JOANN (JOAN) 10-Q 3 Sep 21 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2021	Aug. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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	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		42,159,899

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 22.1	$ 27.4	$ 41.1
Inventories	632	555.9	601.1
Prepaid expenses and other current assets	78.2	71.5	39.4
Total current assets	732.3	654.8	681.6
Property, equipment and leasehold improvements, net	263.4	280.5	305.7
Operating lease assets	847.8	837	893
Goodwill, net	162	162	162
Intangible assets, net	373.8	377.2	380.7
Other assets	25.5	25.8	18.7
Total assets	2,404.8	2,337.3	2,441.7
Current liabilities:
Accounts payable	266.2	250.1	284.8
Accrued expenses	136.6	171.3	145
Current portion of operating lease liabilities	175	187.2	176
Current portion of long-term debt	6.8
Total current liabilities	584.6	608.6	605.8
Long-term debt, net	771.2	786.3	905
Long-term operating lease liabilities	771.8	766.4	838.4
Long-term deferred income taxes	87.5	87.3	92.2
Other long-term liabilities	52.7	46.3	44.9
Shareholders’ equity (deficit):
Common stock, stated value $0.01 per share; 200,000,000 authorized; issued 44,080,177 shares at July 31, 2021 and 36,822,658 shares at August 1, 2020 and January 30, 2021	0.4	0.3	0.3
Additional paid-in capital	202.8	124.7	124
Retained deficit	(52.9)	(69)	(155)
Accumulated other comprehensive loss		(0.3)	(0.6)
Treasury stock at cost; 1,920,278 shares at July 31, 2021, August 1, 2020 and January 30, 2021	(13.3)	(13.3)	(13.3)
Total shareholders’ equity (deficit)	137	42.4	(44.6)
Total liabilities and shareholders’ equity (deficit)	$ 2,404.8	$ 2,337.3	$ 2,441.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 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		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Net sales	$ 496.9	$ 708	$ 1,071.3	$ 1,207.4
Cost of sales	230.1	356.6	501.8	610.2
Selling, general and administrative expenses	247	283.6	496.9	525.7
Depreciation and amortization	20.1	19.7	40.5	39.5
Operating (loss) profit	(0.3)	48.1	32.1	32
Interest expense, net	14.8	18.3	28	41
Debt related loss (gain)	3.1	(146.8)	3	(149.9)
Gain on sale leaseback	(24.5)		(24.5)
Income before income taxes	6.3	176.6	25.6	140.9
Income tax provision	1.1	26.7	5.3	14.6
Net income	5.2	149.9	20.3	126.3
Other comprehensive income:
Cash flow hedges	0.2	0.2	0.4	0.4
Income tax provision on cash flow hedges			(0.1)	(0.1)
Other comprehensive income	0.2	0.2	0.3	0.3
Comprehensive income	$ 5.4	$ 150.1	$ 20.6	$ 126.6
Earnings per common share:
Basic	$ 0.12	$ 4.29	$ 0.50	$ 3.62
Diluted	$ 0.12	$ 4.17	$ 0.49	$ 3.56
Weighted-average common shares outstanding:
Basic	42,159,899	34,902,380	40,272,308	34,902,380
Diluted	43,661,417	35,908,553	41,685,944	35,496,262

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Net cash (used for) provided by operating activities:
Net income	$ 20.3	$ 126.3
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Non-cash operating lease expense	79.7	75
Depreciation and amortization	40.5	39.5
Deferred income taxes		1.1
Stock-based compensation expense	1.3	0.8
Amortization of deferred financing costs and original issue discount	1.5	2
Debt related loss (gain)	3	(149.9)
Gain on sale leaseback	(24.5)
Loss on disposal and impairment of fixed and operating lease assets		2.2
Changes in operating assets and liabilities:
(Increase) decrease in inventories	(76.1)	48.6
(Increase) decrease in prepaid expenses and other current assets	(3.8)	6.6
Increase in accounts payable	16.1	57.7
(Decrease) increase in accrued expenses	(41.1)	33.8
Decrease in operating lease liabilities	(97.4)	(48.8)
(Decrease) increase in other long-term liabilities	(0.9)	7.5
Other, net	(0.7)	0.8
Net cash (used for) provided by operating activities	(82.1)	203.2
Net cash provided by (used for) investing activities:
Capital expenditures	(28.6)	(20.1)
Proceeds from sale leaseback	48.1
Other investing activities	(0.2)	0.1
Net cash provided by (used for) investing activities	19.3	(20)
Net cash provided by (used for) financing activities:
Term loan proceeds, net of original issue discount	671.6
Term loan payments	(706.3)	(2.3)
Borrowings on revolving credit facility	282.1	331.5
Payments on revolving credit facility	(255.1)	(312)
Purchase and retirement of debt	(0.9)	(183.2)
Principal payments on finance lease obligations	(2.9)	(0.5)
Issuance of common stock, net of underwriting commissions and offering costs	76.9
Dividends paid	(4.2)
Financing fees paid	(3.8)
Other, net	0.1
Net cash provided by (used for) financing activities	57.5	(166.5)
Net (decrease) increase in cash and cash equivalents	(5.3)	16.7
Cash and cash equivalents at beginning of period	27.4	24.4
Cash and cash equivalents at end of period	22.1	41.1
Cash paid during the period for:
Interest	27.3	35.1
Income taxes, net of refunds	$ 12.9	$ 2.7

