JOANN (JOAN) 10-Q 3 Jun 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2022	May 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-28
Trading Symbol	JOAN
Entity Registrant Name	JOANN Inc.
Entity Central Index Key	0001834585
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40204
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
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,667,434

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current assets:
Cash and cash equivalents	$ 22.3	$ 22.5	$ 22.7
Inventories	674.5	658.6	539.3
Prepaid expenses and other current assets	58.2	39.2	66.6
Total current assets	755	720.3	628.6
Property, equipment and leasehold improvements, net	263.1	256.8	282
Operating lease assets	803.2	818	828.2
Goodwill, net	162	162	162
Intangible assets, net	373.6	370.3	375.5
Other assets	35.4	34.8	25.2
Total assets	2,392.3	2,362.2	2,301.5
Current liabilities:
Accounts payable	194	253.8	205.1
Accrued expenses	127.4	142.4	127.1
Current portion of operating lease liabilities	169.5	173.8	180.4
Current portion of long-term debt	6.8	6.8	0
Total current liabilities	497.7	576.8	512.6
Long-term debt, net	931	778.6	760.4
Long-term operating lease liabilities	725.5	733	755.2
Long-term deferred income taxes	88.8	87.7	86.9
Other long-term liabilities	34.3	36.3	51.2
Shareholders' equity:
Common stock, stated value $0.01 per share; 200.0 million authorized; issued 44.1 million shares at April 30, 2022 and May 1, 2021 and 36.8 million shares at January 29, 2022	0.4	0.4	0.4
Additional paid-in capital	203.7	203.3	202.2
Retained deficit	(64.5)	(24.9)	(53.9)
Accumulated other comprehensive income (loss)	5.3	(1.8)	(0.2)
Treasury stock at cost; 3.4 million shares at April 30, 2022, 1.9 million at May 1, 2021 and 3.5 million at January 29, 2022	(29.9)	(30.8)	(13.3)
Total shareholders' equity	115	149.8	135.2
Total liabilities and shareholders' equity	$ 2,392.3	$ 2,362.2	$ 2,301.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Statement of Financial Position [Abstract]
Common stock, stated value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, shares issued	44,100,000	44,100,000	44,100,000
Treasury stock, shares	3,400,000	3,500,000	1,900,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
Net sales	$ 498	$ 574.4
Cost of sales	257.3	271.7
Selling, general and administrative expenses	259.1	249.9
Depreciation and amortization	20.1	20.4
Operating profit (loss)	(38.5)	32.4
Interest expense, net	11.2	13.2
Debt related (gain)	0	(0.1)
Step Acquisition Write-Off	1	0
Income (loss) before income taxes	(50.7)	19.3
Income tax provision (benefit)	(15.6)	4.2
Net income (loss)	(35.1)	15.1
Other comprehensive income:
Cash flow hedges	4.7	0.2
Income tax provision on cash flow hedges	(1.2)	(0.1)
Other comprehensive income	3.5	0.1
Comprehensive income (loss)	$ (31.6)	$ 15.2
Earnings per common share:
Basic	$ (0.86)	$ 0.39
Diluted	$ (0.86)	$ 0.38
Weighted-average common shares outstanding:
Basic	40,600,000	38,400,000
Diluted	40,600,000	39,700,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Net cash (used for) provided by operating activities:
Net income	$ (35.1)	$ 15.1
Adjustments to reconcile net income (loss) to net cash (used for) operating activities:
Non-cash operating lease expense	41.4	39.3
Depreciation and amortization	20.1	20.4
Deferred income taxes	(0.1)	(0.4)
Stock-based compensation expense	1	0.6
Amortization of deferred financing costs and original issue discount	0.5	0.8
Debt related (gain)	0	(0.1)
Step Acquisition Write-Off	1	0
Changes in operating assets and liabilities:
Decrease (increase) in inventories	(15.9)	16.6
Decrease (increase) in prepaid expenses and other current assets	(18.9)	6.1
(Decrease) in accounts payable	(59.8)	(45)
(Decrease) in accrued expenses	(16.3)	(47.5)
(Decrease) in operating lease liabilities	(38.5)	(48.5)
(Decrease) in other long-term liabilities	(3.7)	(1.5)
Other, net	2.1	0.6
Net cash (used for) provided by operating activities	(122.2)	(43.5)
Net cash provided by (used for) investing activities:
Capital expenditures	(19.3)	(10.5)
Acquisitions	(4.3)	0
Other investing activities	0	(0.2)
Net cash provided by (used for) investing activities	(23.6)	(10.7)
Net cash provided by (used for) financing activities:
Term loan payments	(3.4)	(70.9)
Borrowings on revolving credit facility	221.7	147.6
Payments on revolving credit facility	(66.2)	(102.1)
Purchase and retirement of debt	0	(0.9)
Principal payments on finance lease obligations	(2.3)	(1.2)
Issuance of common stock, net of underwriting commissions and offering costs	0	77
Proceeds from exercise of stock options	0.4	0
Payments of taxes related to the net issuance of team member stock awards	(0.1)	0
Dividends paid	(4.5)	0
Net cash provided by (used for) financing activities	145.6	49.5
Net increase in cash and cash equivalents	(0.2)	(4.7)
Cash and cash equivalents at beginning of period	22.5	27.4
Cash and cash equivalents at end of period	22.3	22.7
Cash paid during the period for:
Interest	10.4	12.8
Income taxes, net of refunds	$ (0.4)	$ (0.3)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Deficit	Accumulated Other Comprehensive Loss
Balance at Jan. 30, 2021	$ 42.4	$ 0.3	$ (13.3)	$ 124.7	$ (69)	$ (0.3)
Balance,Shares at Jan. 30, 2021		34,900	1,900
Net income	15.1				15.1
Other comprehensive income	0.1					0.1
Issuance of common stock, net	77	$ 0.1		76.9
Issuance of common stock, net, Shares		7.1
Stock-based compensation	0.6			0.6
Exercise of stock options, Shares		0.2
Balance at May. 01, 2021	135.2	$ 0.4	$ (13.3)	202.2	(53.9)	(0.2)
Balance,Shares at May. 01, 2021		42,200	1,900
Balance at Jan. 29, 2022	149.8	$ 0.4	$ (30.8)	203.3	(24.9)	1.8
Balance,Shares at Jan. 29, 2022		40,600	3,500
Net income	(35.1)				(35.1)
Other comprehensive income	3.5					3.5
Dividends	(4.5)				(4.5)
Stock-based compensation	1			1
Exercise of stock options	0.4		$ 0.3	0.1
Vesting of restricted stock units	(0.1)		$ 0.6	(0.7)
Vesting of restricted stock units, Shares		0.1	(0.1)
Balance at Apr. 30, 2022	$ 115	$ 0.4	$ (29.9)	$ 203.7	$ (64.5)	$ 5.3
Balance,Shares at Apr. 30, 2022		40,700	3,400

