JOANN is coming off a strong year in which it added more than eight million new customers and saw sales at existing stores climb 38% since May 1. That helped the company pull in net income of $174 million on sales of $1.9 billion in the 39 weeks ending October 31, 2020.
“We believe that the growth of online marketplaces, such as Etsy, eBay, Shopify and other platforms, is driving the expansion of our customer base, and the success of online marketplaces is directly linked to our growth,” the company stated in filings ahead of its IPO.
It is in part riding on the coattails of pandemic winners like Etsy, eBay and Shopify, which have helped small businesses get online quickly at a time when e-commerce is booming. The number of active sellers on Etsy jumped 62% last year to 4.3 million, driving sales on the platform to more than double to $10.2 billion. Shopify processed $120 billion worth of goods in 2020, twice the amount from the year before. EBay sold $26.6 billion in products, up 21% year over year.
By Lauren Debter
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