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021
Statement Of Stockholders Equity [Abstract]
Dividends per share	$ 0.10	$ 0.10

Consolidated Statements of Sh_2

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	126.3				126.3
Other comprehensive income	0.3					0.3
Stock-based compensation	0.8			0.8
Balance at Aug. 01, 2020	(44.6)	$ 0.3	$ (13.3)	124	(155)	(0.6)
Balance,Shares at Aug. 01, 2020		34,902,400	1,920,300
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
Net income	149.9				149.9
Other comprehensive income	0.2					0.2
Stock-based compensation	0.4			0.4
Balance at Aug. 01, 2020	(44.6)	$ 0.3	$ (13.3)	124	(155)	(0.6)
Balance,Shares at Aug. 01, 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	20.3				20.3
Other comprehensive income	0.3					0.3
Issuance of common stock, net	76.9	$ 0.1		76.8
Issuance of common stock, net, Shares		7,109,400
Dividends	(4.2)				(4.2)
Stock-based compensation	1.3			1.3
Exercise of stock options, Shares		148,100
Balance at Jul. 31, 2021	137	$ 0.4	$ (13.3)	202.8	(52.9)
Balance,Shares at Jul. 31, 2021		42,159,900	1,920,300
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
Net income	5.2				5.2
Other comprehensive income	0.2					$ 0.2
Issuance of common stock, net	(0.1)			(0.1)
Dividends	(4.2)				(4.2)
Stock-based compensation	0.7			0.7
Balance at Jul. 31, 2021	$ 137	$ 0.4	$ (13.3)	$ 202.8	$ (52.9)
Balance,Shares at Jul. 31, 2021		42,159,900	1,920,300

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jul. 31, 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 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. 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.” 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 July 31, 2021 and August 1, 2020 were both comprised of 13 weeks. The year-to-date periods ended July 31, 2021 and August 1, 2020 were both comprised of 26 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 $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 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 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 intends to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on its Consolidated Financial Statements. 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 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 no management fee for the thirteen weeks ended July 31, 2021 and August 1, 2020. The Company paid a management fee to LGP of $0.4 million and $0.8 million for the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively.

