JOANN (JOAN) 10-Q 4 Jun 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 01, 2021	May 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 1, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-29
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	No
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		42,159,899

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current assets:
Cash and cash equivalents	$ 22.7	$ 27.4	$ 147
Inventories	539.3	555.9	614.4
Prepaid expenses and other current assets	66.6	71.5	42
Total current assets	628.6	654.8	803.4
Property, equipment and leasehold improvements, net	282	280.5	303.5
Operating lease assets	828.2	837	924.6
Goodwill, net	162	162	162
Intangible assets, net	375.5	377.2	382.4
Other assets	25.2	25.8	17.7
Total assets	2,301.5	2,337.3	2,593.6
Current liabilities:
Accounts payable	205.1	250.1	182.6
Accrued expenses	127.1	171.3	116.3
Current portion of operating lease liabilities	180.4	187.2	154.3
Current portion of long-term debt			9.1
Total current liabilities	512.6	608.6	462.3
Long-term debt, net	760.4	786.3	1,329.9
Long-term operating lease liabilities	755.2	766.4	875.4
Long-term deferred income taxes	86.9	87.3	92
Other long-term liabilities	51.2	46.3	29.1
Shareholders’ equity (deficit):
Common stock, stated value $0.01 per share; 200,000,000 authorized; issued 44,080,177 shares at May 1, 2021 and 36,822,658 shares at May 2, 2020 and January 30, 2021	0.4	0.3	0.3
Additional paid-in capital	202.2	124.7	123.6
Retained deficit	(53.9)	(69)	(304.9)
Accumulated other comprehensive loss	(0.2)	(0.3)	(0.8)
Treasury stock at cost; 1,920,278 shares at May 1, 2021, May 2, 2020 and January 30, 2021	(13.3)	(13.3)	(13.3)
Total shareholders’ equity (deficit)	135.2	42.4	(195.1)
Total liabilities and shareholders’ equity (deficit)	$ 2,301.5	$ 2,337.3	$ 2,593.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
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	44,080,177	36,822,658	36,822,658
Treasury stock, shares	1,920,278	1,920,278	1,920,278

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net sales	$ 574.4	$ 499.4
Cost of sales	271.7	253.6
Selling, general and administrative expenses	249.9	242.1
Depreciation and amortization	20.4	19.8
Operating profit (loss)	32.4	(16.1)
Interest expense, net	13.2	22.7
Debt related gain	(0.1)	(3.1)
Income (loss) before income taxes	19.3	(35.7)
Income tax provision (benefit)	4.2	(12.1)
Net income (loss)	15.1	(23.6)
Other comprehensive income:
Cash flow hedges	0.2	0.2
Income tax provision on cash flow hedges	(0.1)	(0.1)
Other comprehensive income	0.1	0.1
Comprehensive income (loss)	$ 15.2	$ (23.5)
Earnings per common share:
Basic	$ 0.39	$ (0.68)
Diluted	$ 0.38	$ (0.68)
Weighted-average common shares outstanding:
Basic	38,384,718	34,902,380
Diluted	39,707,652	34,902,380