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical)	3 Months Ended
	Apr. 30, 2022$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends per share	$ 0.11

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1—Significant Accounting Policies Nature of Operations JOANN (as defined below) is the nation’s category leader in sewing and fabrics (collectively, “Sewing”) and one of the fastest growing competitors in the arts and crafts category. The Company is well-positioned in the marketplace and has multiple competitive advantages, including a broad assortment, established omni-channel platform, multi-faceted digital interface with customers and skilled and knowledgeable team members. As a well-established and trusted brand for over 75 years, the Company believes it has a deep understanding of its customers, what inspires their creativity and what fuels their incredibly diverse projects. Since 2016, the Company has embarked on a strategy to transform JOANN, which has helped it pivot from a traditional retailer to a fully-integrated, digitally-connected provider of Creative Products. As of April 30, 2022, the Company operated 846 store locations in 49 states. Basis of Presentation The accompanying Consolidated Financial Statements and these notes are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The Consolidated Financial Statements reflect all normal, recurring adjustments which management believes are necessary to present fairly the Company’s financial condition, results of operations and cash flows for all periods presented. The Consolidated Financial Statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying Consolidated Financial Statements and these notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022. Consolidation The Consolidated Financial Statements include the accounts of JOANN Inc. (the “Holding Company”), Needle Holdings LLC (“Needle Holdings”) and Jo-Ann Stores, LLC and its wholly-owned subsidiaries (collectively, “JOANN”). 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. Fiscal Periods 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 2023 refers to the fiscal year ending January 28, 2023). Fiscal years consist of 52 weeks, unless noted otherwise. The fiscal quarters ended April 30, 2022 and May 1, 2021 were both comprised of 13 weeks. Seasonality Typical of most retail companies, the Company’s business is seasonal, with the majority of revenues and operating profits generated in the second half of the fiscal year. Accordingly, earnings or losses for a particular interim period are not necessarily indicative of full-year results. 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 amount 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. Use of Estimates The preparation of financial statements in conformity with 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. Recently Issued Accounting Guidance There are no recently issued accounting pronouncements that the Company has not yet adopted which would have a material impact on the Consolidated Financial Statements. 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 selling, general and administrative (“SG&A”) expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). 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. The Company paid a management fee of $ 0.4 million for the thirteen weeks ended May 1, 2021 , but paid no such fee for the thirteen weeks ended April 30, 2022. During the thirteen weeks ended April 30, 2022 , the Company paid dividends of $ 3.1 million to LGP as part of the Company's quarterly dividend payments.