Financing

Financing	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Financing	Note 2—Financing Long-term debt consisted of the following: July 31, 2021 August 1, 2020 January 30, 2021 (Dollars in millions) Revolving Credit Facility $ 112.5 $ 193.0 $ 85.5 Term Loan due 2023 — 639.4 635.4 Term Loan due 2024 — 81.5 72.8 Term Loan due 2028 675.0 — — Total debt 787.5 913.9 793.7 Less unamortized discount and debt costs (9.5 ) (8.9 ) (7.4 ) Total debt, net 778.0 905.0 786.3 Less current portion of debt (6.8 ) — — Long-term debt, net $ 771.2 $ 905.0 $ 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 July 31, 2021, there were $112.5 million of borrowings on the Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $22.0 million. As of July 31, 2021, the Company’s excess availability on the Revolving Credit Facility was $241.1 million. During the second quarter of fiscal 2022, the weighted average interest rate for borrowings under the Revolving Credit Facility was 2.85 percent, compared to 1.86 percent for the second quarter of fiscal 2021. As of August 1, 2020, the Company had $193.0 million of borrowings on the Revolving Credit Facility and the Company’s outstanding letters of credit obligation was $23.0 million. As of August 1, 2020, the Company’s excess availability on the Revolving Credit Facility was $162.9 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 was with a syndicate of lenders and was secured by substantially all the assets of JOANN, excluding the Revolving Credit Facility collateral, and had a second priority security interest in the Revolving Credit Facility collateral. It was guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. The Term Loan due 2023 was refinanced on July 7, 2021 with the Amendment No. 2 to the Company’s Credit Agreement (see Term Loan Due 2028 below). The weighted average interest rate for borrowings under the Term Loan due 2023 was 6.08 percent for both the second quarter of fiscal 2022 and fiscal 2021. Term Loan Due 2024 On May 21, 2018, the Company entered into a $225.0 million term loan facility (the “Term Loan due 2024”), which was issued at 98.5 percent of face value. The Term Loan due 2024 was with a syndicate of lenders. The Term Loan due 2024 was secured by a second priority security interest in all the assets of JOANN, excluding the Revolving Credit Facility collateral, and had a third priority security interest in the Revolving Credit Facility collateral. It was guaranteed by existing and future wholly-owned subsidiaries of JOANN, subject to certain exceptions. During the second quarter of fiscal 2021, the weighted average interest rate for borrowings under the Term Loan due 2024 was 10.39 percent. On March 19, 2021, in connection with the closing of the initial public offering, the Company used all net proceeds received from the initial public offering and borrowings from the Revolving Credit Facility to repay all of the outstanding borrowings and accrued interest under the Term Loan due 2024 totaling $72.7 million. Following such repayment, all obligations under the Term Loan due 2024 were terminated in the first quarter of fiscal 2022. A write-off of the deferred charges and original issue discount, totaling $0.9 million, associated with the original debt issuance was recognized in debt related loss (gain) within the accompanying Consolidated Statements of Comprehensive Income (Loss) and the accompanying Consolidated Statements of Cash Flows as a result of the repayment. Term Loan Due 2028 On July 7, 2021, the Company entered into the Amendment No. 2 (“Second Amendment”) to the Credit Agreement, dated as of October 21, 2016. The Second Amendment, among other things, provided for a new $675 million incremental first-lien term loan credit facility with a maturity date of July 7, 2028 (the “Term Loan due 2028” and, together with the Term Loan due 2023 and Term Loan due 2024, the “Term Loans”). The Term Loan due 2028 was issued at 99.5 percent of face value and was used to refinance the Company’s outstanding Term Loan due 2023, as well as to reduce amounts borrowed under the Revolving Credit Facility, and pay related fees and expenses. The Second Amendment 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 second quarter of fiscal 2022, the weighted average interest rate for borrowings under the Term Loan due 2028 was 5.58 percent. The Term Loan due 2028 was issued at a $3.4 million discount. A portion of the discount in the amount of $3.1 million was recorded as a reduction of debt and set up to amortize over the life of the Term Loan due 2028 and $0.3 million of the discount was charged to earnings. The total fees and expenses associated with the Term Loan due 2028 were $6.8 million, which fees represent banking, legal and other professional services. The Company capitalized $3.8 million of these fees as a reduction of debt and the remaining fees were charged to earnings. Covenants The covenants contained in the credit agreements restrict JOANN’s ability to pay dividends or make other distributions; accordingly, any dividends may only be made in accordance with such covenants. Among other restrictions, the credit agreements permit the public parent company to pay dividends on its common stock in amounts not to exceed the greater of 6% per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC from any such public offering of common stock of Jo-Ann Stores, LLC or its direct or indirect parent company, or 7% of Market Capitalization (as defined in the credit agreements). So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $35 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 July 31, 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	6 Months Ended
	Jul. 31, 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 interest rate cap had an amortized notional amount of $662.2 million and $ 684.4 As a result of the refinance of the Term Loan due 2023, the Company ’ s interest rate cap was no longer highly effective beginning on July 7, 2021 . Accordingly, the Company de-designated the cash flow hedge. There were no net unrealized gains and losses for the period in which this cash flow hedge was no longer highly effective. Additionally, there were no net unrealized gains or loss es previously recognized as a component of A ccumulated O ther C omprehensive Loss prior to d e-designation. 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 and twenty-six weeks ended July 31, 2021 and August 1, 2020 are presented in the table below: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions) Gain recognized in Other Comprehensive Income on derivatives, gross of income taxes $ — $ 0.2 $ — $ 0.4 Amount reclassified from Accumulated Other Comprehensive Loss into earnings — — — — Amortization of excluded component to interest expense 0.2 0.2 0.4 0.4

