the second quarter of fiscal 2020. As of November 2, 2019, the Company assessed qualitative factors in order to determine if it was more-likely-than-not that the fair values of the JOANN reporting unit, JOANN Trade Name and joann.com Domain Name did not exceed their respective carrying values and concluded no such events or circumstances existed which would require quantitative impairment tests to be performed. Due to a weaker than expected peak selling season, another quantitative impairment analysis of goodwill related to the JOANN reporting unit was completed as of November 30, 2019. The Company performed a discounted cash flow analysis and a market multiple analysis and used the resulting average as the fair value. Based on the analyses performed, the carrying value of the reporting unit exceeded the fair value of the reporting unit; therefore, the Company recognized a non-cash goodwill impairment charge of $ 351.4 million, which was recorded as goodwill and trade name impairment within the accompanying Consolidated Statements of Comprehensive Income (Loss) during the fourth quarter of fiscal 2020. As of November 30, 2019, the Company also performed another quantitative impairment analysis of the JOANN Trade Name utilizing a relief from royalty approach by comparing the fair value of the trade name to its carrying value. Based on this information, the Company recognized a non-cash pre-tax impairment charge of $ 5.0 million, which was recorded as goodwill and trade name impairment within the accompanying Consolidated Statements of Comprehensive Income (Loss) during the fourth quarter of fiscal 2020. During the fourth quarter of fiscal 2022, the Company assessed qualitative factors in order to determine if it was more-likely-than-not that the fair values of the JOANN reporting unit, JOANN Trade Name and joann.com Domain Name did not exceed their respective carrying values and concluded no events or circumstances existed which would require quantitative impairment tests be performed. For fiscal 2022, fiscal 2021 and fiscal 2020, intangible asset amortization expense of $ 6.9 million , $ 6.9 million and $ 7.2 million , respectively was recognized by the Company. The weighted average remaining amortization period of finite-lived intangible assets as of January 29, 2022 and January 30, 2021 approximated 5.1 years and 6.1 years, respectively. The remaining amortization of intangible assets with definitive lives by year is as follows (in millions): Fiscal Year Amortization 2023 $ 6.9 2024 6.9 2025 6.9 2026 6.9 2027 6.9 Thereafter 0.8 Total $ 35.3

Income Taxes

Income Taxes	12 Months Ended
	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes The significant components of the income tax provision were as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Current: Federal $ 11.7 $ 18.9 $ 2.3 State and local 1.7 13.0 1.9 13.4 31.9 4.2 Deferred: Federal 0.1 ( 1.8 ) 7.5 State and local ( 0.5 ) ( 2.1 ) 0.4 ( 0.4 ) ( 3.9 ) 7.9 Income tax provision $ 13.0 $ 28.0 $ 12.1 The reconciliation of the income tax provision at the statutory rate to the income tax provision was as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Federal income tax provision (benefit) at the statutory rate $ 14.6 21.0 % $ 50.5 21.0 % $ ( 112.2 ) 21.0 % Effect of: Goodwill impairment — — — — 101.2 ( 18.9 ) Changes in valuation allowances ( 0.4 ) ( 0.6 ) ( 25.5 ) ( 10.6 ) 29.3 ( 5.5 ) State and local taxes, net of federal benefit 1.7 2.4 12.8 5.3 ( 4.6 ) 0.9 Revaluation of federal NOL carryback — — ( 4.8 ) ( 2.0 ) — — Officers’ life insurance ( 1.3 ) ( 1.9 ) ( 0.4 ) ( 0.2 ) ( 1.1 ) 0.2 Uncertain tax positions (inclusive of penalties and interest) 0.1 0.1 ( 0.5 ) ( 0.2 ) 1.1 ( 0.2 ) Federal general business credits ( 1.0 ) ( 1.4 ) ( 0.8 ) ( 0.3 ) ( 0.9 ) 0.1 Revaluation of deferred tax liability due to state tax law changes ( 1.0 ) ( 1.4 ) ( 0.2 ) ( 0.1 ) ( 0.4 ) 0.1 Other, net 0.3 0.5 ( 3.1 ) ( 1.2 ) ( 0.3 ) — Income tax provision $ 13.0 18.7 % $ 28.0 11.7 % $ 12.1 ( 2.3 )% The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law by the President on March 27, 2020. Among other things, it provides economic relief to individuals and businesses. Tax law changes in the CARES Act impacted the Company in a number of different ways, including enhanced interest expense deductibility for fiscal 2020 and fiscal 2021 resulting from changes to the computation of the related limitation, the ability to carry back net operating losses for fiscal 2020 and fiscal 2021 to the five prior years, including tax years with a 35 percent corporate income tax rate, and a technical correction to the Tax Cuts and Jobs Act of 2017 allowing qualified improvement property to be fully depreciated in the year the property is placed in service. The Company’s effective income tax rate for fiscal 2022 was 18.7 % compared to 11.7 % for fiscal 2021. The increase in the effective income tax rate in fiscal 2022, as compared to fiscal 2021, resulted primarily from fiscal 2021 rate-lowering activity, including the reversal of the valuation allowance for the deferred tax asset relating to the interest expense carryover, and an effective tax rate benefit for a net operating loss carried back to tax years with a Federal tax rate of 35 % versus 21 %. The Company recorded additional valuation allowances during fiscal 2020 to reflect that the deferred tax assets relating to the federal interest expense deduction, the federal charitable contribution deduction and state income/franchise tax credits were determined to be not realizable based on the available sources of income. However, during fiscal 2021, the Company released the valuation allowances relating to the federal interest expense deduction and the federal charitable contribution deduction because there was an increase in pre-tax income and changes to the associated tax law through the CARES Act which resulted in sufficient taxable income in the current fiscal year to fully utilize the related carryforwards. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company’s deferred tax assets and liabilities were as follows: January 29, January 30, (Dollars in millions) Deferred tax assets: Lease obligations $ 231.1 $ 245.2 Interest expense carryforward 1.8 1.9 Team member benefits 11.6 11.0 Inventory items 9.3 7.3 State credits 2.1 2.6 Federal net operating loss carryforwards 1.0 1.3 State net operating loss carryforwards 0.4 1.1 Other 5.3 4.6 Subtotal 262.6 275.0 Valuation allowances ( 3.9 ) ( 4.4 ) Total deferred tax assets 258.7 270.6 Deferred tax liabilities: Depreciation ( 43.7 ) ( 45.9 ) Identified intangibles ( 94.4 ) ( 96.9 ) Operating lease assets ( 208.3 ) ( 215.1 ) Total deferred tax liabilities ( 346.4 ) ( 357.9 ) Net deferred taxes $ ( 87.7 ) $ ( 87.3 ) Income taxes are estimated for federal and each state jurisdiction in which the Company operates. This approach involves assessing the current tax exposure together with temporary differences which result from differing treatment of items for tax and book purposes. Deferred tax assets and liabilities are established based on these assessments. Deferred tax assets are evaluated for recoverability based on future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. To the extent that recovery is deemed unlikely, a valuation allowance is recorded. The Company’s valuation allowance was $ 3.9 million and $ 4.4 million as of January 29, 2022 and January 30, 2021, respectively. The valuation allowance decreased due to the utilization of the related state tax credits on state tax returns filed during fiscal 2022. Many years of data have been incorporated into the determination of tax reserves and the Company’s estimates have historically proven to be reasonable. The Company has approximately $4.8 million of gross federal net operating loss (“NOL”) carryforwards and $ 0.4 million of gross state NOL carryforwards, which expire in fiscal 2023 through fiscal 2027 and fiscal 2023 through fiscal 2041, respectively. The Company has net state tax credits of $ 2.1 million, with a full valuation allowance of $ 2.1 million related to state tax credits. The Company files income tax returns in various jurisdictions, including the U.S., China and certain states, counties and municipalities, in accordance with applicable nexus requirements. For U.S. federal, state and local purposes, the Company is no longer subject to income tax examinations by taxing authorities for fiscal years prior to fiscal 2017, with some exceptions for state and local purposes due to longer statutes of limitations or the extensions of statutes of limitations. The Company expects to decrease its uncertain tax positions by $ 0.4 million within the next fiscal year due to settlement with state taxing authorities and the expiration of statues of limitations, all of which is expected to be recognized as an income tax benefit. A reconciliation of the beginning and ending amounts of uncertain tax positions for the past three fiscal years is as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Balance at beginning of fiscal year $ 1.2 $ 9.9 $ 2.8 Increases related to prior year tax positions 0.4 0.3 7.1 Decreases related to prior year tax positions — — — Settlements ( 0.2 ) ( 8.7 ) — Lapse of statute of limitations ( 0.2 ) ( 0.3 ) — Balance at end of fiscal year $ 1.2 $ 1.2 $ 9.9 At the end of fiscal 2022, the Company’s uncertain tax positions are $ 1.2 million, of which $ 0.9 million would affect the effective tax rate, if recognized. Within the next 12 months, it is reasonably possible that uncertain tax positions could be reduced by approximately $ 0.4 million resulting from resolution or closure of tax examinations. Any increase in the amount of uncertain tax positions within the next 12 months is expected to be insignificant. The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The total amount of interest and penalties accrued as of the end of fiscal 2022 and fiscal 2021 were $ 0.1 million and $ 0.2 million, respectively. During fiscal 2021, the Company settled a dispute with the IRS relating the fiscal 2015-2018 tax years. Prior to the settlement, the Company had an unrecognized income tax benefit of $ 8.7 million relating to these tax years.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Jan. 29, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 10—Stock-Based Compensation Equity Incentive Plans In March 2011, the 2011 Stock Option Plan of Needle Holdings was adopted authorizing Needle Holdings to provide certain team members with options to purchase Needle Holdings common shares. In October 2012, as part of the formation of the Holding Company, the Stock Option Plan, dated October 16, 2012 (the “2012 Plan”), formerly known as the 2011 Stock Option Plan of Needle Holdings, was assumed by the Holding Company. With the approval of the JOANN Inc. 2021 Equity Incentive Plan, as discussed below, no additional grants will be made under the 2012 Plan. In connection with its initial public offering, the Company adopted the JOANN Inc. 2021 Equity Incentive Plan (“2021 Plan”). The 2021 Plan provides for the grant of stock options, restricted stock units and other stock-based awards to team members and non-employee directors. The maximum number of shares of the Company's common stock available for issuance under the 2021 Plan is equal to 2,000,000 shares of the Company's common stock subject to an annual automatic increase equal to 4 % of the total number of shares outstanding on the last day of the immediately preceding fiscal year or a lesser number as determined by the Company’s board of directors. As of January 29, 2022 , there were 1,243,712 awards available to be issued under the 2021 Plan. Stock Options Stock options expire ten years after the date of grant. The options vest and become exercisable based on continued service to the Company. Stock options granted under the 2012 Plan vest over five years at 40 percent after the first two years and 20 percent each year thereafter. Stock options granted under the 2021 Plan have a graded vesting period of four years whereby one-fourth of the awards vest on each of the anniversaries of the grant date. The following is a summary of stock option activity for fiscal 2022: Number of Options Weighted-Average Exercise Price Per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 3,086,467 $ 6.11 Granted 656,656 $ 12.00 Exercised ( 482,332 ) $ 4.83 Cancelled ( 419,339 ) $ 5.49 Outstanding at end of period 2,841,452 $ 7.78 7.0 $ 8.4 Exercisable at end of period 1,105,349 $ 8.64 5.2 $ 1.9 The total intrinsic value of stock options exercised was $ 3.0 million and $ 0.6 million in fiscal 2022 and fiscal 2020, respectively. There were no stock options exercised in fiscal 2021, and as such, there was no intrinsic value to be calculated and no cash proceeds received. Cash proceeds from the exercise of stock option awards were $ 1.8 million and $ 0.3 million in fiscal 2022 and fiscal 2020, respectively. The weighted-average fair value of options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: Fiscal Year Ended January 29, January 30, February 1, Weighted-average fair value per option $ 4.02 $ 0.50 $ 5.01 Expected volatility rate 48.00 % 41.25 % 39.01 % Risk free interest rate 1.04 % 0.68 % 2.53 % Expected term of options 6.3 years 7.0 years 7.0 years Expected dividend yield 3.3 % 0.0 % 0.0 % Expected stock price volatility was estimated using the historical volatility for industry peers based on daily price observations over a period equivalent to the expected term of the awards. The risk-free interest rate was determined using an interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected term. The expected term was determined using a simplified approach, calculated as the mid-point between the graded vesting period and the contractual life of the award. The Company determined the dividend yield by dividing the expected annual dividend on the Company's stock by the option exercise price. The Company accounts for forfeiture of non-vested options as they occur. Restricted Stock Units The Company issued restricted stock units to certain team members, which have a vesting period of three years whereby one-third of the awards vest on each of the three anniversaries of the grant date. The Company also issued restricted stock units to non-employee members of its board of directors, all of which vest on the first anniversary of the grant date. The fair value for restricted stock units is calculated based on the stock price on the date of grant. The following is a summary of restricted stock unit activity for fiscal 2022: Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested at beginning of period — $ — Granted 216,838 $ 12.83 Forfeited ( 20,555 ) $ 12.63 Unvested at end of period 196,283 $ 12.85 ESPP The Company's ESPP allows eligible team members to purchase shares of the Company's common stock at a discount through payroll deductions. The ESPP consists of six-month offering periods, with a new offering period commencing on the first trading day on or after January 1 and July 1 of each year. Team members may purchase shares in each offering period at 85 % of the market value of the Company's common stock at either the beginning of the offering period or the end of the offering period, whichever price is lower. The maximum number of shares of the Company's common stock available for issuance under the ESPP is equal to 400,000 shares subject to an annual automatic increase equal to the least of 1% of the total number of shares outstanding on the last day of the immediately preceding calendar year, 400,000 shares or a lesser number as determined by the Company’s board of directors. As of January 29, 2022 , the Company had 800,000 shares of common stock available for issuance under the ESPP. Stock-based Compensation Expense The following table shows the expense recognized by the Company for stock-based compensation: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Stock-based compensation expense $ 2.5 $ 1.5 $ 1.2 As of January 29, 2022 , there was $ 5.3 million of unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 2.5 years. Stock-based compensation expense is recorded in Selling, general and administrative expenses within the accompanying Consolidated Statements of Comprehensive Income (Loss).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Jan. 29, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 11—Earnings Per Share Basic earnings per share is computed based upon the weighted-average number of common shares outstanding. Diluted earnings per share is computed based upon the weighted-average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. Treasury stock is excluded from the denominator in calculating both basic and diluted earnings per share. In periods in which a net loss has occurred, as is the case for fiscal 2020, the dilutive effect of equity-based awards is not recognized and thus not utilized in the calculation of diluted loss per share, because the effect of their inclusion would have been anti-dilutive. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted income (loss) per share for fiscal 2022, fiscal 2021 and fiscal 2020: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions except per share data) Net income (loss) $ 56.7 $ 212.3 $ ( 546.6 ) Weighted-average common shares outstanding – basic 40,805,319 34,902,380 34,882,306 Effect of dilutive stock-based awards 1,270,667 896,111 — Weighted-average common shares outstanding – diluted 42,075,986 35,798,491 34,882,306 Basic earnings (loss) per common share $ 1.39 $ 6.08 $ ( 15.67 ) Diluted earnings (loss) per common share $ 1.35 $ 5.93 $ ( 15.67 ) Antidilutive stock-based awards excluded from diluted calculation 1,424,463 1,179,568 2,267,855