Financing

Financing	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Financing	Note 2—Financing Long-term debt consisted of the following: April 30, May 1, January 29, (In millions) Second Amended Revolving Credit Facility $ 276.5 $ 131.0 $ 121.0 Term Loan due 2023 — 635.3 — Term Loan due 2024 — — — Term Loan due 2028 669.9 — 673.3 Total debt 946.4 766.3 794.3 Less unamortized discount and debt costs ( 8.6 ) ( 5.9 ) ( 8.9 ) Total debt, net 937.8 760.4 785.4 Less current portion of debt ( 6.8 ) — ( 6.8 ) Long-term debt, net $ 931.0 $ 760.4 $ 778.6 Revolving Credit Facility On October 21, 2016 , the Company entered into an asset-based revolving credit facility agreement (the "Revolving Credit Facility"), which originally provided for senior secured financing of up to $ 400.0 million, subject to a borrowing base, maturing on October 20, 2021 . On November 25, 2020, the Company entered into an agreement to amend various terms of the Revolving Credit Facility (as amended, the “First Amended Revolving Credit Facility”), which provides for senior secured financing of up to $ 500.0 million, subject to a borrowing base, maturing on November 25, 2025 . On December 22, 2021, the Company entered into an agreement to amend various terms of the First Amended Revolving Credit Facility (as amended, the “Second Amended Revolving Credit Facility”), 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 Second Amended Revolving Credit 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 Amended Revolving Credit Facility, base rate loans bear an additional margin of 0.50 % when average historical excess capacity is less than 40.00 % of the maximum credit and 0.25 % when average historical excess capacity is greater than or equal to 40.00 % of the maximum credit. Eurodollar rate loans bear an additional margin of 1.50 % when average historical excess capacity is less than 40.00 % of the maximum credit and 1.25 % when average historical excess capacity is greater than or equal to 40.00 % of the maximum credit. Unused commitment fees on the Second Amended Revolving Credit Facility are calculated based on a rate of 0.20 % per annum. In the event LIBOR ceases to be available during the term of the facility, the facility provides procedures to determine a “LIBOR Successor Rate.” The Company has the option to request an increase in the size of the Second Amended Revolving Credit 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 Second Amended Revolving Credit Facility are under no obligation to provide any such additional amounts. As of April 30, 2022, there were $ 276.5 million of borrowings on the Second Amended Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $ 18.1 million. As of April 30, 2022 , the Company’s excess availability on the Second Amended Revolving Credit Facility was $ 122.7 million. During the first quarter of fiscal 2023, the weighted average interest rate for borrowings under the Second Amended Revolving Credit Facility w as 1.63 %, compared to 2.84 % for the first quarter of fiscal 2022. As of May 1, 2021, the Company had $ 131.0 million of borrowings on the Second Amended Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $ 24.8 million. As of May 1, 2021 , the Company’s excess availability on the Second Amended Revolving Credit Facility was $ 215.5 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 % of face value. 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 weighted average interest rate for borrowings under the Term Loan due 2023 was 6.08 % for the first quarter of fiscal 2022. 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 (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss) in the second quarter of fiscal 2022 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 % 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. During the first quarter of fiscal 2022, the weighted average interest rate for borrowings under the Term Loan due 2024 was 10.39 %. 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 (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss) in the first quarter of fiscal 2021 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 % 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. The 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 the first quarter of fiscal 2023, the weighted average interest rate for borrowings under the Term Loan due 2028 was 5.60 % . 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 up to $ 100 million, which amount can increase if certain other conditions are satisfied, including if JOANN’s leverage does not exceed certain thresholds. Additionally, the Second Amended 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 April 30, 2022, the Company was in compliance with all covenants under its credit agreements. For further details on the Company’s debt, see Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended January 29, 2022 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Apr. 30, 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 % floor, and pays a fixed rate of interest of 1.43 % 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 April 30, 2022 was $ 7.1 million and is presented within other assets in the accompanying Consolidated Balance Sheet. 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. The impacts of the Company’s derivative instruments on the accompanying Consolidated Statements of Comprehensive Income (Loss) for the thirteen weeks ended April 30, 2022 and May 1, 2021 are presented in the table below: Thirteen Weeks Ended April 30, May 1, (In millions) Gain recognized in other comprehensive income, gross of income taxes $ 4.7 $ —