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Net cash (used for) provided by operating activities:
Net income (loss)	$ 15.1	$ (23.6)
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities:
Non-cash operating lease expense	39.3	37.3
Depreciation and amortization	20.4	19.8
Deferred income taxes	(0.4)	1
Stock-based compensation expense	0.6	0.4
Amortization of deferred financing costs and original issue discount	0.8	1.1
Debt related gain	(0.1)	(3.1)
Loss on disposal and impairment of fixed assets		1.8
Changes in operating assets and liabilities:
Decrease in inventories	16.6	35.3
Decrease in prepaid expenses and other current assets	6.1	3.9
Decrease in accounts payable	(45)	(44.5)
(Decrease) increase in accrued expenses	(47.5)	9.3
Decrease in operating lease liabilities	(48.5)	(27.4)
(Decrease) increase in other long-term liabilities	(1.5)	0.3
Other, net	0.6	1.7
Net cash (used for) provided by operating activities	(43.5)	13.3
Net cash used for investing activities:
Capital expenditures	(10.5)	(12.3)
Other investing activities	(0.2)
Net cash used for investing activities	(10.7)	(12.3)
Net cash provided by financing activities:
Term loan payments	(70.9)	(2.3)
Borrowings on revolving credit facility	147.6	169.1
Payments on revolving credit facility	(102.1)	(42.6)
Purchase and retirement of debt	(0.9)	(2.4)
Principal payments on finance lease obligations	(1.2)	(0.2)
Issuance of common stock, net of underwriting commissions and offering costs	77
Net cash provided by financing activities	49.5	121.6
Net (decrease) increase in cash and cash equivalents	(4.7)	122.6
Cash and cash equivalents at beginning of period	27.4	24.4
Cash and cash equivalents at end of period	22.7	147
Cash paid during the period for:
Interest	12.8	$ 15.5
Income taxes, net of refunds	$ (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 Feb. 01, 2020	$ (172)	$ 0.3	$ (13.3)	$ 123.2	$ (281.3)	$ (0.9)
Balance,Shares at Feb. 01, 2020		34,902,400	1,920,300
Net income (loss)	(23.6)				(23.6)
Other comprehensive income	0.1					0.1
Stock-based compensation	0.4			0.4
Balance at May. 02, 2020	(195.1)	$ 0.3	$ (13.3)	123.6	(304.9)	(0.8)
Balance,Shares at May. 02, 2020		34,902,400	1,920,300
Balance at Jan. 30, 2021	42.4	$ 0.3	$ (13.3)	124.7	(69)	(0.3)
Balance,Shares at Jan. 30, 2021		34,902,400	1,920,300
Net income (loss)	15.1				15.1
Issuance of common stock, net	77	$ 0.1		76.9
Issuance of common stock, net, Shares		7,109,400
Other comprehensive income	0.1					0.1
Stock-based compensation	0.6			0.6
Exercise of stock options, Shares		148,100
Balance at May. 01, 2021	$ 135.2	$ 0.4	$ (13.3)	$ 202.2	$ (53.9)	$ (0.2)
Balance,Shares at May. 01, 2021		42,159,900	1,920,300

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	May 01, 2021
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 Creative Products industry is a large and growing market, which according to a 2017 Association for Creative Industries study is in excess of $40 billion. The industry is currently experiencing strong product demand in response to multiple themes that have been further solidified during the COVID-19 pandemic, such as heightened do-it-yourself customer behavior, amplified participation from both new and existing customers and increased digital engagement, of which the Company (as defined below) is a key beneficiary because it has positioned itself and its go-forward strategies to capitalize on increased demand for Creative Products. 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 May 1, 2021, the Company operated 855 retail stores in 49 states. Basis of Presentation The accompanying Consolidated Financial Statements and these notes 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 30, 2021. Consolidation 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 (collectively, “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 stock-based awards 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 2022 refers to the fiscal year ending January 29, 2022). Fiscal years consist of 52 weeks, unless noted otherwise. The fiscal quarters ended May 1, 2021 and May 2, 2020 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. In addition, due to demand volatility the Company has experienced during the COVID-19 pandemic, the seasonality of its fiscal 2022 results may differ from its historical experience. 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 approximately $77.0 million in net proceeds, which amount is net of $5.7 million in underwriters’ discount and commissions and $2.6 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 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 In the opinion of management, the accompanying interim Consolidated Balance Sheets and related interim Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with GAAP. 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 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. Future Adoption of Recently Issued Accounting Guidance 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 U.S. 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 the London Interbank Offered Rate (“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 is currently evaluating the amended guidance and the impact on its consolidated financial statements and related disclosures. 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). Starting in April 2020, the management fee payable to LGP was forgiven until the end of calendar year 2020 due to the impact of the COVID-19 pandemic. Payment of the monthly management fee was discontinued upon the completion of our initial public offering in March 2021 as LGP no longer provides managerial services to us in any form. During the thirteen weeks ended May 1, 2021, the Company paid a management fee to LGP of $0.4 million compared to $0.8 million for the thirteen weeks ended May 2, 2020.