Segments and Disaggregated Reve

Segments and Disaggregated Revenue	12 Months Ended
	Jan. 29, 2022
Segment Reporting [Abstract]
Segments and Disaggregated Revenue	Note 12—Segments and Disaggregated Revenue The Company conducts its business activities and reports financial results as one operating segment and one reportable segment, which includes the Company’s store locations and integrated omni-channel operations. Due to its integrated omni-channel strategy, the Company views omni-channel sales as an extension of its physical store locations. The presentation of financial results as one reportable segment is consistent with the way the Company operates its business and is consistent with the manner in which the Chief Operating Decision Maker (“CODM”) makes decisions about allocating resources and assessing performance. Furthermore, the Company notes that monitoring financial results as one reportable segment helps the CODM manage costs on a consolidated basis, consistent with the integrated nature of its operations. The following table shows revenue by product category: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Sewing $ 1,036.5 $ 1,319.9 $ 1,044.2 Arts and Crafts and Home Décor 1,345.9 1,392.8 1,155.6 Other 35.2 49.6 41.4 Total $ 2,417.6 $ 2,762.3 $ 2,241.2 Substantially all of the Company’s identifiable assets are located in the United States. The Company does not have significant sales outside the United States, nor does any customer represent more than 10 percent of total revenues for any period presented.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Jan. 29, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13—Commitments and Contingencies The Company is involved in various litigation matters in the ordinary course of its business. The Company is not currently involved in any litigation that it expects, either individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.

Savings Plan Retirement and Pos

Savings Plan Retirement and Postretirement Benefits	12 Months Ended
	Jan. 29, 2022
Retirement Benefits [Abstract]
Savings Plan Retirement and Postretirement Benefits	Note 14—Savings Plan Retirement and Postretirement Benefits The Company sponsors the 401(k) Plan, which is a tax deferred savings plan whereby eligible team members may elect to contribute up to 50 percent of annual compensation on a pre-tax basis. The Company makes a 50 percent matching contribution up to six percent of the team member’s annual compensation. The Company match is made in cash and is participant-directed. The amount of the Company’s matching contribution was $ 2.9 million in fiscal 2022, $ 2.6 million in fiscal 2021 and $ 2.5 million in fiscal 2020 . The Company does not provide post-retirement health care benefits for its team members.