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 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 carrying and fair value of the Company’s interest rate derivatives were as follows: Instrument Balance Sheet Location April 30, May 1, (In millions) Interest rate swap Other assets $ 7.1 $ — The fair values of cash and cash equivalents, accounts payable and borrowings on the Company’s Second Amended 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 April 30, 2022 and May 1, 2021: April 30, 2022 May 1, 2021 Carrying Fair Carrying Fair (In millions) Term Loan due 2023 (a) $ — $ — $ 629.4 $ 626.4 Term Loan due 2024 (a) — — — — Term Loan due 2028 (a) 661.2 554.7 — — (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.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 5—Goodwill and Other Intangible Assets The carrying amount of goodwill at April 30, 2022 and May 1, 2021, was as follows: April 30, May 1, (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 at April 30, 2022 and May 1, 2021 was as follows: April 30, 2022 May 1, 2021 Estimated Gross Accumulated Gross Accumulated (In millions) Indefinite-lived intangible assets: JOANN trade name — $ 325.0 $ — $ 325.0 $ — Joann.com domain name — 10.0 — 10.0 — Intangible assets subject to amortization: Creativebug trade name 10 0.1 ( 0.1 ) 0.1 — Technology 3 5.3 ( 0.3 ) — — Customer relationships 16 110.0 ( 76.4 ) 110.0 ( 69.6 ) Total intangible assets $ 450.4 $ ( 76.8 ) $ 445.1 $ ( 69.6 ) The Company recognized intangible asset amortization of $ 2.0 million and $ 1.7 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. The weighted average amortization period of amortizable intangible assets as of April 30, 2022 approximated 4.6 years. On March 4, 2022, the Company purchased the remaining equity interest in WeaveUp, Inc. ("WeaveUp") for $ 4.3 million. Acquisition-related costs of $ 0.1 million were recognized in SG&A expenses within the accompanying Consolidated Statements of Comprehensive Income (Loss). Prior to the closing of the acquisition, the Company recorded its 12.3 % equity investment in WeaveUp at cost and adjusted for observable transactions for same or similar investments in WeaveUp, as applicable (referred to as the measurement alternative). Using step acquisition accounting, the Company decreased the value of its previously held equity investment to its fair value of $ 1.0 million which resulted in a loss of $ 1.0 million. The fair value of the previously held equity investment was determined using Level 3 valuation techniques. The loss was recorded as step acquisition write-off within the Consolidated Statements of Comprehensive Income (Loss). An intangible asset for WeaveUp’s developed technology with a preliminary value of $ 5.3 million was recorded as a result of the acquisition. The intangible asset will be amortized over its estimated useful life of 3 years. The other assets and liabilities acquired in the purchase of WeaveUp were not material.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 6—Income Taxes Effective Tax Rate The effective income tax rate for the first quarter of fiscal 2023 was 30.8 %, which was an income tax benefit on a pre-tax book loss, compared to 21.8 % for the first quarter of fiscal 2022, which was an income tax provision on pre-tax book income. The change in the effective tax rate was caused by the fact that the rate fluctuated between benefit and provision status. Specifically, favorable permanent book-tax differences and tax credits increased the benefit rate for the first quarter of fiscal 2023 and decreased the provision rate for the first quarter of fiscal 2022 relative to the statutory rate. In addition, there was a revaluation of the deferred tax liability due to favorable state tax law changes, which reduced the effective tax rate for the first quarter of fiscal 2022. The effective tax rate is subject to change based on the mix of income from different state jurisdictions, which tax at different rates, as well as the change in status or outcome of uncertain tax positions. The Company evaluates its effective tax rate on a quarterly basis and updates its estimate of the full-year effective rate as necessary. Reserves for Uncertain Tax Positions At the end of the first quarter of fiscal 2023, unrecognized tax benefits were $ 1.2 million, of which $ 0.9 million would affect the effective tax rate, if recognized. 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 at the end of the first quarter of fiscal 2023 was $ 0.1 million compared to $ 0.2 million of interest and penalties accrued as of the end of the first quarter of fiscal 2022. 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 7—Earnings (Loss) Per Share Basic earnings (loss) per share is computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) 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 (loss) per share. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings (loss) per share and the stock-based awards excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive for the thirteen weeks ended April 30, 2022 and May 1, 2021: Thirteen Weeks Ended April 30, May 1, (In millions except per share data) Net income (loss) $ ( 35.1 ) $ 15.1 Weighted-average common shares outstanding – Basic 40.6 38.4 Effect of dilutive stock-based awards — 1.3 Weighted-average common shares outstanding – Diluted 40.6 39.7 Basic earnings (loss) per common share $ ( 0.86 ) $ 0.39 Diluted earnings (loss) per common share $ ( 0.86 ) $ 0.38 Antidilutive stock-based awards excluded from diluted calculation 4.2 1.4