Financing

Financing	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Financing	Note 2—Financing Long-term debt consisted of the following: May 1, 2021 May 2, 2020 January 30, 2021 (Dollars in millions) Revolving Credit Facility $ 131.0 $ 300.0 $ 85.5 Term Loan due 2023 635.3 842.2 635.4 Term Loan due 2024 — 211.9 72.8 Total debt 766.3 1,354.1 793.7 Less unamortized discount and debt costs (5.9 ) (15.1 ) (7.4 ) Total debt, net 760.4 1,339.0 786.3 Less current portion of debt — (9.1 ) — Long-term debt, net $ 760.4 $ 1,329.9 $ 786.3 Revolving Credit Facility On October 21, 2016, the Company entered into an asset-based revolving credit facility agreement, 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 agreem provides for senior secured financing of up to $500.0 million, subject to a borrowing base, maturing on November 25, 2025 (subject to a springing maturity date to the extent the Term Loan due 2023 (as defined below) has not been refinanced prior to its current maturity date). As of May 1, 2021, there were $131.0 million of borrowings on the Revolving Credit Facility and our outstanding letters of credit obligation was $24.8 million. As of May 1, 2021, our excess availability on the Revolving Credit Facility was $215.5 million. During the first quarter of fiscal 2022, the weighted average interest rate for borrowings under the Revolving Credit Facility was 2.84 percent, compared to 2.79 percent for the first quarter of fiscal 2021. As of May 2, 2020, the Company had $300.0 million of borrowings on the Revolving Credit Facility and our outstanding letters of credit obligation was $16.9 million. As of May 2, 2020, our excess availability on the Revolving Credit Facility was $83.1 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. The Term Loan due 2023 facility is with a syndicate of lenders and is secured by substantially all the assets of JOANN, excluding the Revolving Credit Facility collateral, and has a second priority security interest in the Revolving Credit Facility collateral. It is guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The Term Loan due 2023 agreement does not contain any financial covenants. Term Loan Due 2024 On May 21, 2018, the Company entered into a $225.0 million term loan facility (the “Term Loan due 2024” and, together with the Term Loan due 2023, the “Term Loans”), 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. 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 $ million. Following such repayment, all obligations under the Term Loan due 2024 have been terminated. 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 allow for dividends after an initial public offering in amounts not to exceed 6% per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC. So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $25 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 is greater than 20% of the maximum credit, calculated on a pro forma basis for 60 days. At May 1, 2021, 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 30, 2021.

Derivative Instruments

Derivative Instruments	3 Months Ended
	May 01, 2021
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. 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 is to offset the variability of cash flows in term loan debt interest payments attributable to fluctuations in LIBOR beyond 3.5 percent. The following table summarizes the fair value and balance sheet classification of the Company’s outstanding derivative within the accompanying Consolidated Balance Sheets as of May 1, 2021 and May 2, 2020: Instrument Balance Sheet Location May 1, 2021 May 2, 2020 (Dollars in millions) Interest Rate Cap Other Assets $ — $ 0.1 The interest rate cap had an amortized notional amount of $663.7 million and $ 685.8 The time value of the interest rate cap is excluded from the assessment of effectiveness and is being amortized to interest expense over the life of the hedge. The impacts of the Company’s derivative instrument on the accompanying Consolidated Statements of Comprehensive Income (Loss) for the thirteen weeks ended May 1, 2021 and May 2, 2020 are presented in the table below: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions) Gain recognized in Other Comprehensive Income (Loss) on derivatives, gross of income taxes $ — $ 0.2 Amount reclassified from Other Comprehensive Income (Loss) into earnings — — Amortization of excluded component to interest expense 0.2 0.2

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
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 valuation of the interest rate cap is measured as the present value of all expected future cash flows based on the 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. Both the carrying and fair value of the Company’s interest rate cap was zero as of May 1, 2021 and $0.1 million as of May 2, 2020. The fair values of cash and cash equivalents, accounts payable and borrowings on the Company’s Revolving Credit Facility 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 May 1, 2021 and May 2, 2020: May 1, 2021 May 2, 2020 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan due 2023 (a) $ 629.4 $ 626.4 $ 831.5 $ 249.5 Term Loan due 2024 (a) — — 207.5 41.5 (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.