Gain on Sale Leaseback of Distr

Gain on Sale Leaseback of Distribution Center	12 Months Ended
	Jan. 29, 2022
Leases [Abstract]
Gain on Sale Leaseback of Distribution Center	Note 15—Gain on Sale Leaseback of Distribution Center During the second quarter of fiscal 2022, the Company completed a sale and leaseback transaction for its distribution center located in Opelika, Alabama for a sale price of $ 48.1 million. The transaction qualifies for sales recognition under the sale leaseback accounting requirements and the Company recorded a gain of $ 24.5 million. Net after tax proceeds from the sale were primarily used to repay borrowings under the Term Loan due 2023 and Revolving Credit Facility. The lease related to this transaction has an initial term of 20 years and two 10-year extension options . At commencement of the lease, the Company recorded operating lease liabilities of $ 37.5 million and operating lease assets of $ 37.5 million. The discount rate for the lease was 6.28 %.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Jan. 29, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations JOANN Fabric and Craft Stores was founded in 1943 as a single retail store. Today, JOANN is the nation’s leading fabric and craft specialty retailer. The Company's store locations and website feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabric, notions, crafts, frames, paper crafting supplies, artificial floral, finished seasonal and home décor items. As of January 29, 2022, the Company operated 848 store locations in 49 states. The significant accounting policies applied in preparing the accompanying Consolidated Financial Statements of the Company are summarized below.
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements include the accounts of JOANN Inc. (formerly known as Jo-Ann Stores Holdings Inc.) (the “Holding Company”), Needle Holdings LLC (“Needle Holdings”) and Jo-Ann Stores, LLC and its wholly-owned subsidiaries (“JOANN”). Effective February 9, 2021, Jo-Ann Stores Holdings Inc. amended its certificate of incorporation to change its corporate name to “JOANN Inc.” The amendment was approved by the board of directors and was effected by the filing of a Certificate of Amendment with the Delaware Secretary of State. All of the entities referenced in the prior sentence hereinafter will be referred to collectively as the “Company” and are all controlled by affiliates of Leonard Green & Partners, L.P. (“LGP”). All intercompany accounts and transactions have been eliminated upon consolidation. The Holding Company has no operating activities and is limited to the issuance of shares of common stock and stock-based awards, the repurchase of common shares, the issuance and repurchase of debt, the receipt and payment of dividends or distributions and the payment of interest expense. The authorized, issued and outstanding common shares and treasury shares shown on the Consolidated Balance Sheets are of the Holding Company. Likewise, Needle Holdings has no operating activities and is limited to the issuance of initial shares of common stock and stock-based awards and the payment of dividends or distributions.
COVID-19 Impact	COVID-19 Impact The ongoing spread of COVID-19 throughout the United States and internationally, as well as associated measures implemented by governmental authorities and private businesses in an attempt to minimize transmission of the virus (including social distancing mandates, shelter-in-place orders, vaccine mandates, and business restrictions and shutdowns) and consumer responses to such measures have had, and continue to have, negative and positive implications for the Company's business. Potential future impacts of the COVID-19 pandemic include, but are not limited to, difficulties in containing the virus and related variants, limited availability of effective vaccines and other medical treatments, stringent social distancing or lockdowns efforts, supply chain disruption, import and domestic freight costs, inflationary pressures and labor shortages. In the preparation of these financial statements and related disclosures, the Company assessed the impact that COVID-19 has had on estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As COVID-19 and its impacts are unprecedented and ever evolving, future events and effects related to the pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts. Specific material impacts of the COVID-19 pandemic are described throughout the Company’s related financial disclosures.
Initial Public Offering	Initial Public Offering On March 11, 2021, the Company’s registration statement on Form S-1 (File No. 333-253121) relating to its initial public offering was declared effective by the SEC. The Company’s shares of common stock began trading on the Nasdaq Global Market on March 12, 2021. The public offering price of the shares sold in the initial public offering was $ 12.00 per share. The initial public offering closed on March 11, 2021 and included 5,468,750 shares of common stock. As part of the Company’s initial public offering, the underwriters were provided with an option to purchase 1,640,625 additional shares at the initial public offering price. This option was exercised on April 13, 2021. In aggregate, the shares issued in the offering, including the exercise of the underwriters’ option, generated $ 76.9 million in net proceeds, which is net of $ 5.7 million in underwriters’ discount and commissions and $ 2.7 million in offering costs incurred. On March 19, 2021, in connection with the closing of the initial public offering, the Company used all net proceeds received from the initial public offering and borrowings from the Revolving Credit Facility (as defined below) to repay all of the outstanding borrowings and accrued interest under the Term Loan due 2024 (as defined below) totaling $ 72.7 million. Following such repayment, all obligations under the Term Loan due 2024 have been terminated.
Stock Split	Stock Split On March 3, 2021, the Company’s board of directors approved and effected an 85.8808880756715 -for-1.0 unit split of its common stock. All share and per share data included in these Consolidated Financial Statements give effect to the stock split and have been retroactively adjusted for all periods .
Use Of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Since actual results may differ from those estimates, the Company revises its estimates and assumptions as new information becomes available.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday closest to January 31 and refers to the year in which the period ends (e.g., fiscal 2022 refers to the year ended January 29, 2022 ). Fiscal years consist of 52 weeks unless noted otherwise.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments became effective for the Company’s interim and annual reporting periods beginning after December 15, 2020. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. The Company adopted ASU 2019-12 on January 31, 2021, and the adoption did not have a material impact on its Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company intends to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on its Consolidated Financial Statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are all highly liquid investments with original maturities of three months or less.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value with cost determined on a weighted-average basis. Inventory valuation methods require certain management estimates and judgments, which affect the ending inventory valuation at cost, as well as the cost of sales reported for the year. These valuation methods include estimates of net realizable value on product designated for clearance and estimates of shrink between periods when the Company conducts distribution center inventory cycle counts and store physical inventories to substantiate inventory balances. The Company’s accrual for shrink is based on the actual historical shrink results of recent distribution center inventory cycle counts and store physical inventories. These estimates are compared to actual results as physical inventory counts are taken and reconciled to the general ledger. The majority of the Company’s store physical inventory counts are taken in the first three quarters of each year and the shrink accrual recorded at January 29, 2022 is based on shrink results of these prior physical inventory counts. Store locations that have been open one year or longer are physically inventoried at least once over an 18-month cycle, with stores exhibiting a higher rate of shrink to sales inventoried at least once per year. The Company continually monitors and adjusts the shrink rate estimates based on the results of store physical inventory counts and shrink trends. Inventory reserves for clearance product are estimated based on a number of factors, including, but not limited to, quantities of slow moving or carryover seasonal merchandise on hand, historical recovery statistics and future merchandising plans. The accuracy of the Company’s estimates can be affected by many factors, some of which are outside of the Company’s control, including changes in economic conditions and consumer buying trends. Consignment inventory is not reflected in the Company’s Consolidated Financial Statements. Consignment inventory consists of patterns, magazines, books, calendars, DVDs, ribbons and seeds. Consignment inventory can be returned to the vendor at any time. At the time consigned inventory is sold, the Company records the purchase liability in accounts payable and the related cost of merchandise in cost of sales.
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and impairment. Depreciation is recorded over the estimated useful life of the assets principally by the straight-line method. The major classes of assets and ranges of estimated useful lives are: buildings and building/land improvements from 10 to 40 years; furniture and fixtures from five to 10 years; purchased software and computer equipment from three to five years; leasehold improvements for the lesser of 10 years or over the remaining term of the lease; and finance lease assets for the term of the underlying lease. Maintenance and repair expenditures are charged to expense as incurred and improvements and major renewals are capitalized.
Software Development	Software Development The Company capitalized $ 4.7 million in fiscal 2022 , $ 4.1 million in fiscal 2021 and $ 16.3 million in fiscal 2020 for internal use software acquired from third parties. The capitalized amounts are included in property, equipment and leasehold improvements, net. The Company amortizes internal use software on a straight-line basis over periods ranging from three to five years beginning at the time the software becomes operational. Amortization expense was $ 6.5 million in fiscal 2022 , $ 7.3 million in fiscal 2021 and $ 6.6 million in fiscal 2020 . The unamortized balance for internal use software was $ 16.6 million as of January 29, 2022 and $ 18.8 million as of January 30, 2021 .
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Company assesses the carrying value of goodwill at the reporting unit level. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. Annually, as of the first day of the fourth quarter, and more frequently if circumstances indicate impairment may exist, the Company assesses qualitative factors to determine if it is more-likely-than-not that the fair values of reporting units are below their respective carrying values. If it is determined that this is more-likely-than-not, a quantitative assessment is performed. The quantitative assessment compares the fair value of a reporting unit to its current carrying value. The Company determines the estimated fair value of a reporting unit based on valuation techniques including discounted cash flows as well as a market comparable method. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not considered impaired. Annually, as of the first day of the fourth quarter, and more frequently if circumstances indicate impairment may exist, the Company assesses qualitative factors to determine if it is more-likely-than-not that the fair values of the indefinite-lived intangible assets not subject to amortization (JOANN Trade Name and joann.com Domain Name) are below their respective carrying values. If it is determined that this is more-likely-than-not, a quantitative assessment is performed. The quantitative assessment compares the fair value of an intangible asset to its current carrying value. The Company determines the estimated fair value of an intangible asset based upon the relief from royalty method. See Notes to Consolidated Financial Statements, Note 8—Goodwill and Other Intangible Assets for further details.
Impairment of Long-Lived and Operating Lease Assets	Impairment of Long-Lived and Operating Lease Assets The Company evaluates long-lived and operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. Factors considered that could trigger an impairment review include, but are not limited to, significant underperformance relative to historical or projected future operating results and significant changes in the manner of use of the assets or the Company’s overall business strategies. Potential impairment exists if the estimated undiscounted cash flow expected to result from the use of the asset is less than the carrying value of the asset. The amount of the impairment loss represents the excess of the carrying value of the asset over its fair value. Management estimates fair value based on a projected discounted cash flow method using a discount rate that is considered to be commensurate with the risk inherent in the Company’s current business model. Additional factors are taken into consideration, such as local market conditions, operating environment and other trends. As a result of the adverse impact of the COVID-19 pandemic on certain store locations during the first quarter of fiscal 2021, the Company recognized impairment losses in the amount of $ 2.2 million within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Additionally, based on management’s ongoing review of the performance of its stores, utilization of assets and other facilities, impairment losses included within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss) amounted to $ 0.3 million for fiscal 2022 , $ 1.9 million for fiscal 2021 and $ 0.2 million for fiscal 2020 .
Store Pre-Opening and Closing Costs	Store Pre-Opening and Closing Costs Store pre-opening costs are expensed as incurred and included in SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). These costs are incurred prior to a new store or remodeled store opening, and include the hiring and training costs for new team members, processing costs of initial merchandise and rental expense for the period prior to the store opening for business. The Company recognizes costs associated with exit or disposal activities at the time the obligation is incurred. In addition, any liabilities that arise from exit or disposal activities are initially measured and recorded at fair value. Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Store pre-opening costs $ 5.1 $ 4.1 $ 7.5 Store closing costs 1.1 1.5 1.8 Total $ 6.2 $ 5.6 $ 9.3
Accrued Expenses	Accrued Expenses The Company estimates certain material expenses in an effort to record those expenses in the period incurred. The Company’s most material estimates relate to compensation, taxes and insurance-related expenses, significant portions of which are self-insured. The Company is self-insured for certain losses relating to general liability, workers’ compensation and team member medical benefit claims. The ultimate cost of the Company’s workers’ compensation and general liability insurance accruals are recorded based on actuarial valuations and historical claims experience. The Company’s team member medical insurance accruals are recorded based on its medical claims processed, as well as historical medical claims experience for claims incurred but not yet reported. The Company maintains stop-loss coverage to limit the exposure to certain insurance-related risks. Management believes that the various assumptions developed and actuarial methods used to determine its self-insurance reserves are reasonable and provide meaningful data and information that is used to make the best estimate of the Company’s exposure to these risks. Differences in estimates and assumptions could result in an accrual requirement materially different from the calculated accrual. Historically, such differences have not been significant. See Notes to Consolidated Financial Statements, Note 6—Accrued Expenses and Other Long-Term Liabilities for discussion regarding the Company’s accrued expenses.
Financial Instruments	Financial Instruments A financial instrument is cash or a contract that imposes an obligation to deliver or conveys a right to receive cash or another financial instrument. The carrying values of the Company’s cash and cash equivalents, accounts payable and borrowings on the Company’s Revolving Credit Facility are considered to be representative of fair value due to the short maturity of these instruments. See Notes to Consolidated Financial Statements, Note 4—Fair Value Measurement for discussion regarding the fair value of the Company’s derivative instrument and term loan debt instruments.
Income Taxes	Income Taxes The Company does business in various jurisdictions that impose income taxes. The aggregate amount of income tax expense to accrue and the amount currently payable are based upon the tax statutes of each jurisdiction, pursuant to the asset and liability method. This process involves adjusting book income for items that are treated differently by the applicable taxing authorities. Deferred tax assets and liabilities are reflected on the balance sheet for temporary differences that will reverse in subsequent years. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are estimated to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period during which the change is enacted. The Company considers indefinite-lived intangibles as a potential future source of taxable income when considering the realizability of indefinite-lived deferred tax assets. The current tax provision can be affected by the mix of income and identification or resolution of uncertain tax positions. Because income from different state jurisdictions may be taxed at different rates, the shift in mix between states during a year or over years can cause the effective tax rate to change. The rate is based on the best estimate of an annual effective rate, and those estimates are updated quarterly. The Company also regularly evaluates the status and likely outcomes of uncertain tax positions. Uncertain tax positions are provided for potential exposures when it is considered more-likely-than-not that a taxing authority may take a sustainable position on a matter contrary to the Company’s position. The Company evaluates these uncertain tax positions, including interest thereon, on a quarterly basis to ensure that they have been appropriately adjusted for events, including audit settlements that may impact the ultimate payment for such exposure. As a matter of course, the Company is regularly audited by federal, state and local tax authorities. For federal purposes, effective fiscal 2015, the Company is part of the Compliance Assurance Process (“CAP”) program, pursuant to which it works collaboratively with the IRS in order to address issues prior to its filing of the return. CAP allows for the IRS to achieve an acceptable level of assurance regarding the accuracy of filed tax returns while substantially shortening the length of post filing examinations. The CAP program consists of three phases: CAP, Compliance Maintenance and Bridge. Beginning in fiscal 2018 and through fiscal 2019, the Company was in the Compliance Maintenance phase of the program, such that the level of pre-filing and post-filing IRS audit testing was reduced from the CAP phase. Beginning in fiscal 2021, the Company entered the Bridge phase of the CAP program, pursuant to which the IRS will not accept disclosures, will not conduct reviews and will not provide letters of assurance for the year. There are limited circumstances that tax years in the Bridge phase will be opened for examination. The Company will return to the Compliance Maintenance phase effective fiscal 2023.
Share Repurchase Program and Treasury Stock	Share Repurchase Program and Treasury Stock Treasury stock consists of the Company’s common stock that has been issued, but subsequently reacquired. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock is recorded as a reduction to shareholders’ equity, as the Company does not currently intend to retire the treasury stock held. When shares are reissued, the Company uses an average cost method to determine cost.
Revenue Recognition	Revenue Recognition Revenue is primarily associated with sales of merchandise to customers within the Company’s retail stores and customers utilizing its e-commerce channels. Retail sales, net of estimated returns and point-of-sale coupons and discounts, are recorded at the point-of-sale when customers take control of the merchandise in stores. E-commerce sales include shipping revenue and are recorded upon delivery to the customer. Shipping and handling fees charged to customers are recorded as sales with related costs recorded as cost of sales. Sales taxes are not included in sales, as the Company acts as a conduit for collecting and remitting sales taxes to the appropriate governmental authorities. Payment is typically due at the point-of-sale, thus the Company does not have material customer receivables. The Company allows for merchandise to be returned under most circumstances. The current policy allows for customers to receive an even exchange or full refund based upon the original method of payment when the returned purchase is accompanied with a receipt. Historic customer return activity is used to estimate the returns reserve, which historically, has not been material to the Company’s Consolidated Financial Statements. The Company presents the gross sales returns reserve in accounts payable and the estimated value of the merchandise expected to be returned in prepaid expenses and other current assets within the accompanying Consolidated Balance Sheets. Proceeds from the sale of JOANN gift cards are recorded as a liability and recognized as net sales when redeemed by the holder. Gift card breakage represents the remaining balance of the Company’s liability for gift cards for which the likelihood of redemption by the customer is remote. Gift card breakage is recognized as net sales in proportion to the pattern of rights exercised by the customer and is determined based on historical redemption patterns. The Company generally is not required by law to escheat the value of unredeemed gift cards to the states in which it operates. Activity related to the Company’s gift card liabilities was as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Balance at beginning of period $ 37.9 $ 32.4 $ 30.8 Issuance of gift cards 43.6 45.9 39.6 Revenue recognized (a) ( 38.9 ) ( 39.2 ) ( 36.7 ) Gift card breakage ( 1.2 ) ( 1.2 ) ( 1.3 ) Balance at end of period $ 41.4 $ 37.9 $ 32.4 Revenue recognized from the beginning liability during fiscal 2022, fiscal 2021 and fiscal 2020 totaled $ 9.3 million , $ 8.3 million and $ 8.9 million , respectively.
Cost of Sales	Cost of Sales Inbound freight and duties, including tariffs, related to import purchases and internal transfer costs are considered to be direct costs of the Company’s merchandise and, accordingly, are recognized when the related merchandise is sold as cost of sales. Cost of sales does not include depreciation and amortization. Purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network are considered to be period costs not directly attributable to the value of merchandise and, accordingly, are expensed as incurred as SG&A expenses. The Company receives vendor support, including cash discounts, volume discounts, allowances and markdown support. The Company has agreements in place with each vendor setting forth the specific conditions for each allowance or payment. Depending on the arrangement, the Company either recognizes the allowance as a reduction of current costs or defers the payment over the period the related merchandise is sold through cost of sales.
Operating Leases	Operating Leases The Company records right-of-use lease assets and lease liabilities on its Consolidated Balance Sheets. Lease liabilities are recorded at a discount based upon the Company’s estimated incremental borrowing rate. Factors incorporated into the calculation of lease discount rates include the valuations and yields of the Company’s term loan facilities, their credit spread over comparable U.S. Treasury rates, and an index of the credit spreads for U.S. Retail Company debt yields. The Company records lease cost on a straight-line basis over the base, non-cancelable lease term commencing on the date that the Company takes physical possession of the property from the landlord, which may include a period prior to the opening of a store or other facility to make any necessary leasehold improvements and install fixtures. Any tenant allowances received are recorded as a reduction of lease payments when calculating the lease liability and the associated asset. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and lease expense for such leases is recognized on a straight-line basis over the lease term. The Company combines lease and non-lease components. Many leases include one or more options to renew, and the exercise of lease renewal options is at the Company’s sole discretion. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Related Party Transactions	Related Party Transactions Prior to the completion of the Company’s initial public offering, the Company paid a monthly management fee to LGP, which is included in SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Starting in April 2020, the management fee payable to LGP was forgiven through December 2020 due to the impact of the COVID-19 pandemic. The Company paid management fees to LGP of $ 0.4 million , $ 1.3 million and $ 5.0 million during fiscal 2022, fiscal 2021 and fiscal 2020, respectively. Payment of the monthly management fee was discontinued upon the completion of the Company’s initial public offering in March 2021, as LGP no longer provides managerial services to the Company in any form. During fiscal 2022 , the Company paid dividends of $ 8.3 million to LGP as part of the Company's quarterly dividend payments.
Advertising Costs	Advertising Costs The Company expenses production costs of advertising the first time the advertising takes place. Advertising expense, net of co-operative advertising agreements, was $ 59.4 million for fiscal 2022, $ 60.6 million for fiscal 2021 and $ 64.5 million for fiscal 2020. Included in prepaid expenses and other current assets was $ 1.6 million and $ 2.0 million at the end of fiscal 2022 and fiscal 2021 , respectively, relating to prepayments of production costs for advertising.
Stock-Based Compensation	Stock-Based Compensation The fair value of stock-based awards is recognized as compensation expense on a straight-line basis over the requisite service period of the awards within SG&A expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). The fair value of stock options is determined using the Black-Scholes option pricing model. Determining the fair value of options at the grant date requires judgment, including estimating the expected term that stock options will be outstanding prior to exercise and the associated volatility. Prior to the Company’s initial public offering, the absence of an active market for the Company’s common stock required the Company’s board of directors to determine the fair value of its common stock for purposes of granting stock options. The Company obtained contemporaneous third-party valuations to assist the board of directors in determining the fair value of the Company’s common stock. Following the listing of the Company’s common stock on Nasdaq, it is not necessary to determine the fair value of its common stock, as its shares are traded in the public market. See Notes to Consolidated Financial Statements, Note 10—Stock-Based Compensation for further details.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Jan. 29, 2022
Accounting Policies [Abstract]
Store Pre-Opening and Closing Costs	The Company recognizes costs associated with exit or disposal activities at the time the obligation is incurred. In addition, any liabilities that arise from exit or disposal activities are initially measured and recorded at fair value. Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Store pre-opening costs $ 5.1 $ 4.1 $ 7.5 Store closing costs 1.1 1.5 1.8 Total $ 6.2 $ 5.6 $ 9.3
Schedule of Revenue Recognition from Gift Cards	Activity related to the Company’s gift card liabilities was as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Balance at beginning of period $ 37.9 $ 32.4 $ 30.8 Issuance of gift cards 43.6 45.9 39.6 Revenue recognized (a) ( 38.9 ) ( 39.2 ) ( 36.7 ) Gift card breakage ( 1.2 ) ( 1.2 ) ( 1.3 ) Balance at end of period $ 41.4 $ 37.9 $ 32.4 Revenue recognized from the beginning liability during fiscal 2022, fiscal 2021 and fiscal 2020 totaled $ 9.3 million , $ 8.3 million and $ 8.9 million , respectively.