Segments and Disaggregated Reve

Segments and Disaggregated Revenue	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Segments and Disaggregated Revenue	Note 8—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: Thirteen Weeks Ended April 30, May 1, (In millions) Sewing 225.4 $ 258.3 Arts and Crafts and Home Décor 263.7 304.8 Other 8.9 11.3 Total $ 498.0 $ 574.4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9—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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations JOANN (as defined below) is the nation’s category leader in sewing and fabrics (collectively, “Sewing”) and one of the fastest growing competitors in the arts and crafts category. The Company is well-positioned in the marketplace and has multiple competitive advantages, including a broad assortment, established omni-channel platform, multi-faceted digital interface with customers and skilled and knowledgeable team members. As a well-established and trusted brand for over 75 years, the Company believes it has a deep understanding of its customers, what inspires their creativity and what fuels their incredibly diverse projects. Since 2016, the Company has embarked on a strategy to transform JOANN, which has helped it pivot from a traditional retailer to a fully-integrated, digitally-connected provider of Creative Products. As of April 30, 2022, the Company operated 846 store locations in 49 states.
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements and these notes are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The Consolidated Financial Statements reflect all normal, recurring adjustments which management believes are necessary to present fairly the Company’s financial condition, results of operations and cash flows for all periods presented. The Consolidated Financial Statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying Consolidated Financial Statements and these notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022. Consolidation The Consolidated Financial Statements include the accounts of JOANN Inc. (the “Holding Company”), Needle Holdings LLC (“Needle Holdings”) and Jo-Ann Stores, LLC and its wholly-owned subsidiaries (collectively, “JOANN”). 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. Fiscal Periods 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 2023 refers to the fiscal year ending January 28, 2023). Fiscal years consist of 52 weeks, unless noted otherwise. The fiscal quarters ended April 30, 2022 and May 1, 2021 were both comprised of 13 weeks. Seasonality Typical of most retail companies, the Company’s business is seasonal, with the majority of revenues and operating profits generated in the second half of the fiscal year. Accordingly, earnings or losses for a particular interim period are not necessarily indicative of full-year results.
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 amount 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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.
Recently Adopted Accounting Guidance	Recently Issued Accounting Guidance There are no recently issued accounting pronouncements that the Company has not yet adopted which would have a material impact on the Consolidated Financial Statements.
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 selling, general and administrative (“SG&A”) expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). 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. The Company paid a management fee of $ 0.4 million for the thirteen weeks ended May 1, 2021 , but paid no such fee for the thirteen weeks ended April 30, 2022. During the thirteen weeks ended April 30, 2022 , the Company paid dividends of $ 3.1 million to LGP as part of the Company's quarterly dividend payments.