Accrued Expenses and Other Long

Accrued Expenses and Other Long-Term Liabilities	3 Months Ended
	May 01, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Accrued Expenses and Other Long-Term Liabilities	Note 5—Accrued Expenses and Other Long-Term Liabilities Due to the Company’s favorable financial performance during fiscal 2021, the Company increased the accrual for incentive compensation. The accrual reflected the expected incentive compensation payout to all salaried store support center and distribution center team members as well as all store and district managers. As of January 30, 2021, $38.7 million of incentive compensation was recorded in accrued expenses and $ 1.9 million of incentive compensation was recorded in other long-term liabilities on the accompanying Consolidated Balance Sheet of which, $ 35.0 million was paid in the first quarter of fiscal 2022 . The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law by the President on March 27, 2020, allows companies to defer the payment of the employer portion of the Social Security Tax. The deferral period lasted until December 31, 2020 with half of the deferred amount due at December 31, 2021 and the other half due at December 31, 2022. The Company elected to defer payment of its portion of the Social Security Tax as permitted by the CARES Act, and as a result, has accrued for the full amount of these deferred payments in the amount of $10.7 million within accrued expenses and $10.7 million within other long-term liabilities on the accompanying Consolidated Balance Sheets.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	May 01, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 6—Goodwill and Other Intangible Assets The carrying amount of goodwill at May 1, 2021 and May 2, 2020 May 1, 2021 May 2, 2020 ` (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 at May 1, 2021 and May 2, 2020 was as follows: May 1, 2021 May 2, 2020 Estimated Life in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars 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 — Customer relationships 16 110.0 (69.6 ) 110.0 (62.7 ) Total intangible assets $ 445.1 $ (69.6 ) $ 445.1 $ (62.7 ) The Company recognized intangible asset amortization of $1.7 million and $1.8 million for the thirteen weeks ended May 1, 2021 and for the thirteen weeks ended May 2, 2020, respectively. The weighted average amortization period of amortizable intangible assets as of May 1, 2021 approximated 5.9 years.

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 7—Income Taxes Coronavirus Tax Relief 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. Effective Tax Rate The effective income tax rate for the first quarter of fiscal 2022 was 21.8 percent, a provision applied to pre-tax income, compared to 33.9 percent, a benefit applied to a pre-tax loss, for the first quarter of fiscal 2021. The change in the effective tax rate primarily relates to the fiscal 2021 first quarter recording of the favorable impact of the enactment of the CARES Act, partially offset by the recording of a valuation allowance for the interest deduction limitation. 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. We evaluate our effective rate on a quarterly basis and update our estimate of the full-year effective rate as necessary. Reserves for Uncertain Tax Positions At the end of the first quarter of fiscal 2022, unrecognized tax benefits were $1.2 million, of which $1.0 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 2022 was $0.2 million compared to $0.2 million of interest or penalties accrued as of the end of the first quarter of fiscal 2021. Within the next 12 months, it is reasonably possible that uncertain tax positions could be reduced by approximately $0.6 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
	May 01, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 8—Earnings Per Share Basic income (loss) per share is computed based upon the weighted-average number of common shares outstanding. Diluted income (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 income (loss) per share. For the thirteen weeks ended May 1, 2021 and May 2, 2020, 1,351,241 and 2,459,408 shares issuable for equity-based awards, respectively, were excluded from the computation of diluted income (loss) per share because the effect of their inclusion would have been anti-dilutive. In periods in which a net loss has occurred, as is the case for the thirteen weeks ended May 2, 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 the thirteen weeks ended May 1, 2021 and May 2, 2020: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions except per share data) Net income (loss) $ 15.1 $ (23.6 ) Weighted-average common shares outstanding – Basic 38,384,718 34,902,380 Effect of dilutive stock-based awards 1,322,934 — Weighted-average common shares outstanding – Diluted 39,707,652 34,902,380 Basic earnings per common share $ 0.39 $ (0.68 ) Diluted earnings per common share $ 0.38 $ (0.68 )