Financing (Tables)

Financing (Tables)	12 Months Ended
	Jan. 29, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt, net consisted of the following: January 29, January 30, (Dollars in millions) Revolving Credit Facility $ 121.0 $ 85.5 Term Loan due 2023 — 635.4 Term Loan due 2024 — 72.8 Term Loan due 2028 673.3 — Total debt 794.3 793.7 Less unamortized discount and debt costs ( 8.9 ) ( 7.4 ) Total debt, net 785.4 786.3 Less current portion of debt ( 6.8 ) — Long-term debt, net $ 778.6 $ 786.3
Schedule of Maturities of Long-term Debt	At January 29, 2022, the Company’s fixed minimum debt principal maturities were as follows: Fiscal Year Revolving Term Loan Total (Dollars in millions) 2023 $ — $ 6.8 $ 6.8 2024 — 8.4 8.4 2025 — 6.8 6.8 2026 — 6.7 6.7 Thereafter 121.0 644.6 765.6 $ 121.0 $ 673.3 $ 794.3

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Jan. 29, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss)	The impacts of the Company’s derivative instruments on the accompanying Consolidated Statements of Comprehensive Income (Loss) for fiscal 2022 and fiscal 2021 are presented in the table below: Fiscal Year Ended January 29, January 30, (Dollars in millions) Gain recognized in other comprehensive income on derivatives, gross of income taxes $ 2.4 $ — Amount reclassified from accumulated other comprehensive income into earnings — — Amortization of excluded component to interest expense 0.4 0.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jan. 29, 2022
Fair Value Disclosures [Abstract]
Summary Of Carrying And Fair Value Of Interest Rate Derivatives	The fair value of the Company’s interest rate derivatives were as follows: Instrument Balance Sheet January 29, January 30, (Dollars in millions) Interest rate swap Other assets $ 2.4 $ — Interest rate cap Other assets — —
Summary of Carrying and Fair Values of Term Loans	The following provides the carrying and fair values of the Company’s term loans as of January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 Carrying Fair Carrying Fair (Dollars in millions) Term Loan due 2023 (a) $ — $ — $ 628.9 $ 605.3 Term Loan due 2024 (a) — — 71.9 57.5 Term Loan due 2028 (a) 664.3 656.0 — — (a) Net of deferred financing costs and original issue discount.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jan. 29, 2022
Leases [Abstract]
Schedule of Operating Leases Associated Assets and Liabilities	Fiscal Fiscal (Dollars in millions) Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 246.7 $ 195.2 Operating lease assets obtained in exchange for new operating lease liabilities $ 120.3 $ 282.3 Operating lease cost (b) $ 217.5 $ 212.2 Variable lease cost (b) $ 59.5 $ 59.0 Weighted-average remaining lease term 6.11 years 5.91 years Weighted-average discount rate 5.91 % 5.80 % (a) Reflected as operating cash outflows in the accompanying Consolidated Statements of Cash Flows (b) Reflected as SG&A expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss)
Schedule of Leases Classified as Finance Leases presented in Balance sheet	The Company has a small number of leases classified as finance leases which are presented in the Consolidated Balance Sheets as follows: Classification January 29, January 30, (Dollars in millions) Assets: Finance lease assets, net Property, equipment and leasehold improvements, net $ 15.2 $ 12.1 Liabilities: Current portion of finance lease liabilities Accrued expenses 9.2 5.6 Long-term portion of finance lease liabilities Other long-term liabilities 7.8 7.2
Lessee, Operating and Finance Lease, Liability, Maturity	The following is a schedule of future minimum rental payments under non-cancelable operating and financing leases as of January 29, 2022: Future Minimum Rental Fiscal Year: Operating Finance Total (Dollars in millions) 2023 $ 221.6 $ 9.7 $ 231.3 2024 214.3 6.5 220.8 2025 178.9 1.4 180.3 2026 144.2 — 144.2 2027 105.9 — 105.9 Thereafter 232.5 — 232.5 Total lease payments $ 1,097.4 $ 17.6 $ 1,115.0 Less: imputed interest ( 190.6 ) ( 0.6 ) ( 191.2 ) Present value of lease liabilities $ 906.8 $ 17.0 $ 923.8 (1) Operating lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to approximately twenty leases to commence in fiscal year 2023 with average terms of 10 years and future minimum lease payments of approximately $ 76.7 million. (2) Finance lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to two leases to commence in fiscal year 2023 with terms of 5 years and future minimum lease payments of approximately $ 11.6 million.

