Mission Statement, Vision, & Core Values (2024) of JOANN Inc. (JOAN)

An Overview of JOANN Inc. (JOAN)

General Summary of JOANN Inc.

JOANN Inc. is a prominent retail company in the United States, specializing in craft and fabric products. Founded in 1943, the company has evolved from a single store in Cleveland, Ohio, to a national chain with over 850 locations. JOANN offers a wide range of products including fabrics, crafting supplies, floral arrangements, and home décor items. As of 2024, JOANN's annual sales have reached approximately $1.8 billion, driven significantly by increased consumer interest in DIY and home crafting.

Company's Financial Performance in Latest Financial Reports

In the fiscal year 2023, JOANN Inc. reported record-breaking revenue of $1.87 billion, marking a 8% increase from the previous year. The company's net income for the same period stood at $95 million, reflecting a growth of 5% year-over-year. The following table summarizes key financial metrics:

JOANN's main product categories, including sewing and quilting, craft supplies, and home décor, have seen substantial sales growth. The company has also expanded its online presence, with online sales contributing significantly to the overall revenue.

Introduction to JOANN as a Leader in the Industry

As one of the leading companies in the craft retail industry, JOANN has established a strong market position through its extensive product offerings and customer engagement strategies. The company has effectively catered to a diverse range of customers, from hobbyists to professionals, leading to a loyal customer base. JOANN’s focus on quality products and community involvement has enhanced its brand value. For more about JOANN's success and its impact in the crafting industry, explore the detailed sections below.

Mission Statement of JOANN Inc. (JOAN)

Mission Statement Overview

JOANN Inc. asserts that its mission is to 'empower and inspire the creative spirit in everyone.' This mission statement is paramount in steering the company's strategic direction and long-term goals. It reflects JOANN's commitment to providing customers with quality products and services that facilitate creativity. According to their fiscal year 2023 report, JOANN generated approximately $1.7 billion in revenue, highlighting the company's strong presence in the arts and crafts industry.

Core Component 1: Empowerment

The first component of JOANN's mission statement is empowerment. This aspect emphasizes the company's dedication to enhancing the creative potential of its customers. JOANN enables individuals to take on diverse projects through accessible resources, supplies, and inspiration.

In 2022, JOANN launched more than 1,200 new products, enriching their inventory and providing customers with a vast range of creative options. The company's engagement in workshops and classes further supports this mission component, where approximately 500,000 customers participated in hands-on learning experiences across various locations.

Core Component 2: Inspiration

The second component, inspiration, focuses on igniting creativity among JOANN's clientele. The company strives to be a source of innovative ideas, providing customers with the tools to envision and realize their artistic projects.

According to a survey conducted by JOANN in 2023, 84% of customers reported feeling more creative after visiting the store or engaging with JOANN's online platforms. The company’s blog and social media channels reach over 2 million followers, delivering a consistent stream of creative content and project ideas.

Core Component 3: Creativity

The third component encompasses creativity, emphasizing JOANN's role in fostering a culture where imagination thrives. The company recognizes that cultivating creativity is crucial for its clientele and actively promotes it through various initiatives.

As of 2024, JOANN operates over 850 stores across the United States, showcasing a broad assortment of fabrics, crafts, and DIY supplies that cater to diverse creative needs. Moreover, in the fiscal year 2023, JOANN's e-commerce sales accounted for approximately 31% of total sales, indicating the growing trend of online shopping for creative materials.

Vision Statement of JOANN Inc. (JOAN)

Vision for Customer Engagement

JOANN Inc. envisions creating an immersive and engaging shopping experience that connects with customers on multiple levels. The goal is to enhance customer satisfaction and loyalty through personalized experiences.

As of 2024, the company aims to increase its customer engagement metrics by 25%. Currently, JOANN has around 8 million active customers, with plans to reach 10 million by the end of the year.

Vision for Product Innovation

JOANN aims to be a leader in crafting and DIY product innovation. The focus will be on introducing 200 new products annually that cater to emerging trends and customer demands.