Financing (Tables)

Financing (Tables)	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following: April 30, May 1, January 29, (In millions) Second Amended Revolving Credit Facility $ 276.5 $ 131.0 $ 121.0 Term Loan due 2023 — 635.3 — Term Loan due 2024 — — — Term Loan due 2028 669.9 — 673.3 Total debt 946.4 766.3 794.3 Less unamortized discount and debt costs ( 8.6 ) ( 5.9 ) ( 8.9 ) Total debt, net 937.8 760.4 785.4 Less current portion of debt ( 6.8 ) — ( 6.8 ) Long-term debt, net $ 931.0 $ 760.4 $ 778.6

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Impacts of Derivative Instruments 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 the thirteen weeks ended April 30, 2022 and May 1, 2021 are presented in the table below: Thirteen Weeks Ended April 30, May 1, (In millions) Gain recognized in other comprehensive income, gross of income taxes $ 4.7 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Summary Of Carrying And Fair Value Of Interest Rate Derivatives	The carrying and fair value of the Company’s interest rate derivatives were as follows: Instrument Balance Sheet Location April 30, May 1, (In millions) Interest rate swap Other assets $ 7.1 $ —
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 April 30, 2022 and May 1, 2021: April 30, 2022 May 1, 2021 Carrying Fair Carrying Fair (In millions) Term Loan due 2023 (a) $ — $ — $ 629.4 $ 626.4 Term Loan due 2024 (a) — — — — Term Loan due 2028 (a) 661.2 554.7 — — (a) Net of deferred financing costs and original issue discount.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	The carrying amount of goodwill at April 30, 2022 and May 1, 2021, was as follows: April 30, May 1, (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 at April 30, 2022 and May 1, 2021 was as follows: April 30, 2022 May 1, 2021 Estimated Gross Accumulated Gross Accumulated (In millions) Indefinite-lived intangible assets: JOANN trade name — $ 325.0 $ — $ 325.0 $ — Joann.com domain name — 10.0 — 10.0 — Intangible assets subject to amortization: Creativebug trade name 10 0.1 ( 0.1 ) 0.1 — Technology 3 5.3 ( 0.3 ) — — Customer relationships 16 110.0 ( 76.4 ) 110.0 ( 69.6 ) Total intangible assets $ 450.4 $ ( 76.8 ) $ 445.1 $ ( 69.6 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 30, 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 earnings (loss) per share and the stock-based awards excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive for the thirteen weeks ended April 30, 2022 and May 1, 2021: Thirteen Weeks Ended April 30, May 1, (In millions except per share data) Net income (loss) $ ( 35.1 ) $ 15.1 Weighted-average common shares outstanding – Basic 40.6 38.4 Effect of dilutive stock-based awards — 1.3 Weighted-average common shares outstanding – Diluted 40.6 39.7 Basic earnings (loss) per common share $ ( 0.86 ) $ 0.39 Diluted earnings (loss) per common share $ ( 0.86 ) $ 0.38 Antidilutive stock-based awards excluded from diluted calculation 4.2 1.4

Segments and Disaggregated Re_2

Segments and Disaggregated Revenue (Tables)	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Summary of Revenue by Product Category	The following table shows revenue by product category: Thirteen Weeks Ended April 30, May 1, (In millions) Sewing 225.4 $ 258.3 Arts and Crafts and Home Décor 263.7 304.8 Other 8.9 11.3 Total $ 498.0 $ 574.4

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	Mar. 19, 2021USD ($)	Mar. 11, 2021$ / sharesshares	Apr. 30, 2022USD ($)OperatedRetailStoresStates	May 01, 2021USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of retail stores | OperatedRetailStores			846
Number of states in which stores operates | States			49
Sale of shares, units price per share | $ / shares		$ 12
Stock issued during period, new issues | 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
Repayment of revolving credit facility			66.2	$ 102.1
Dividends paid			4.5	0
LGP
Summary Of Significant Accounting Principles And Policies [Line Items]
Management fee			0	$ 0.4
Dividends paid			$ 3.1
Term Loan Due 2024
Summary Of Significant Accounting Principles And Policies [Line Items]
Repayment of revolving credit facility	$ 72.7

Financing - Summary of Long-ter

Financing - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Total debt	$ 946.4	$ 794.3	$ 766.3
Less unamortized discount and debt costs	(8.6)	(8.9)	(5.9)
Total debt, net	937.8	785.4	760.4
Less current portion of debt	(6.8)	(6.8)	0
Long-term debt, net	931	778.6	760.4
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	276.5	121	131
Term Loan due 2023
Debt Instrument [Line Items]
Total debt	0	0	635.3
Term Loan Due 2024
Debt Instrument [Line Items]
Total debt	0	0	0
Term Loan due 2028
Debt Instrument [Line Items]
Total debt	$ 669.9	$ 673.3	$ 0