Accrued Expenses and Other Lo_2

Accrued Expenses and Other Long-Term Liabilities (Tables)	12 Months Ended
	Jan. 29, 2022
Accrued Liabilities And Other Liabilities [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: January 29, January 30, (Dollars in millions) Accrued taxes $ 23.6 $ 23.4 Accrued compensation and payroll taxes 39.7 73.8 Accrued interest 0.6 5.1 Workers’ compensation and general liability insurance 9.9 9.8 Occupancy and rent-related liabilities 2.1 2.6 Customer gift cards 41.4 37.9 Capital expenditures payable 4.7 1.5 Finance lease obligations 9.2 5.6 Other 11.2 11.6 Total accrued expenses $ 142.4 $ 171.3
Schedule of Other Long Term Liabilities	Other long-term liabilities consisted of the following: January 29, January 30, (Dollars in millions) Workers’ compensation and general liability insurance $ 15.8 $ 17.4 Finance lease obligations 7.8 7.2 Deferred payroll taxes — 10.7 Other 12.7 11.0 Total other long-term liabilities $ 36.3 $ 46.3
Schedule of Estimated Future Long Term Insurance Liabilities	The following table represents a five year schedule for estimated future long term insurance liabilities: Fiscal Year-Ended Liability (Dollars in 2024 $ 4.9 2025 3.6 2026 2.7 2027 1.6 2028 0.9 Thereafter 2.1 Total long-term workers’ compensation and general liability insurance $ 15.8

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	12 Months Ended
	Jan. 29, 2022
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, equipment and leasehold improvements consisted of the following: January 29, January 30, (Dollars in millions) Land and buildings $ 52.5 $ 83.5 Furniture, fixtures and equipment 366.9 349.3 Purchased software and computer equipment 110.8 114.3 Leasehold improvements 374.6 356.1 Construction in progress 6.6 1.9 Finance lease assets 28.7 16.8 940.1 921.9 Less accumulated depreciation and amortization ( 683.3 ) ( 641.4 ) Property, equipment and leasehold improvements, net $ 256.8 $ 280.5

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Jan. 29, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	Changes in the carrying value of goodwill were as follows: Fiscal Year Ended January 29, January 30, (Dollars in millions) Goodwill, gross $ 643.8 $ 643.8 Accumulated impairment ( 481.8 ) ( 481.8 ) Goodwill, net $ 162.0 $ 162.0
Schedule of Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets	The carrying amount and accumulated amortization of identifiable intangible assets was: January 29, 2022 January 30, 2021 Estimated Gross Accumulated Amortization Gross Accumulated Amortization (Dollars in millions) JOANN trade name $ 325.0 $ — $ 325.0 $ — joann.com domain name 10.0 — 10.0 — Creativebug trade name 10 0.1 — 0.1 — Customer relationships 16 110.0 74.8 110.0 67.9 Total intangible assets $ 445.1 $ 74.8 $ 445.1 $ 67.9
Schedule of Finite-Lived Intangible Assets, Remaining Amortization Expense	The remaining amortization of intangible assets with definitive lives by year is as follows (in millions): Fiscal Year Amortization 2023 $ 6.9 2024 6.9 2025 6.9 2026 6.9 2027 6.9 Thereafter 0.8 Total $ 35.3

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The significant components of the income tax provision were as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Current: Federal $ 11.7 $ 18.9 $ 2.3 State and local 1.7 13.0 1.9 13.4 31.9 4.2 Deferred: Federal 0.1 ( 1.8 ) 7.5 State and local ( 0.5 ) ( 2.1 ) 0.4 ( 0.4 ) ( 3.9 ) 7.9 Income tax provision $ 13.0 $ 28.0 $ 12.1
Schedule of Reconciliation of Income Tax Provision	The reconciliation of the income tax provision at the statutory rate to the income tax provision was as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Federal income tax provision (benefit) at the statutory rate $ 14.6 21.0 % $ 50.5 21.0 % $ ( 112.2 ) 21.0 % Effect of: Goodwill impairment — — — — 101.2 ( 18.9 ) Changes in valuation allowances ( 0.4 ) ( 0.6 ) ( 25.5 ) ( 10.6 ) 29.3 ( 5.5 ) State and local taxes, net of federal benefit 1.7 2.4 12.8 5.3 ( 4.6 ) 0.9 Revaluation of federal NOL carryback — — ( 4.8 ) ( 2.0 ) — — Officers’ life insurance ( 1.3 ) ( 1.9 ) ( 0.4 ) ( 0.2 ) ( 1.1 ) 0.2 Uncertain tax positions (inclusive of penalties and interest) 0.1 0.1 ( 0.5 ) ( 0.2 ) 1.1 ( 0.2 ) Federal general business credits ( 1.0 ) ( 1.4 ) ( 0.8 ) ( 0.3 ) ( 0.9 ) 0.1 Revaluation of deferred tax liability due to state tax law changes ( 1.0 ) ( 1.4 ) ( 0.2 ) ( 0.1 ) ( 0.4 ) 0.1 Other, net 0.3 0.5 ( 3.1 ) ( 1.2 ) ( 0.3 ) — Income tax provision $ 13.0 18.7 % $ 28.0 11.7 % $ 12.1 ( 2.3 )%
Schedule of Components of Deferred Tax Assets and Liabilities	The significant components of the Company’s deferred tax assets and liabilities were as follows: January 29, January 30, (Dollars in millions) Deferred tax assets: Lease obligations $ 231.1 $ 245.2 Interest expense carryforward 1.8 1.9 Team member benefits 11.6 11.0 Inventory items 9.3 7.3 State credits 2.1 2.6 Federal net operating loss carryforwards 1.0 1.3 State net operating loss carryforwards 0.4 1.1 Other 5.3 4.6 Subtotal 262.6 275.0 Valuation allowances ( 3.9 ) ( 4.4 ) Total deferred tax assets 258.7 270.6 Deferred tax liabilities: Depreciation ( 43.7 ) ( 45.9 ) Identified intangibles ( 94.4 ) ( 96.9 ) Operating lease assets ( 208.3 ) ( 215.1 ) Total deferred tax liabilities ( 346.4 ) ( 357.9 ) Net deferred taxes $ ( 87.7 ) $ ( 87.3 )
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amounts of uncertain tax positions for the past three fiscal years is as follows: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Balance at beginning of fiscal year $ 1.2 $ 9.9 $ 2.8 Increases related to prior year tax positions 0.4 0.3 7.1 Decreases related to prior year tax positions — — — Settlements ( 0.2 ) ( 8.7 ) — Lapse of statute of limitations ( 0.2 ) ( 0.3 ) — Balance at end of fiscal year $ 1.2 $ 1.2 $ 9.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Jan. 29, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following is a summary of stock option activity for fiscal 2022: Number of Options Weighted-Average Exercise Price Per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of period 3,086,467 $ 6.11 Granted 656,656 $ 12.00 Exercised ( 482,332 ) $ 4.83 Cancelled ( 419,339 ) $ 5.49 Outstanding at end of period 2,841,452 $ 7.78 7.0 $ 8.4 Exercisable at end of period 1,105,349 $ 8.64 5.2 $ 1.9
Schedule of Assumptions Used in Applying Black-Scholes Pricing Model	The weighted-average fair value of options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: Fiscal Year Ended January 29, January 30, February 1, Weighted-average fair value per option $ 4.02 $ 0.50 $ 5.01 Expected volatility rate 48.00 % 41.25 % 39.01 % Risk free interest rate 1.04 % 0.68 % 2.53 % Expected term of options 6.3 years 7.0 years 7.0 years Expected dividend yield 3.3 % 0.0 % 0.0 %
Summary of Restricted Stock Unit	The following is a summary of restricted stock unit activity for fiscal 2022: Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Unvested at beginning of period — $ — Granted 216,838 $ 12.83 Forfeited ( 20,555 ) $ 12.63 Unvested at end of period 196,283 $ 12.85
Summary of Stock-Based Compensation Expense	The following table shows the expense recognized by the Company for stock-based compensation: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Stock-based compensation expense $ 2.5 $ 1.5 $ 1.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Jan. 29, 2022
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share and Stock-based Awards Excluded from Calculation of Diluted Earnings Per Share	The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted income (loss) per share for fiscal 2022, fiscal 2021 and fiscal 2020: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions except per share data) Net income (loss) $ 56.7 $ 212.3 $ ( 546.6 ) Weighted-average common shares outstanding – basic 40,805,319 34,902,380 34,882,306 Effect of dilutive stock-based awards 1,270,667 896,111 — Weighted-average common shares outstanding – diluted 42,075,986 35,798,491 34,882,306 Basic earnings (loss) per common share $ 1.39 $ 6.08 $ ( 15.67 ) Diluted earnings (loss) per common share $ 1.35 $ 5.93 $ ( 15.67 ) Antidilutive stock-based awards excluded from diluted calculation 1,424,463 1,179,568 2,267,855

Segments and Disaggregated Re_2

Segments and Disaggregated Revenue (Tables)	12 Months Ended
	Jan. 29, 2022
Segment Reporting [Abstract]
Summary of Revenue by Product Category	The following table shows revenue by product category: Fiscal Year Ended January 29, January 30, February 1, (Dollars in millions) Sewing $ 1,036.5 $ 1,319.9 $ 1,044.2 Arts and Crafts and Home Décor 1,345.9 1,392.8 1,155.6 Other 35.2 49.6 41.4 Total $ 2,417.6 $ 2,762.3 $ 2,241.2