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 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 July 31, 2021 and August 1, 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 July 31, 2021 and August 1, 2020 : July 31, 2021 August 1, 2020 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan due 2023 (a) $ — $ — $ 631.8 $ 461.2 Term Loan due 2024 (a) — — 80.2 36.1 Term Loan due 2028 (a) 665.5 662.2 — — (a) Net 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	6 Months Ended
	Jul. 31, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Accrued Expenses and Other Long-Term Liabilities	Note 5—Accrued Expenses and Other Long-Term Liabilities In the first quarter of fiscal 2022, the Company paid $35.0 million for incentive compensation to salaried store support center and distribution center team members as well as store and district managers based on favorable financial performance during fiscal 2021. As of January 30, 2021, the Company had fully accrued for the incentive compensation payment in accrued expenses on the accompanying Consolidated Balance Sheet. 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 as of July 31, 2021. As of August 1, 2020, the Company had accrued $8.8 million within other long-term liabilities for deferred Social Security Tax payments.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jul. 31, 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 July 31, 2021 and August 1, 2020 July 31, 2021 August 1, 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 July 31, 2021 and August 1, 2020 was as follows: July 31, 2021 August 1, 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 (71.3 ) 110.0 (64.4 ) Total intangible assets $ 445.1 $ (71.3 ) $ 445.1 $ (64.4 ) The Company recognized intangible asset amortization of $1.7 million and $3.4 million for the thirteen and twenty-six weeks ended July 31, 2021, respectively. The Company recognized intangible asset amortization of $1.7 million and $3.5 million for the thirteen and twenty-six weeks ended August 1, 2020, respectively. The weighted average amortization period of amortizable intangible assets as of July 31, 2021 approximated 5.6 years.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 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 second quarter of fiscal 2022 was 17.5 percent, compared to 15.1 percent for the second quarter of fiscal 2021. The effective income tax rate for the first half of fiscal 2022 was 20.7 percent, compared to 10.4 percent for the first half of fiscal 2021. The change in the effective tax rate primarily relates to the recording of the favorable impact of the enactment of the CARES Act, including the release of a valuation allowance for the interest deduction limitation, during the first half of fiscal 2021. 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 second quarter of fiscal 2022, unrecognized tax benefits were $1.0 million, of which $0.8 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 second quarter of fiscal 2022 was $0.1 million compared to $0.3 million of interest and 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 $0.3 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	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 8—Earnings Per Share Basic earnings per share is computed based upon the weighted-average number of common shares outstanding. Diluted earnings per share is computed based upon the weighted-average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. Treasury stock is excluded from the denominator in calculating both basic and diluted earnings per share. The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share and the stock-based awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions except per share data) Net income $ 5.2 $ 149.9 $ 20.3 $ 126.3 Weighted-average common shares outstanding – Basic 42,159,899 34,902,380 40,272,308 34,902,380 Effect of dilutive stock-based awards 1,501,518 1,006,173 1,413,636 593,882 Weighted-average common shares outstanding – Diluted 43,661,417 35,908,553 41,685,944 35,496,262 Basic earnings per common share $ 0.12 $ 4.29 $ 0.50 $ 3.62 Diluted earnings per common share $ 0.12 $ 4.17 $ 0.49 $ 3.56 Antidilutive stock-based awards excluded from diluted calculation 667,967 1,179,568 1,368,431 1,800,485

Segments and Disaggregated Reve

Segments and Disaggregated Revenue	6 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Segments and Disaggregated Revenue	Note 9—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 retail 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 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 Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions) Sewing $ 226.7 $ 372.2 $ 485.0 $ 646.6 Arts and Crafts and Home Décor 262.8 319.0 567.6 535.6 Other 7.4 16.8 18.7 25.2 Total $ 496.9 $ 708.0 $ 1,071.3 $ 1,207.4

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 31, 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.