Segments and Disaggregated Reve

Segments and Disaggregated Revenue	3 Months Ended
	May 01, 2021
Segment Reporting [Abstract]
Segments and Disaggregated Revenue	Note 9—Segments and Disaggregated Revenue In the first quarters of fiscal 2022 and fiscal 2021, the Company considered JOANN Stores and Non-Store Omni-Channel to be the Company’s operating segments for purposes of determining reportable segments based on the criteria of ASC 280, Segment Reporting (“ASC 280”). Non-Store Omni-Channel does not meet the materiality criteria in ASC 280 and, therefore, is not disclosed separately as a reportable segment. The Company’s operating segments are based on how our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes decisions about allocating resources and assessing performance. The following table shows revenue by product category: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions) Sewing $ 258.3 $ 274.4 Arts and Crafts and Home Décor 304.8 216.6 Other 11.3 8.4 Total $ 574.4 $ 499.4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 01, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10—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
	May 01, 2021
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 Creative Products industry is a large and growing market, which according to a 2017 Association for Creative Industries study is in excess of $40 billion. The industry is currently experiencing strong product demand in response to multiple themes that have been further solidified during the COVID-19 pandemic, such as heightened do-it-yourself customer behavior, amplified participation from both new and existing customers and increased digital engagement, of which the Company (as defined below) is a key beneficiary because it has positioned itself and its go-forward strategies to capitalize on increased demand for Creative Products. 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 May 1, 2021, the Company operated 855 retail stores in 49 states.
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements and these notes 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 30, 2021. Consolidation 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 (collectively, “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 stock-based awards 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 2022 refers to the fiscal year ending January 29, 2022). Fiscal years consist of 52 weeks, unless noted otherwise. The fiscal quarters ended May 1, 2021 and May 2, 2020 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. In addition, due to demand volatility the Company has experienced during the COVID-19 pandemic, the seasonality of its fiscal 2022 results may differ from its historical experience.
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 approximately $77.0 million in net proceeds, which amount is net of $5.7 million in underwriters’ discount and commissions and $2.6 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 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 In the opinion of management, the accompanying interim Consolidated Balance Sheets and related interim Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with GAAP. 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 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. Future Adoption of Recently Issued Accounting Guidance 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 U.S. 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 the London Interbank Offered Rate (“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 is currently evaluating the amended guidance and the impact on its consolidated financial statements and related disclosures.
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). Starting in April 2020, the management fee payable to LGP was forgiven until the end of calendar year 2020 due to the impact of the COVID-19 pandemic. Payment of the monthly management fee was discontinued upon the completion of our initial public offering in March 2021 as LGP no longer provides managerial services to us in any form. During the thirteen weeks ended May 1, 2021, the Company paid a management fee to LGP of $0.4 million compared to $0.8 million for the thirteen weeks ended May 2, 2020.

Financing (Tables)

Financing (Tables)	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following: May 1, 2021 May 2, 2020 January 30, 2021 (Dollars in millions) Revolving Credit Facility $ 131.0 $ 300.0 $ 85.5 Term Loan due 2023 635.3 842.2 635.4 Term Loan due 2024 — 211.9 72.8 Total debt 766.3 1,354.1 793.7 Less unamortized discount and debt costs (5.9 ) (15.1 ) (7.4 ) Total debt, net 760.4 1,339.0 786.3 Less current portion of debt — (9.1 ) — Long-term debt, net $ 760.4 $ 1,329.9 $ 786.3

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	May 01, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Fair Value and Balance Sheet Classification of Outstanding Derivatives in Accompanying Consolidated Balance Sheets	The following table summarizes the fair value and balance sheet classification of the Company’s outstanding derivative within the accompanying Consolidated Balance Sheets as of May 1, 2021 and May 2, 2020: Instrument Balance Sheet Location May 1, 2021 May 2, 2020 (Dollars in millions) Interest Rate Cap Other Assets $ — $ 0.1
Summary of Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss)	The impacts of the Company’s derivative instrument on the accompanying Consolidated Statements of Comprehensive Income (Loss) for the thirteen weeks ended May 1, 2021 and May 2, 2020 are presented in the table below: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions) Gain recognized in Other Comprehensive Income (Loss) on derivatives, gross of income taxes $ — $ 0.2 Amount reclassified from Other Comprehensive Income (Loss) into earnings — — Amortization of excluded component to interest expense 0.2 0.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
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 May 1, 2021 and May 2, 2020: May 1, 2021 May 2, 2020 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan due 2023 (a) $ 629.4 $ 626.4 $ 831.5 $ 249.5 Term Loan due 2024 (a) — — 207.5 41.5 (a) Net of deferred financing costs and original issue discount.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	May 01, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	The carrying amount of goodwill at May 1, 2021 and May 2, 2020 May 1, 2021 May 2, 2020 ` (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 at May 1, 2021 and May 2, 2020 was as follows: May 1, 2021 May 2, 2020 Estimated Life in Years Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars 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 — Customer relationships 16 110.0 (69.6 ) 110.0 (62.7 ) Total intangible assets $ 445.1 $ (69.6 ) $ 445.1 $ (62.7 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share	The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted income (loss) per share for the thirteen weeks ended May 1, 2021 and May 2, 2020: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions except per share data) Net income (loss) $ 15.1 $ (23.6 ) Weighted-average common shares outstanding – Basic 38,384,718 34,902,380 Effect of dilutive stock-based awards 1,322,934 — Weighted-average common shares outstanding – Diluted 39,707,652 34,902,380 Basic earnings per common share $ 0.39 $ (0.68 ) Diluted earnings per common share $ 0.38 $ (0.68 )