Financing - Additional Informat

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

Mar. 04, 2022

Dec. 22, 2021

Jul. 07, 2021

Jul. 06, 2021

Mar. 19, 2021

May 21, 2018

Oct. 21, 2016

Apr. 30, 2022

May 01, 2021

Apr. 30, 2023

Jan. 29, 2022

Nov. 25, 2020

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

12.50%

Total debt

$ 946.4

$ 766.3

$ 794.3

Term loan payments

$ (3.4)

(70.9)

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 up to $100 million, which amount can increase if certain other conditions are satisfied, including if JOANN’s leverage does not exceed certain thresholds. Additionally, the Second Amended 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.

Credit agreement market capitalization percentage

7.00%

Maximum credit fixed charge

$ 40

Percentage of maximum credit

17.50%

Maximum

Debt Instrument [Line Items]

Common stock dividend rate percentage

6.00%

Fixed charge coverage ratio

1.00%

Minimum

Debt Instrument [Line Items]

Amount available for dividend

$ 100

Fixed charge coverage ratio

1.00%

Term Loan due 2023

Debt Instrument [Line Items]

Total debt

$ 725

Percentage of face value

98.00%

Repayment of debt issuance cost

$ 3.1

Term Loan due 2024

Debt Instrument [Line Items]

Debt, weighted average interest rate

10.39%

Total debt

$ 225

Percentage of face value

98.50%

Term loan payments

$ (72.7)

Repayment of debt issuance cost

$ 0.9

Term Loan due 2028

Debt Instrument [Line Items]

Debt discount

3.4

Fees and expenses representing banking, legal other professional services

6.8

Fees capitalized

3.8

Amended Credit Agreement

Debt Instrument [Line Items]

Debt instrument, maturity date

Nov. 25, 2025

Second Amendment

Debt Instrument [Line Items]

Issuance of senior secured financing

$ 500

Debt instrument, maturity date

Dec. 22, 2026

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.20%

Total facility

$ 650

Line of Credit Increments

$ 20

Amount of outstanding letters of credit obligation

$ 150

Second Amendment | Term Loan due 2028

Debt Instrument [Line Items]

Debt instrument, maturity date

Jul. 7, 2028

Total debt

$ 675

Percentage of face value

99.50%

Second Amendment | Term Loan due 2028 | LIBOR Floor

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.75%

1.00%

Senior Notes | Amended Credit Agreement

Debt Instrument [Line Items]

Secured debt

$ 500

Eurodollar Rate Loans | Second Amendment

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

1.25%

Eurodollar Rate Loan Additional Margin Percentage

1.50%

Percentage of maximum credit

40.00%

Eurodollar Rate Loans | Second Amendment | Term Loan due 2028

Debt Instrument [Line Items]

Applicable interest rates

4.75%

5.00%

Base Rate Loans | Second Amendment

Debt Instrument [Line Items]

Base Rate Loans Additional Margin

0.50%

Percentage Of Maximum Credit excess capacity

0.25%

Percentage of maximum credit

40.00%

Base Rate Loans | Second Amendment | Term Loan due 2028

Debt Instrument [Line Items]

Applicable interest rates

3.75%

4.00%

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

Debt Instrument [Line Items]

Debt discount

$ 3.1

Charged to Earnings | Term Loan due 2028

Debt Instrument [Line Items]

Debt discount

$ 0.3

Excess Capacity [Member] | Eurodollar Rate Loans | Second Amendment

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

40.00%

Excess Capacity [Member] | Base Rate Loans | Second Amendment

Debt Instrument [Line Items]

Percentage Of Maximum Credit excess capacity

40.00%

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, initiation date

Oct. 21, 2016

Issuance of senior secured financing

$ 400

Debt instrument, maturity date

Oct. 20, 2021

Line of credit facility, maximum borrowing capacity

$ 276.5

131

Amount of outstanding letters of credit obligation

18.1

24.8

Excess availability amount

$ 122.7

215.5

Debt, weighted average interest rate

2.84%

1.63%

Total debt

$ 276.5

$ 131

$ 121

Revolving Credit Facility | Term Loan due 2023

Debt Instrument [Line Items]