Gain on Sale Leaseback of Distr

Gain on Sale Leaseback of Distribution Center	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Gain on Sale Leaseback of Distribution Center	Note 11—Gain on Sale Leaseback of Distribution Center During the second quarter of fiscal 2022, the Company completed a sale and leaseback transaction for its distribution center located in Opelika, Alabama for a sale price of $48.1 million. The transaction qualifies for sales recognition under the sale leaseback accounting requirements and the Company recorded a gain of $ 24.5 million. Proceeds from the sale were primarily used to repay borrowings under the Term Loan due 2023 and Revolving Credit Facility . The lease related to this transaction has an initial term of 20 years and two 10-year extension options. At commencement of the lease, the Company recorded operating lease liabilities of $37.5 million and operating lease assets of $37.5 million. The discount rate for the lease was 6.28%.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 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 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.
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.” 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 July 31, 2021 and August 1, 2020 were both comprised of 13 weeks. The year-to-date periods ended July 31, 2021 and August 1, 2020 were both comprised of 26 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 $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 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 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 intends to apply this guidance when modifications of contracts that include LIBOR occur, which is not expected to have a material impact on its Consolidated Financial Statements.
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 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 no management fee for the thirteen weeks ended July 31, 2021 and August 1, 2020. The Company paid a management fee to LGP of $0.4 million and $0.8 million for the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively.

Financing (Tables)

Financing (Tables)	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following: July 31, 2021 August 1, 2020 January 30, 2021 (Dollars in millions) Revolving Credit Facility $ 112.5 $ 193.0 $ 85.5 Term Loan due 2023 — 639.4 635.4 Term Loan due 2024 — 81.5 72.8 Term Loan due 2028 675.0 — — Total debt 787.5 913.9 793.7 Less unamortized discount and debt costs (9.5 ) (8.9 ) (7.4 ) Total debt, net 778.0 905.0 786.3 Less current portion of debt (6.8 ) — — Long-term debt, net $ 771.2 $ 905.0 $ 786.3

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jul. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss)	The impacts of the Company’s derivative instrument on the accompanying Consolidated Statements of Comprehensive Income (Loss) for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 are presented in the table below: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions) Gain recognized in Other Comprehensive Income on derivatives, gross of income taxes $ — $ 0.2 $ — $ 0.4 Amount reclassified from Accumulated Other Comprehensive Loss into earnings — — — — Amortization of excluded component to interest expense 0.2 0.2 0.4 0.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 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 July 31, 2021 and August 1, 2020 : July 31, 2021 August 1, 2020 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan due 2023 (a) $ — $ — $ 631.8 $ 461.2 Term Loan due 2024 (a) — — 80.2 36.1 Term Loan due 2028 (a) 665.5 662.2 — — (a) Net

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jul. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	The carrying amount of goodwill at July 31, 2021 and August 1, 2020 July 31, 2021 August 1, 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 July 31, 2021 and August 1, 2020 was as follows: July 31, 2021 August 1, 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 (71.3 ) 110.0 (64.4 ) Total intangible assets $ 445.1 $ (71.3 ) $ 445.1 $ (64.4 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 31, 2021
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 per share and the stock-based awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions except per share data) Net income $ 5.2 $ 149.9 $ 20.3 $ 126.3 Weighted-average common shares outstanding – Basic 42,159,899 34,902,380 40,272,308 34,902,380 Effect of dilutive stock-based awards 1,501,518 1,006,173 1,413,636 593,882 Weighted-average common shares outstanding – Diluted 43,661,417 35,908,553 41,685,944 35,496,262 Basic earnings per common share $ 0.12 $ 4.29 $ 0.50 $ 3.62 Diluted earnings per common share $ 0.12 $ 4.17 $ 0.49 $ 3.56 Antidilutive stock-based awards excluded from diluted calculation 667,967 1,179,568 1,368,431 1,800,485

Segments and Disaggregated Re_2

Segments and Disaggregated Revenue (Tables)	6 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Summary of Revenue by Product Category	The following table shows revenue by product category: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 (Dollars in millions) Sewing $ 226.7 $ 372.2 $ 485.0 $ 646.6 Arts and Crafts and Home Décor 262.8 319.0 567.6 535.6 Other 7.4 16.8 18.7 25.2 Total $ 496.9 $ 708.0 $ 1,071.3 $ 1,207.4