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	Mar. 19, 2021USD ($)	Mar. 11, 2021$ / sharesshares	Mar. 03, 2021	Jan. 29, 2022USD ($)StatesOperatedStores	Jan. 30, 2021USD ($)	Feb. 01, 2020USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of retail stores | OperatedStores				848
Number of States in which Entity Operates | States				49
Sale Of Stock Price Per Share | $ / shares		$ 12
Issuance of common stock, Shares | shares		5,468,750
Stock issued, underwriters option to purchase additional shares | shares		1,640,625
Net proceeds from public offering				$ 76.9
Initial public offering cost net of underwriters discount and commission				5.7
Offering costs incurred				2.7
Repayments on revolving credit facility				(532.9)	$ (672.7)	$ (410.8)
Stock split conversion ratio			85.8808880756715
Capitalized of internal use software				4.7	4.1	16.3
Amortization expense				6.5	7.3	6.6
Unamortized of internal use software				16.6	18.8
Impairment Loss on Selling General and Administration				2.2
Stores, Utilization of assets and Other facilities, Impairment losses added within SG&A expenses				0.3	1.9	0.2
Revenue recognized				9.3	8.3	8.9
Dividends paid				12.6	0	0
Advertising Expense				59.4	60.6	64.5
Prepaid expenses and other current assets				1.6	2
LGP
Summary Of Significant Accounting Principles And Policies [Line Items]
Management fee				0.4	$ 1.3	$ 5
Dividends paid				$ 8.3
Buildings and Building/Land Improvements | Maximum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				40
Buildings and Building/Land Improvements | Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				10
Furniture and Fixtures | Maximum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				10
Furniture and Fixtures | Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				five
Software and Computer Equipment | Maximum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				five
Software and Computer Equipment | Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				three
Leasehold Improvements | Minimum
Summary Of Significant Accounting Principles And Policies [Line Items]
Property, Plant and Equipment, Estimated Useful Lives				10
Term Loan due 2024
Summary Of Significant Accounting Principles And Policies [Line Items]
Repayments on revolving credit facility	$ (72.7)

Significant Accounting Polici_5

Significant Accounting Policies - Store Pre-Opening and Closing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Accounting Policies [Abstract]
Store pre-opening costs	$ 5.1	$ 4.1	$ 7.5
Store closing cost	1.1	1.5	1.8
Total	$ 6.2	$ 5.6	$ 9.3

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Revenue Recognition from Gift Cards (Details) - USD ($) $ in Millions		12 Months Ended
		Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Accounting Policies [Abstract]
Balance at beginning of period		$ 37.9	$ 32.4	$ 30.8
Issuance of gift cards		43.6	45.9	39.6
Revenue recognized	[1]	(38.9)	(39.2)	(36.7)
Gift card breakage		(1.2)	(1.2)	(1.3)
Balance at end of period		$ 41.4	$ 37.9	$ 32.4
[1]	Revenue recognized from the beginning liability during fiscal 2022, fiscal 2021 and fiscal 2020 totaled $ 9.3 million , $ 8.3 million and $ 8.9 million , respectively.

Financing - Summary of Long-ter

Financing - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021	May 21, 2018
Debt Instrument [Line Items]
Total debt	$ 794.3	$ 793.7
Less unamortized discount and debt costs	(8.9)	(7.4)
Total debt, net	785.4	786.3
Less current portion of debt	(6.8)	0
Long-term debt, net	778.6	786.3
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	121	85.5
Term Loan due 2023
Debt Instrument [Line Items]
Total debt	0	635.4
Term Loan due 2024
Debt Instrument [Line Items]
Total debt	0	72.8	$ 225
Term Loan due 2028
Debt Instrument [Line Items]
Total debt	$ 673.3	$ 0

Financing - Additional Informat

Financing - Additional Information (Details) - USD ($)

Dec. 31, 2021

Jul. 07, 2021

Jul. 06, 2021

Mar. 19, 2021

Nov. 25, 2020

May 21, 2018

Jul. 21, 2017

Oct. 21, 2016

Feb. 01, 2020

Jan. 29, 2022

Jan. 30, 2021

Feb. 01, 2020

Debt Instrument [Line Items]

Extinguishment cost

$ (3,300,000)

$ 155,100,000

$ 3,800,000

Line of credit minimum time excess availability

35,000,000

Gain (Loss) on Extinguishment of Debt

(3,300,000)

155,100,000

$ 3,800,000

Total debt

$ 794,300,000

793,700,000

Debt covenant description

The covenants contained in the credit agreements restrict JOANN’s ability to pay dividends or make other distributions; accordingly, any dividends may only be made in accordance with such covenants. Among other restrictions, the credit agreements permit the public parent company to pay dividends on its common stock in amounts not to exceed the greater of 6% per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC from any such public offering of common stock of Jo-Ann Stores, LLC or its direct or indirect parent company, or 7% of Market Capitalization (as defined in the credit agreements). So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $100 million, which amount can increase if certain other conditions are satisfied, including if JOANN’s leverage does not exceed certain thresholds. Additionally, the Revolving Credit Facility allows for unlimited dividends, so long as there is no event of default and the Company’s excess availability after giving pro forma effect for the thirty-day period immediately preceding such payment shall be greater than (a) the greater of 12.5% of the maximum credit and $40 million and the consolidated fixed charge coverage ratio shall be greater than or equal to 1.0 to 1.0 or (b) 17.5% of the maximum credit calculated.

Percentage of maximum credit

17.50%

Percentage Of Maximum Credit excess capacity

12.50%

Credit Agreement Market Capitalization Percentage

7.00%

Dividend period

thirty-day period

Maximum credit fixed charge

$ 40,000,000

Amended Credit Agreement

Debt Instrument [Line Items]

Additional obligation amount

$ 0

First Amendment

Debt Instrument [Line Items]

Line of Credit Facility, Initiation Date

Oct. 21, 2016

Debt Instrument, Maturity Date

Nov. 25, 2025

Other Secured Financings

$ 500,000,000

Second Amendment

Debt Instrument [Line Items]

Deferred costs

$ 1,000,000

Extinguishment cost

300,000

Total facility

650,000,000

Line of Credit Increments

$ 20,000,000

Unused commitment fee percentage

0.20%

Gain (Loss) on Extinguishment of Debt

$ 300,000

Debt and Lease Obligation

$ 150,000,000

Base Rate | Second Amendment

Debt Instrument [Line Items]

Base Rate Loans Additional Margin

0.50%

Percentage of maximum credit

40.00%

Percentage Of Maximum Credit excess capacity

0.25%

Base Rate | Second Amendment | Excess Capacity

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

40.00%

Eurodollar | Second Amendment

Debt Instrument [Line Items]

Eurodollar Rate Loan Additional Margin Percentage

1.50%

Percentage of maximum credit

40.00%

Percentage Of Maximum Credit excess capacity

1.25%

Eurodollar | Second Amendment | Excess Capacity

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

40.00%

Maximum

Debt Instrument [Line Items]

Fixed charge coverage ratio

1.00%

Line of credit facility rate

10.00%

Common stock dividend rate percentage

6.00%

Minimum

Debt Instrument [Line Items]

Fixed charge coverage ratio

1.00%

Line of credit facility rate

10.00%

Amount available for dividend

$ 100,000,000

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit consecutive days

30 days

Line of Credit Facility, Initiation Date

Oct. 21, 2016

Debt Instrument, Face Amount

$ 400,000,000

Debt Instrument, Maturity Date

Oct. 20, 2021

Deferred costs

$ 1,700,000

Line of Credit Facility, Remaining Borrowing Capacity

239,600,000

270,800,000

Line of Credit Maximum Time Excess Availability

35,000,000

Line of Credit Facility, Maximum Borrowing Capacity

121,000,000

85,500,000

Debt and Lease Obligation

$ 18,100,000

$ 23,600,000

Debt, Weighted Average Interest Rate

2.75%

2.19%

Total debt

$ 121,000,000

$ 85,500,000

Revolving Credit Facility | Amended Credit Agreement

Debt Instrument [Line Items]

Line of Credit Time Excess Availability Description

The Revolving Credit Facility agreement requires that from the time excess availability on any day is less than the greater of (i) $35.0 million and (ii) 10 percent of the Maximum Credit (as defined in the credit agreement) until the time excess availability is greater than the greater of (i) $35.0 million and (ii) 10 percent of the Maximum Credit for 30 consecutive calendar days, the consolidated fixed charge coverage ratio shall be not less than 1.0 to 1.0.

Revolving Credit Facility | First Amendment

Debt Instrument [Line Items]

Deferred costs

4,200,000

Extinguishment cost

100,000

Gain (Loss) on Extinguishment of Debt

$ 100,000

Revolving Credit Facility | Second Amendment

Debt Instrument [Line Items]

Line of Credit Facility, Initiation Date

Oct. 21, 2016

Debt Instrument, Maturity Date

Dec. 22, 2026

Other Secured Financings

$ 500,000,000

Revolving Credit Facility | Credit and Debit Card Receivables

Debt Instrument [Line Items]

Eligible inventory liquidation rate

90.00%

Revolving Credit Facility | In-Transit Inventory

Debt Instrument [Line Items]

Debt Instrument, Interest Rate Terms

The borrowing base equals the sum of (i) the appraised net orderly liquidation value of eligible inventory at an advance rate of 90.0 percent to 92.5 percent, based on seasonality, plus (ii) 90.0 to 92.5 percent of the appraised net orderly liquidation value of eligible in-transit inventory, based on seasonality, plus (iii) 90.0 percent of eligible credit and debit card receivables, plus (iv) 90.0 percent of eligible letter of credit inventory, minus (v) certain availability reserves.

Revolving Credit Facility | Letter of Credit Inventory

Debt Instrument [Line Items]

Eligible inventory liquidation rate

90.00%

Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Fixed charge coverage ratio

1.00%

Eligible inventory liquidation rate

92.50%

Revolving Credit Facility | Maximum | In-Transit Inventory

Debt Instrument [Line Items]

Eligible inventory liquidation rate

92.50%

Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Fixed charge coverage ratio

1.00%

Eligible inventory liquidation rate

90.00%

Revolving Credit Facility | Minimum | In-Transit Inventory

Debt Instrument [Line Items]

Eligible inventory liquidation rate

90.00%

Term Loan Due 2023

Debt Instrument [Line Items]

Payment of principal amount

$ 0

$ 0

Long term debt leverage ratio

0.00%

Long term debt leverage ratio step down

25.00%

Debt Instrument, Maturity Date

Oct. 20, 2023

Deferred Finance Costs Gross

$ 3,100,000

Total debt

$ 180,000,000

$ 725,000,000

Percentage Of Face Value At Which Debt Is Issued

99.00%

98.00%

Proceeds from Issuance of Long-term Debt

$ 178,200,000

Debt Instrument, Repurchased Face Amount

171,600,000

Gain (loss) on repurchase of term loan

$ 73,000,000

Interest Expense, Long-term Debt

$ 4,800,000

Incremental term loan fee

1.8

Base Rate Loans Additional Margin

4.00%

Eurodollar Rate Loan Additional Margin Percentage

5.00%

Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate

6.08%

6.19%

Mandatory Quarterly Debt Repayments

$ 2,300,000

Debt Instrument, Unamortized Discount

14,500,000

Incremental Term Loan Discount Amount

1,800,000

Incremental Term Loan Reduction Amount

$ 1,800,000

Debt Instrument Repurchased Average Percentage at Par

63.00%

Debt Instrument, Repurchased Face Amount

$ 206,800,000

Amortization of Debt Discount (Premium)

$ 2,600,000

Term Loan Due 2023 | LIBOR

Debt Instrument [Line Items]

Eurodollar Rate Loan Additional Margin Percentage

1.00%

Term Loan Due 2023 | Maximum

Debt Instrument [Line Items]