Segments and Disaggregated Re_2

Segments and Disaggregated Revenue (Tables)	3 Months Ended
	May 01, 2021
Segment Reporting [Abstract]
Summary of Revenue by Product Category	The following table shows revenue by product category: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (Dollars in millions) Sewing $ 258.3 $ 274.4 Arts and Crafts and Home Décor 304.8 216.6 Other 11.3 8.4 Total $ 574.4 $ 499.4

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	Mar. 19, 2021USD ($)	Mar. 11, 2021$ / sharesshares	Mar. 03, 2021	May 01, 2021USD ($)StoreState	May 02, 2020USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of retail stores | Store				855
Number of states in which stores operates | State				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				$ 77
Initial public offering cost net of underwriters discount and commission				5.7
Offering costs incurred				2.6
Repayment of revolving credit facility				102.1	$ 42.6
Stock split conversion ratio			85.8808880756715
LGP
Summary Of Significant Accounting Principles And Policies [Line Items]
Management fee				$ 0.4	$ 0.8
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	May 01, 2021	Jan. 30, 2021	May 02, 2020
Debt Instrument [Line Items]
Total debt	$ 766.3	$ 793.7	$ 1,354.1
Less unamortized discount and debt costs	(5.9)	(7.4)	(15.1)
Total debt, net	760.4	786.3	1,339
Less current portion of debt			(9.1)
Long-term debt, net	760.4	786.3	1,329.9
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	131	85.5	300
Term Loan due 2023
Debt Instrument [Line Items]
Total debt	$ 635.3	635.4	842.2
Term Loan Due 2024
Debt Instrument [Line Items]
Total debt		$ 72.8	$ 211.9

Financing - Additional Informat

Financing - Additional Information (Details) - USD ($)	Mar. 19, 2021	May 21, 2018	Oct. 21, 2016	May 01, 2021	May 02, 2020	Jan. 30, 2021	Nov. 25, 2020
Debt Instrument [Line Items]
Total debt				$ 766,300,000	$ 1,354,100,000	$ 793,700,000
Repayment of outstanding borrowings and accrued interest				$ 70,900,000	2,300,000
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 allow for dividends after an initial public offering in amounts not to exceed 6% per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC. So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $25 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 is greater than 20% of the maximum credit, calculated on a pro forma basis for 60 days.
Percentage of maximum credit				20.00%
Maximum
Debt Instrument [Line Items]
Percentage of net proceeds from initial public offering allowed for dividends				6.00%
Minimum
Debt Instrument [Line Items]
Dividends				$ 25,000,000
Term Loan due 2023
Debt Instrument [Line Items]
Total debt			$ 725,000,000
Percentage of face value			98.00%
Term Loan due 2024
Debt Instrument [Line Items]
Total debt		$ 225,000,000
Percentage of face value		98.50%
Repayment of outstanding borrowings and accrued interest	$ 72,700,000
Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date				Nov. 25, 2025
Senior Notes | Amended Credit Agreement
Debt Instrument [Line Items]
Secured debt							$ 500,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, initiation date				Oct. 21, 2016
Issuance of senior secured financing			$ 400,000,000
Debt instrument, maturity date				Oct. 20, 2021
Line of credit facility, maximum borrowing capacity				$ 131,000,000	300,000,000
Amount of outstanding letters of credit obligation				24,800,000	16,900,000
Excess availability amount				$ 215,500,000	$ 83,100,000
Debt, weighted average interest rate				2.84%	2.79%
Total debt				$ 131,000,000	$ 300,000,000	$ 85,500,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	Jul. 31, 2018	May 01, 2021	May 02, 2020
Derivative Instruments Gain Loss [Line Items]
Amortized notional amount		$ 663,700,000	$ 685,800,000
LIBOR | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Purchased forward interest rate cap	$ 2,200,000
Cap interest rate	3.50%