In 2023, JOANN's new product line generated $30 million in revenue. The target for 2024 is a 15% increase, bringing the projected revenue from new products to approximately $34.5 million.

Vision for Sustainability

Sustainability is a core component of JOANN's vision. The company plans to reduce its carbon footprint by 30% by 2025, with several initiatives already underway.

In 2023, JOANN recycled 1,200 tons of material. The goal for 2024 is to recycle 1,500 tons, aligning with a broader commitment to sustainable practices.

Vision for Community Involvement

JOANN is committed to fostering community involvement. The company envisions increasing its community engagement activities by 50% in 2024, compared to 2023.

With over 500 community events held in 2023, the goal for 2024 is to host at least 750 events, emphasizing JOANN's dedication to local communities.

Vision for Technology Integration

Technology integration is crucial for JOANN's future. The company plans to invest $10 million in digital transformation initiatives in 2024.

This investment aims to enhance online shopping capabilities, with projections to increase e-commerce sales by 20%, translating to an anticipated revenue of $400 million from online sales in 2024.

Core Values of JOANN Inc. (JOAN)

Core Value: Customer Commitment

The core value of Customer Commitment at JOANN Inc. emphasizes the company's dedication to understanding and fulfilling the needs of its customers. This value is critical as it aligns the business objectives with consumer expectations and loyalty.

JOANN has demonstrated its commitment through various initiatives, such as the launch of its Customer Loyalty Program, which reported a 15% increase in repeat customers in 2023. The program now boasts over 1 million active members.

Furthermore, JOANN's customer service ratings showed an average of 4.8 out of 5 stars based on customer feedback in 2023. The company also invested approximately $5 million in training programs aimed at enhancing customer interaction skills among employees.

Core Value: Innovation

Innovation at JOANN Inc. signifies the importance of creativity and adaptability in product offerings and operational methods. This value drives the company's strategy in remaining competitive within the retail landscape.

In 2023, JOANN launched a new line of eco-friendly products that contributed to a 20% increase in sales of sustainable materials, amounting to $10 million in revenue. The company has also allocated $3 million to research and development for new crafting technologies and materials.

Additionally, JOANN introduced an augmented reality (AR) app feature that allows customers to visualize products in their space, leading to a 30% increase in user engagement with the app since its launch.

Core Value: Community Engagement

Community Engagement at JOANN Inc. focuses on building strong relationships with local communities and giving back through various initiatives. This core value is essential for fostering community trust and brand loyalty.

In 2023, JOANN partnered with more than 150 local organizations to host crafting workshops and events, engaging over 10,000 participants across the country. The company also donated over $2 million in supplies and funding to support community art and education programs.

Moreover, JOANN has established a volunteer program wherein employees logged over 5,000 hours of community service in 2023 alone.

Core Value: Respect and Integrity

The core value of Respect and Integrity at JOANN Inc. underlines the importance of ethical practices and mutual respect among employees, customers, and partners. This value is vital for maintaining a positive workplace culture and reputation.

As of 2024, JOANN has implemented a stringent supplier code of conduct, ensuring that over 90% of suppliers comply with ethical labor practices. The company also achieved a 100% score in the Human Rights Campaign’s Corporate Equality Index in 2023.

JOANN's employee satisfaction survey indicated that 85% of employees feel respected and valued in their workplace, reflecting the company's commitment to fostering a supportive environment.

Core Value: Sustainability

Sustainability is a core value at JOANN Inc. that emphasizes environmental responsibility and sustainable business practices. This value is crucial as it aligns with consumer demand for eco-conscious products.

In 2023, JOANN launched a sustainability initiative that aimed to reduce waste by 30% across its operations, with reported progress showing a 25% reduction in waste by year-end. The company also transitioned to using 100% recyclable packaging for all its products.

JOANN's investment in sustainable product lines generated over $5 million in sales in 2023, confirming consumer interest in eco-friendly options.