Long term debt percentage

50.00%

Term Loan Due 2023 | Reduction of Debt and set up to Amortize Over Life of Term Loan

Debt Instrument [Line Items]

Debt Instrument, Unamortized Discount

$ 11,100,000

Term Loan Due 2023 | Charged to Earnings

Debt Instrument [Line Items]

Amortization of Debt Discount (Premium)

3,400,000

Term Loan due 2024

Debt Instrument [Line Items]

Payment of outstanding borrowings and accrued interest

$ 72,700,000

Debt instrument deferred charge write-off

$ 900,000

3,400,000

Payment of principal amount

$ 0

$ 0

Long term debt leverage ratio

0.00%

Long term debt leverage ratio step down

25.00%

Debt Instrument, Face Amount

$ 6,300,000

Debt Instrument, Maturity Date

May 21, 2024

Debt Administrative Fees Expenses

$ 2,700,000

Debt, Weighted Average Interest Rate

10.54%

10.39%

10.54%

Total debt

$ 225,000,000

$ 0

$ 72,800,000

Percentage Of Face Value At Which Debt Is Issued

98.50%

Debt Instrument, Repurchased Face Amount

144,700,000

Gain (loss) on repurchase of term loan

$ 82,000,000

$ 3,800,000

Base Rate Loans Additional Margin

8.25%

Eurodollar Rate Loan Additional Margin Percentage

9.25%

Incremental Term Loan Discount Amount

$ 3,400,000

Debt Instrument Repurchased Average Percentage at Par

38.00%

43.00%

Amortization of Debt Discount (Premium)

$ 100,000

Term Loan due 2024 | LIBOR

Debt Instrument [Line Items]

Eurodollar Rate Loan Additional Margin Percentage

1.00%

Term Loan due 2024 | Maximum

Debt Instrument [Line Items]

Long term debt percentage

50.00%

Term Loan due 2028

Debt Instrument [Line Items]

Fees capitalized

3,800,000

Debt Related Commitment Fees and Debt Issuance Costs

6,800,000

Total debt

$ 673,300,000

$ 0

Debt Instrument, Unamortized Discount

3,400,000

Term Loan due 2028 | Second Amendment

Debt Instrument [Line Items]

Debt Instrument, Maturity Date

Jul. 7, 2028

Total debt

$ 675,000,000

Percentage Of Face Value At Which Debt Is Issued

99.50%

Term Loan due 2028 | LIBOR | Second Amendment

Debt Instrument [Line Items]

Additional margin interest rate

0.75%

1.00%

Term Loan due 2028 | Base Rate | Second Amendment

Debt Instrument [Line Items]

Applicable interest rates

3.75%

4.00%

Term Loan due 2028 | Eurodollar | Second Amendment

Debt Instrument [Line Items]

Applicable interest rates

4.75%

5.00%

Term Loan due 2028 | Reduction of Debt and set up to Amortize Over Life of Term Loan

Debt Instrument [Line Items]

Debt Instrument, Unamortized Discount

$ 3,100,000

Term Loan due 2028 | Charged to Earnings

Debt Instrument [Line Items]

Debt Instrument, Unamortized Discount

$ 300,000

Financing - Schedule of Maturit

Financing - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Debt Instrument [Line Items]
2023	$ 6.8
2024	8.4
2025	6.8
2026	6.7
Thereafter	765.6
Fixed minimum debt principal maturities	794.3	$ 793.7
Revolving Credit Facility
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
Thereafter	121
Fixed minimum debt principal maturities	121	85.5
Term Loan due 2028
Debt Instrument [Line Items]
2023	6.8
2024	8.4
2025	6.8
2026	6.7
Thereafter	644.6
Fixed minimum debt principal maturities	$ 673.3	$ 0

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	Jul. 31, 2018	Jan. 29, 2022	Aug. 31, 2021	Jan. 30, 2021
Derivative Instruments Gain Loss [Line Items]
Fair value of outstanding derivative				$ 0
Amortized notional amount				$ 681.4
Interest Rate Swap | US Bank
Derivative Instruments Gain Loss [Line Items]
Derivative start date		Oct. 26, 2023
Derivative maturity date		Oct. 26, 2025
Fair value of outstanding derivative		$ 2.4
Amortized notional amount			$ 200
LIBOR | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Purchased forward interest rate cap	$ 2.2
Cap interest rate	3.50%
LIBOR | Interest Rate Swap | US Bank
Derivative Instruments Gain Loss [Line Items]
Derivative floor rate of interest			0.75%
Derivative fixed rate of interest			1.44%

Derivative Instruments - Summar

Derivative Instruments - Summary of Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gain recognized in Other Comprehensive Income on derivatives, gross of income taxes	$ 2.4	$ 0
Amount reclassified from accumulated other comprehensive income into earnings	0	0
Amortization of excluded component to interest expense	$ 0.4	$ 0.7

Fair value Measurement - Summar

Fair value Measurement - Summary of Carrying and fair Value Of Interest Rate Derivatives (Details) - Other Assets - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Interest Rate Cap
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 0	$ 0
Interest Rate Swap
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 2.4	$ 0

Fair value Measurement -Summary

Fair value Measurement -Summary of Carrying and Fair Values of Term Loans (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Carrying Value | Term Loan due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 0	$ 628.9
Carrying Value | Term Loan due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	0	71.9
Carrying Value | Term Loan due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	664.3	0
Fair Value | Term Loan due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	0	605.3
Fair Value | Term Loan due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	0	57.5
Fair Value | Term Loan due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 656	$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	12 Months Ended
	Jan. 29, 2022USD ($)FacilitiesLease	Jan. 30, 2021USD ($)
Operating Leased Assets [Line Items]
First operating lease expiry date	2026-10
Lease Not yet Commenced, Future Minimum Lease Payments	$ 76.7
Lessee, Operating Lease, Renewal Term	10 years
Number of Operating Leases | Lease	20
Lease initial term	10 years
Finance Lease, Amortization Expenses	$ 8.8	$ 4.3
Finance Lease, Interest Expense	0.7	$ 0.4
Finance Lease Future Minimum Lease Payments	$ 11.6
Number of Finance leases | Lease	2
Finance lease term years	5 years
Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Renewal Term	25 years
West Jefferson And Ohio
Operating Leased Assets [Line Items]
First operating lease expiry date	2028-06
Lessee, Operating Lease, Renewal Term	18 years
Opelika And Alabama
Operating Leased Assets [Line Items]
First operating lease expiry date	2041-06
Lessee, Operating Lease, Renewal Term	20 years
Visalia And California
Operating Leased Assets [Line Items]
Second lease expiration date	2024-05
Lessee, Operating Lease, Renewal Term	40 years
Number of facilities | Facilities	2

Leases - Schedule of Operating

Leases - Schedule of Operating Leases Associated Assets and Liabilities (Details) - USD ($) $ in Millions		12 Months Ended
		Jan. 29, 2022	Jan. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	[1]	$ 246.7	$ 195.2
Operating lease assets obtained in exchange for new operating lease liabilities		120.3	282.3
Operating lease cost	[2]	217.5	212.2
Variable lease cost	[2]	$ 59.5	$ 59
Weighted-average remaining lease term		6 years 1 month 9 days	5 years 10 months 28 days
Weighted-average discount rate		5.91%	5.80%
[1]	Reflected as operating cash outflows in the accompanying Consolidated Statements of Cash Flows
[2]	Reflected as SG&A expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss)

Leases - Schedule of Leases Cla

Leases - Schedule of Leases Classified as Finance Leases presented in Balance sheet (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Assets:
Finance lease assets, net	$ 15.2	$ 12.1
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property Plant And Equipment Net	Property Plant And Equipment Net
Liabilities
Current portion of finance lease liabilities	$ 9.2	$ 5.6
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities Current	Accrued Liabilities Current
Long-term portion of finance lease liabilities	$ 7.8	$ 7.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Noncurrent	Other Liabilities Noncurrent

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments Under non-cancelable Operating and financing Leases (Details) $ in Millions	Jan. 29, 2022USD ($)
Leases [Abstract]
Operating Leases, 2023	$ 221.6
Operating Leases, 2024	214.3
Operating Leases, 2025	178.9
Operating Leases, 2026	144.2
Operating Leases, 2027	105.9
Operating Leases, Thereafter	232.5
Operating Leases, Total Lease payments	1,097.4
Operating Leases, Less: imputed interest	(190.6)
Operating lease liabilities	906.8
Finance Leases, 2023	9.7
Finance Leases, 2024	6.5
Finance Leases, 2025	1.4
Finance Leases, 2026	0
Finance Leases, 2027	0
Finance Leases, Thereafter	0
Finance Leases, Total Lease payments	17.6
Finance Leases, Less: imputed interest	(0.6)
Finance Leases, Present value of lease liabilities	(17)
2023	231.3
2024	220.8
2025	180.3
2026	144.2
2027	105.9
Thereafter	232.5
Total Lease payments	1,115
Less: imputed interest	(191.2)
Present value of lease liabilities	$ 923.8

Accrued Expenses and Other Lo_3

Accrued Expenses and Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total discounted insurance liabilities	$ 25.7	$ 27.2
Discount rate	0.40%	0.80%

Accrued Expenses and Other Lo_4

Accrued Expenses and Other Long-Term Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Accrued Liabilities And Other Liabilities [Abstract]
Accrued taxes	$ 23.6	$ 23.4
Accrued compensation and payroll taxes	39.7	73.8
Accrued interest	0.6	5.1
Wrokers' compensation and general liability insurance	9.9	9.8
Occupancy and rent-related liabilities (a)	2.1	2.6
Customer gift cards	41.4	37.9	$ 32.4	$ 30.8
Capital expenditures payable	4.7	1.5
Finance lease obligations	9.2	5.6
Other	11.2	11.6
Total accrued expenses	$ 142.4	$ 171.3

Accrued Expenses and Other Lo_5

Accrued Expenses and Other Long-Term Liabilities - Schedule Of Other Long Term Liabilities (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Workers' compensation and general liability insurance	$ 15.8	$ 17.4
Finance lease obligations	7.8	7.2
Deferred payroll taxes	0	10.7
Other	12.7	11
Total other long-term liabilities	$ 36.3	$ 46.3

Accrued Expenses and Other Lo_6

Accrued Expenses and Other Long-Term Liabilities - Schedule of Estimated Future Long Term Insurance liabilities (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Accrued Liabilities And Other Liabilities [Abstract]
2024	$ 4.9
2025	3.6
2026	2.7
2027	1.6
2028	0.9
Thereafter	2.1
Total long-term workers' compensation and general liability insurance	$ 15.8	$ 17.4

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 940.1	$ 921.9
Less accumulated depreciation and amortization	(683.3)	(641.4)
Property, equipment and leasehold improvements, net	256.8	280.5
Land and Buildings
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	52.5	83.5
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	366.9	349.3
Purchased Software and Computer Equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	110.8	114.3
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	374.6	356.1
Construction in Progress
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	6.6	1.9
Finance Lease Assets
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 28.7	$ 16.8