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details)	Mar. 19, 2021USD ($)	Mar. 11, 2021$ / sharesshares	Mar. 03, 2021	Jul. 31, 2021USD ($)StoreState	Aug. 01, 2020USD ($)	Jul. 31, 2021USD ($)StoreState	Aug. 01, 2020USD ($)
Summary Of Significant Accounting Principles And Policies [Line Items]
Number of retail stores | Store				853		853
Number of states in which stores operates | State				49		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						$ 76,900,000
Initial public offering cost net of underwriters discount and commission						5,700,000
Offering costs incurred				$ 2,700,000		2,700,000
Repayment of revolving credit facility						255,100,000	$ 312,000,000
Stock split conversion ratio			85.8808880756715
LGP
Summary Of Significant Accounting Principles And Policies [Line Items]
Management fee				$ 0	$ 0	$ 400,000	$ 800,000
Term Loan Due 2024
Summary Of Significant Accounting Principles And Policies [Line Items]
Repayment of revolving credit facility	$ 72,700,000

Financing - Summary of Long-ter

Financing - Summary of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Total debt	$ 787.5	$ 793.7	$ 913.9
Less unamortized discount and debt costs	(9.5)	(7.4)	(8.9)
Total debt, net	778	786.3	905
Less current portion of debt	(6.8)
Long-term debt, net	771.2	786.3	905
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	112.5	85.5	193
Term Loan due 2023
Debt Instrument [Line Items]
Total debt		635.4	639.4
Term Loan Due 2024
Debt Instrument [Line Items]
Total debt		$ 72.8	$ 81.5
Term Loan due 2028
Debt Instrument [Line Items]
Total debt	$ 675

Financing - Additional Informat

Financing - Additional Information (Details) - USD ($)	Jul. 07, 2021	Jul. 06, 2021	Mar. 19, 2021	May 21, 2018	Oct. 21, 2016	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021	Nov. 25, 2020
Debt Instrument [Line Items]
Total debt						$ 787,500,000	$ 913,900,000	$ 793,700,000
Repayment of outstanding borrowings and accrued interest						$ 706,300,000	$ 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 permit the public parent company to pay dividends on its common stock in amounts not to exceed the greater of 6% per annum of the net proceeds received by, or contributed to Jo-Ann Stores, LLC from any such public offering of common stock of Jo-Ann Stores, LLC or its direct or indirect parent company, or 7% of Market Capitalization (as defined in the credit agreements). So long as there is no event of default, the credit agreements also allow dividends in amounts not less than $35 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.
Credit agreement market capitalization percentage						7.00%
Percentage of maximum credit						20.00%
Maximum
Debt Instrument [Line Items]
Common stock dividend rate percentage						6.00%
Minimum
Debt Instrument [Line Items]
Dividends						$ 35,000,000
Term Loan due 2023
Debt Instrument [Line Items]
Debt, weighted average interest rate						6.08%	6.08%
Total debt					$ 725,000,000
Percentage of face value					98.00%
Term Loan due 2024
Debt Instrument [Line Items]
Debt, weighted average interest rate							10.39%
Total debt				$ 225,000,000
Percentage of face value				98.50%
Repayment of outstanding borrowings and accrued interest			$ 72,700,000
Repayment of debt issuance cost			$ 900,000
Term Loan due 2028
Debt Instrument [Line Items]
Debt discount	$ 3,400,000
Fees and expenses representing banking, legal other professional services	6,800,000
Fees capitalized	3,800,000
Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date						Nov. 25, 2025
Second Amendment | Term Loan due 2028
Debt Instrument [Line Items]
Debt instrument, maturity date						Jul. 7, 2028
Debt, weighted average interest rate						5.58%
Total debt	$ 675,000,000
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									$ 500,000,000
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 | 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	$ 3,100,000
Charged to Earnings | Term Loan due 2028
Debt Instrument [Line Items]
Debt discount	$ 300,000
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						$ 112,500,000	$ 193,000,000
Amount of outstanding letters of credit obligation						22,000,000	23,000,000
Excess availability amount						$ 241,100,000	$ 162,900,000
Debt, weighted average interest rate						2.85%	1.86%
Total debt						$ 112,500,000	$ 193,000,000	$ 85,500,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($)	Jul. 31, 2018	Jul. 31, 2021	Aug. 01, 2020
Derivative Instruments Gain Loss [Line Items]
Amortized notional amount		$ 662,200,000	$ 684,400,000
Fair value of outstanding derivative		0	$ 0
Net unrealized gains and losses of cash flow hedge		0
Net unrealized gains or losses previously recognized of accumulated other comprehensive loss prior to de-designation		$ 0
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 Impacts of Derivative Instrument on Accompanying Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gain recognized in Other Comprehensive Income on derivatives, gross of income taxes		$ 0.2		$ 0.4
Amortization of excluded component to interest expense	$ 0.2	$ 0.2	$ 0.4	$ 0.4