Derivative Instruments - Summar

Derivative Instruments - Summary of Fair Value and Balance Sheet Classification of Outstanding Derivatives in Accompanying Consolidated Balance Sheets (Details) $ in Millions	May 02, 2020USD ($)
Interest Rate Cap | Other Assets
Derivative Instruments Gain Loss [Line Items]
Interest Rate Cap	$ 0.1

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gain recognized in Other Comprehensive Income (Loss) on derivatives, gross of income taxes		$ 0.2
Amortization of excluded component to interest expense	$ 0.2	$ 0.2

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Interest Rate Cap - Level 2 Fair value Measurement - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying and fair value of interest rate swap	$ 0	$ 0.1
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying and fair value of interest rate swap	$ 0	$ 0.1

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying and Fair Values of Term Loans (Details) - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Term Loan due 2023 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 629.4	$ 831.5
Term Loan due 2023 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 626.4	249.5
Term Loan Due 2024 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		207.5
Term Loan Due 2024 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		$ 41.5

Accrued Expenses and Other Lo_2

Accrued Expenses and Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	Jan. 30, 2021
Accrued Expenses
Accrued Expenses And Other Long Term Liabilities [Line Items]
Incentive compensation		$ 38.7
Deferred payments in accrued expenses and other long-term liabilities	$ 10.7
Other Long-Term Liabilities
Accrued Expenses And Other Long Term Liabilities [Line Items]
Incentive compensation		$ 1.9
Payment of Incentive compensation	35
Deferred payments in accrued expenses and other long-term liabilities	$ 10.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
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
	May 01, 2021	Jan. 30, 2021	May 02, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 375.5	$ 377.2	$ 382.4
Accumulated Amortization	(69.6)		(62.7)
Total intangible assets	445.1		445.1
JOANN Trade Name
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	325		325
Joann.com Domain Name
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	$ 10		10
Creativebug Trade Name
Finite Lived Intangible Assets [Line Items]
Estimated Life in Years	10 years
Gross Carrying Amount	$ 0.1		0.1
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Estimated Life in Years	16 years
Gross Carrying Amount	$ 110		110
Accumulated Amortization	$ (69.6)		$ (62.7)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible asset amortization	$ 1.7	$ 1.8
Weighted average amortization period of amortizable intangible assets	5 years 10 months 24 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Income Tax Disclosure [Abstract]
Corporate income tax rate	35.00%
Effective income tax provision (benefit) rate	21.80%	(33.90%)
Unrecognized tax benefits	$ 1.2
Unrecognized tax benefits which would affect effective tax rate if recognized	1
Interest and penalties accrued	0.2	$ 0.2
Reduction in uncertain tax position resulting from resolution or closure of tax examinations within next fiscal	$ 0.6

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Computation of diluted income (loss) per share	1,351,241	2,459,408

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 15.1	$ (23.6)
Weighted-average common shares outstanding – Basic	38,384,718	34,902,380
Effect of dilutive stock-based awards	1,322,934
Weighted-average common shares outstanding – Diluted	39,707,652	34,902,380
Basic earnings per common share	$ 0.39	$ (0.68)
Diluted earnings per common share	$ 0.38	$ (0.68)

Segments and Disaggregated Re_3

Segments and Disaggregated Revenue - Summary of Revenue by Product Category (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 574.4	$ 499.4
Sewing
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	258.3	274.4
Arts and Crafts and Home Décor
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	304.8	216.6
Other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 11.3	$ 8.4