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 73.2	$ 73.1	$ 70.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Goodwill Impaired Accumulated Impairment Loss [Abstract]
Goodwill, gross	$ 643.8	$ 643.8
Accumulated impairment	(481.8)	(481.8)
Goodwill, net	$ 162	$ 162

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 445.1	$ 445.1
Accumulated Amortization	74.8	67.9
JOANN Trade Name
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	325	325
Accumulated Amortization	0	0
Joann.com Domain Name
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	10	10
Accumulated Amortization	$ 0	0
Creativebug Trade Name
Finite Lived Intangible Assets [Line Items]
Finite Lived Intangible Asset Useful Life	10 years
Gross Carrying Amount	$ 0.1	0.1
Accumulated Amortization	$ 0	0
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Finite Lived Intangible Asset Useful Life	16 years
Gross Carrying Amount	$ 110	110
Accumulated Amortization	$ 74.8	$ 67.9

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 01, 2020	Jul. 06, 2019	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill, Impairment Loss			$ 0	$ 0	$ 486.8
Amortization of Intangible Assets			$ 6.9	$ 6.9	$ 7.2
Weighted average amortization period of amortizable intangible assets			5 years 1 month 6 days	6 years 1 month 6 days
JOANN Trade Name
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill, Impairment Loss	$ 351.4	$ 130.4
Pre-tax impairment charge	$ 5

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Remaining Amortization Expense (Details) $ in Millions	Jan. 29, 2022USD ($)
Goodwill Impaired Accumulated Impairment Loss [Abstract]
2023	$ 6.9
2024	6.9
2025	6.9
2026	6.9
2027	6.9
Thereafter	0.8
Total	$ 35.3

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Current:
Federal	$ 11.7	$ 18.9	$ 2.3
State and local	1.7	13	1.9
Current income taxes	13.4	31.9	4.2
Deferred:
Federal	(0.1)	1.8	(7.5)
State and local	(0.5)	2.1	(0.4)
Deferred income taxes	(0.4)	(3.9)	7.9
Income tax provision	$ 13	$ 28	$ 12.1

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020	Feb. 03, 2018
Income Tax Disclosure [Abstract]
Federal income tax provision (benefit) at the statutory rate	$ 14.6	$ 50.5	$ (112.2)
Effect of:
Goodwill impairment			101.2
Changes in valuation allowances	(0.4)	(25.5)	29.3
State and local taxes, net of federal benefit	1.7	12.8	(4.6)
Revaluation of federal NOL carryback		(4.8)
Officers’ life insurance	1.3	0.4	1.1
Uncertain tax positions (inclusive of penalties and interest)	(0.1)	(0.5)	1.1
Federal general business credits	(1)	(0.8)	(0.9)
Revaluation of deferred tax liability due to state tax law changes	(1)	(0.2)	(0.4)
Other, net	0.3	(3.1)	(0.3)
Income tax provision	$ 13	$ 28	$ 12.1
Federal income tax provision (benefit) at the statutory rate	21.00%	21.00%	21.00%	35.00%
Effect of:
Goodwill impairment			(18.90%)
Changes in valuation allowances	(0.60%)	(10.60%)	5.50%
State and local taxes, net of federal benefit	2.40%	5.30%	0.90%
Revaluation of federal NOL carryback		(2.00%)
Officers' life insurance	(1.90%)	(0.20%)	0.20%
Uncertain tax positions (inclusive of penalties and interest)	(0.10%)	(0.20%)	(0.20%)
Federal general business credits	(1.40%)	(0.30%)	0.10%
Revaluation of deferred tax liability due to state tax law changes percent	(1.40%)	(0.10%)	0.10%
Other, net	0.50%	(1.20%)
Income tax provision	18.70%	11.70%	(2.30%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020	Feb. 03, 2018	Feb. 02, 2019
Income Taxes [Line Items]
Federal income tax provision (benefit) at the statutory rate	21.00%	21.00%	21.00%	35.00%
Effective income tax rate	18.70%	11.70%	(2.30%)
Deferred Tax Assets, Valuation Allowance	$ 3.9	$ 4.4
Tax credits	2.1	2.6
Reduction in uncertain tax position resulting from resolution or closure of tax examinations within next fiscal	0.4
Unrecognized tax benefits	1.2	1.2	$ 9.9		$ 2.8
Unrecognized tax benefits which would affect effective tax rate if recognized	0.9
Decrease in uncertain tax benefit	0.4
Interest and penalties accrued	0.1	$ 0.2
2015-2018 Tax Year
Income Taxes [Line Items]
Unrecognized tax benefits	8.7
State
Income Taxes [Line Items]
Tax credits	2.1
Valuation allowance related to state tax credits.	2.1
State | 2023 through fiscal 2040
Income Taxes [Line Items]
Net operating loss carryforwards	$ 0.4

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Deferred tax assets:
Lease obligations	$ 231.1	$ 245.2
Interest expense carryforward	1.8	1.9
Team member benefits	11.6	11
Inventory items	9.3	7.3
State credits	2.1	2.6
Federal net operating loss carryforwards	1	1.3
State net operating loss carryforwards	0.4	1.1
Other	5.3	4.6
Subtotal	262.6	275
Valuation allowances	(3.9)	(4.4)
Total deferred tax assets	258.7	270.6
Deferred tax liabilities:
Depreciation	(43.7)	(45.9)
Identified intangibles	(94.4)	(96.9)
Operating lease assets	(208.3)	(215.1)
Total deferred tax liabilities	(346.4)	(357.9)
Net deferred taxes	$ (87.7)	$ (87.3)

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Income Tax Disclosure [Abstract]
Balance at beginning of fiscal year	$ 1.2	$ 9.9	$ 2.8
Increases related to prior year tax positions	0.4	0.3	7.1
Settlements	(0.2)	(8.7)
Lapse of statute of limitations	(0.2)	(0.3)
Balance at end of fiscal year	$ 1.2	$ 1.2	$ 9.9

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Granted	656,656
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised	$ 3	$ 0	$ 0.6
Exercise of stock options, Shares	482,332	0
Proceeds from exercise of stock options	$ 1.8	$ 0	$ 0.3
Unrecognized compensation cost	$ 5.3
Expected weighted average period for recognition of compensation cost	2 years 6 months
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of shares by employees	85.00%
Common stock reserved for future issuance	800,000
2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Granted	0
2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option available to issued	1,243,712
2021 Plan [Member] | Employees and Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in shares outstanding, Percentage	4.00%
Common stock reserved for future issuance	2,000,000
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiry term	10 years
Option description	Stock options granted under the 2012 Plan vest over five years at 40 percent after the first two years and 20 percent each year thereafter. Stock options granted under the 2021 Plan have a graded vesting period of four years whereby one-fourth of the awards vest on each of the anniversaries of the grant date.
Share-based Payment Arrangement, Option [Member] | 2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Share-based Payment Arrangement, Option [Member] | 2012 Plan [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	40.00%
Share-based Payment Arrangement, Option [Member] | 2012 Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	20.00%
Share-based Payment Arrangement, Option [Member] | 2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Outstanding, Beginning balance	3,086,467
Number of Options, Granted	656,656
Number of Options, Exercised	(482,332)	0
Number of Options, Cancelled	(419,339)
Number of Options, Outstanding, Ending balance	2,841,452	3,086,467
Number of Options, Exercisable	1,105,349
Weighted Average Exercise Price per Share, Outstanding, Beginning balance	$ 6.11
Weighted Average Exercise Price per Share, Granted	12
Weighted Average Exercise Price per Share, Exercised	4.83
Weighted Average Exercise Price per Share, Cancelled	5.49
Weighted Average Exercise Price per Share, Outstanding, Ending balance	7.78	$ 6.11
Weighted Average Exercise Price per Share, Exercisable	$ 8.64
Weighted Average Remaining Contractual Term (In Years), Outstanding	7 years
Weighted Average Remaining Contractual Term (In Years), Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 8.4
Aggregate Intrinsic Value, Exercisable	$ 1.9

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Assumptions Used in Applying Black-Scholes Pricing Model (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option	$ 4.02	$ 0.50	$ 5.01
Expected volatility rate	48.00%	41.25%	39.01%
Risk free interest rate	1.04%	0.68%	2.53%
Expected term of options	6 years 3 months 18 days	7 years	7 years
Expected dividend yield	3.30%	0.00%	0.00%

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units [Member]	12 Months Ended
	Jan. 29, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Outstanding Shares, Beginning Balance | shares	0
Number of Shares, Granted | shares	216,838
Number of Shares, Forfeited | shares	(20,555)
Number of Outstanding Shares, Ending Balance | shares	196,283
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted | $ / shares	12.83
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	12.63
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 12.85

Stock Based Compensation - Su_3

Stock Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock option compensation expense	$ 2.5	$ 1.5	$ 1.2

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share and Stock-based Awards Excluded from Calculation of Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 56.7	$ 212.3	$ (546.6)
Basic	40,805,319	34,902,380	34,882,306
Effect of dilutive stock based awards	1,270,667	896,111	0
Diluted	42,075,986	35,798,491	34,882,306
Basic earnings (loss) per common share	$ 1.39	$ 6.08	$ (15.67)
Diluted earnings (loss) per common share	$ 1.35	$ 5.93	$ (15.67)
Antidilutive stock-based awards excluded from diluted calculation	1,424,463	1,179,568	2,267,855

Segments and Disaggregated Re_3

Segments and Disaggregated Revenue - Additional Information (Details)	12 Months Ended
	Jan. 29, 2022Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

Segments and Disaggregated Re_4

Segments and Disaggregated Revenue - Summary of Revenue by Product Category (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 2,417.6	$ 2,762.3	$ 2,241.2
Sewing
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,036.5	1,319.9	1,044.2
Arts And Crafts And Home Decor
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,345.9	1,392.8	1,155.6
Other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 35.2	$ 49.6	$ 41.4

Savings Plan Retirement and P_2

Savings Plan Retirement and Postretirement Benefits - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Retirement Benefits [Abstract]
Annual compensation, percentage	50.00%
Matching contribution, percentage	50.00%
Contribution percentage of the employee's annual compensation	6.00%
Matching contribution	$ 2.9	$ 2.6	$ 2.5

Gain on Sale Leaseback of Dis_2

Gain on Sale Leaseback of Distribution Center - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Sale Leaseback Transaction [Line Items]
Sale and leaseback transaction, gain (loss), net		$ 24.5	$ 0	$ 0
Lease initial term		10 years
Operating lease liabilities		$ 906.8
Operating lease assets		$ 818	$ 837
Operating lease, weighted average discount rate, percent		5.91%	5.80%
Sale Leaseback of Distribution Center
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, sale price	$ 48.1
Sale and leaseback transaction, gain (loss), net	$ 24.5
Lease initial term	20 years
Lease extension option description	10-year extension options
Operating lease liabilities	$ 37.5
Operating lease assets	$ 37.5
Operating lease, weighted average discount rate, percent	6.28%