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jul. 31, 2021	Aug. 01, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying and fair value of interest rate swap	$ 0	$ 0
Interest Rate Cap | Carrying Value | Level 2 Fair value Measurement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying and fair value of interest rate swap	0	0
Interest Rate Cap | Fair Value | Level 2 Fair value Measurement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying and fair value of interest rate swap	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying and Fair Values of Term Loans (Details) - USD ($) $ in Millions	Jul. 31, 2021	Aug. 01, 2020
Term Loan due 2023 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		$ 631.8
Term Loan due 2023 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		461.2
Term Loan Due 2024 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		80.2
Term Loan Due 2024 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans		$ 36.1
Term Loan due 2028 | Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 665.5
Term Loan due 2028 | Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying and fair values of term loans	$ 662.2

Accrued Expenses and Other Lo_2

Accrued Expenses and Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 01, 2021	Jul. 31, 2021	Aug. 01, 2020
Other Long-Term Liabilities
Accrued Expenses And Other Long Term Liabilities [Line Items]
Payment of Incentive compensation	$ 35
Deferred payments in accrued expenses and other long-term liabilities		$ 10.7
Accrued Expenses
Accrued Expenses And Other Long Term Liabilities [Line Items]
Deferred payments in accrued expenses and other long-term liabilities		$ 10.7
Accrued and Other Long-Term Liabilities
Accrued Expenses And Other Long Term Liabilities [Line Items]
Deferred payments in accrued expenses and other long-term liabilities			$ 8.8

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 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	6 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 373.8	$ 377.2	$ 380.7
Accumulated Amortization	(71.3)		(64.4)
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	$ (71.3)		$ (64.4)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible asset amortization	$ 1.7	$ 1.7	$ 3.4	$ 3.5
Weighted average amortization period of amortizable intangible assets			5 years 7 months 6 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Corporate income tax rate			35.00%
Effective income tax rate	17.50%	15.10%	20.70%	10.40%
Unrecognized tax benefits	$ 1		$ 1
Unrecognized tax benefits which would affect effective tax rate if recognized	0.8		0.8
Interest and penalties accrued	0.1	$ 0.3	$ 0.1	$ 0.3
Reduction in uncertain tax position resulting from resolution or closure of tax examinations within next fiscal	$ 0.3

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		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Net income	$ 5.2	$ 149.9	$ 20.3	$ 126.3
Weighted-average common shares outstanding – Basic	42,159,899	34,902,380	40,272,308	34,902,380
Effect of dilutive stock-based awards	1,501,518	1,006,173	1,413,636	593,882
Weighted-average common shares outstanding – Diluted	43,661,417	35,908,553	41,685,944	35,496,262
Basic earnings per common share	$ 0.12	$ 4.29	$ 0.50	$ 3.62
Diluted earnings per common share	$ 0.12	$ 4.17	$ 0.49	$ 3.56
Antidilutive stock-based awards excluded from diluted calculation	667,967	1,179,568	1,368,431	1,800,485

Segments and Disaggregated Re_3

Segments and Disaggregated Revenue - Additional Information (Details)	6 Months Ended
	Jul. 31, 2021Segment
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		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 496.9	$ 708	$ 1,071.3	$ 1,207.4
Sewing
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	226.7	372.2	485	646.6
Arts and Crafts and Home Décor
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	262.8	319	567.6	535.6
Other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 7.4	$ 16.8	$ 18.7	$ 25.2

Gain on Sale Leaseback of Dis_2

Gain on Sale Leaseback of Distribution Center - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Sale Leaseback Transaction [Line Items]
Sale and leaseback transaction, gain (loss), net	$ 24.5	$ 24.5
Operating lease assets	847.8	847.8	$ 837	$ 893
Sale Leaseback of Distribution Center
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, sale price	48.1	$ 48.1
Sale and leaseback transaction, gain (loss), net	$ 24.5
Lease initial term	20 years	20 years
Lease extension option description		two 10-year extension options
Lease extension option	true
Operating lease liabilities	$ 37.5	$ 37.5
Operating lease assets	$ 37.5	$ 37.5
Operating lease, weighted average discount rate, percent	6.28%	6.28%