Debt, weighted average interest rate

6.08%

Revolving Credit Facility | Term Loan due 2028

Debt Instrument [Line Items]

Debt, weighted average interest rate

5.60%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - US Bank - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Aug. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Amortized notional amount		$ 200
Derivative start date	Oct. 26, 2023
Derivative maturity date	Oct. 26, 2025
Fair value of outstanding derivative	$ 7.1
LIBOR
Derivative Instruments Gain Loss [Line Items]
Derivative floor rate of interest		0.75%
Derivative fixed rate of interest		1.43%

Derivative Instruments - Summar

Derivative Instruments - Summary of Impacts of Derivative Instruments on Accompanying Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain recognized in other comprehensive income, gross of income taxes	$ 4.7	$ 0

Fair value Measurement - Summar

Fair value Measurement - Summary of Carrying and fair Value Of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Other Assets [Member] | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 7.1	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying and Fair Values of Term Loans (Details) - USD ($) $ in Millions		Apr. 30, 2022	May 01, 2021
Term Loan due 2023 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	$ 0	$ 629.4
Term Loan due 2023 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	0	626.4
Term Loan Due 2024 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	0	0
Term Loan Due 2024 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	0	0
Term Loan due 2028 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	661.2	0
Term Loan due 2028 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	[1]	$ 554.7	$ 0
[1]	Net of deferred financing costs and original issue discount.

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Goodwill, gross	$ 643.8		$ 643.8
Accumulated impairment	(481.8)		(481.8)
Goodwill, net	$ 162	$ 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	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 373.6	$ 370.3	$ 375.5
Accumulated Amortization	(76.8)		(69.6)
Total intangible assets	450.4		445.1
JOANN Trade Name
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	$ 325		325
Estimated Life in Years
Accumulated Amortization	$ 0		0
Joann.com Domain Name
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	$ 10		10
Estimated Life in Years
Accumulated Amortization	$ 0		0
Creativebug Trade Name
Finite Lived Intangible Assets [Line Items]
Estimated Life in Years	10 years
Gross Carrying Amount	$ 0.1		0.1
Accumulated Amortization	$ 0.1		0
Technology
Finite Lived Intangible Assets [Line Items]
Estimated Life in Years	3 years
Gross Carrying Amount	$ 5.3		0
Accumulated Amortization	$ (0.3)		0
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Estimated Life in Years	16 years
Gross Carrying Amount	$ 110		110
Accumulated Amortization	$ (76.4)		$ (69.6)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Mar. 04, 2022	Apr. 30, 2022	May 01, 2021
Business Acquisition [Line Items]
Intangible asset amortization		$ 2	$ 1.7
Weighted average amortization period of amortizable intangible assets		4 years 7 months 6 days
WeaveUp, Inc
Business Acquisition [Line Items]
Purchased price of equity interest	$ 4.3
Acquisition related costs	$ 0.1
Ownership percentage	12.30%
Decrease in equity investment fair value	$ 1
Loss due to Decrease in equity investment fair value	1
Acquisition of intangible asset	$ 5.3
Estimated Life in Years	3 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	30.80%	21.80%
Unrecognized tax benefits	$ 1.2
Unrecognized tax benefits which would affect effective tax rate if recognized	0.9
Interest and penalties accrued	0.1	$ 0.2
Reduction in uncertain tax position resulting from resolution or closure of tax examinations within next fiscal	$ 0.4

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	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share [Abstract]
Net income	$ (35.1)	$ 15.1
Basic	40,600,000	38,400,000
Effect of dilutive stock-based awards	0	1,300,000
Diluted	40,600,000	39,700,000
Basic earnings (loss) per common share	$ (0.86)	$ 0.39
Diluted earnings (loss) per common share	$ (0.86)	$ 0.38
Antidilutive stock-based awards excluded from diluted calculation	4,200,000	1,400,000

Segments and Disaggregated Re_3

Segments and Disaggregated Revenue - Additional Information (Details)	3 Months Ended
	Apr. 30, 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	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 498	$ 574.4
Sewing
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	225.4	258.3
Arts and Crafts and Home Décor
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	263.7	304.8
Other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 8.9	$ 11.3

Gain on Sale Leaseback of Distr

Gain on Sale Leaseback of Distribution Center - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Sale Leaseback Transaction [Line Items]
Operating lease assets	$ 803.2	$ 818	$ 828.2