joann inc joan shares shed gains from the regular session after hours thursday after the fabric arts and crafts retailer missed big on earnings while beating wall street estimates on revenue as it seeks to cut costs joann shares fell 5 after hours following a 71 surge in the regular session to close at 211 the company reported a fourthquarter loss of 911 million or 223 a share versus net income of 136 million in the yearago period adjusted earnings which excludes stockbased compensation expenses and other items were 7 cents a share compared with 116 a share in the yearago period revenue declined to 6928 million from 7353 million in the yearago period meanwhile analysts surveyed by factset had forecast earnings of 62 cents a share on revenue of 6688 million the company said it’s looking to reduce annual costs by roughly 200 million “while many of the cost headwinds we faced in fiscal year 2023 are becoming tailwinds we believe it is prudent to continue to take proactive steps to strengthen our balance sheet” said scott sekella joann’s chief financial officer in a statement “with this in mind our new credit facility is another tool to improve our balance sheet as we focus on cash generation throughout fiscal year 2024” the cfo was referring to a credit facility that adds a series of 100 million firstin lastout loans adding to its existing 500 million assetbased revolving credit loan