J Jill Reports 29.4% Increase in Third Quarter Net Sales
U.S. omnichannel womenswear retailer J Jill reported that its total net sales rose 29.4 percent to $ 151.7 million in the third quarter (Q3) of this year (FY21), from $ 117.2 million. dollars over the same period last year.
In the three months ending October 31, the company’s direct-to-consumer net sales decreased 8.3% from a year ago, while the company’s total comparable sales increased by 42, 2%.
J Jill reported gross profit of $ 104.5 million from $ 69.0 million last year.
The retailer’s net income for the 13-week period was $ 11.2 million, compared to a net loss of $ 23.2 million during the same period last year.
Its net income for each diluted share was $ 0.79, while its adjusted net income for each diluted share, excluding non-recurring items, was $ 0.65.
J.Jill President and CEO Claire Spofford said, “We are pleased with our third quarter performance and are encouraged by the continued customer response to our premium product.
“These results reflect our continued recovery as we made progress in implementing our strategic initiatives, resulting in healthy gross margin expansion and a significant year-over-year improvement in adjusted earnings before interest, taxes,” depreciation and amortization (EBITDA).
“Our focus on selling at full price, improving inventory management and the frequent flow of inspired products have further strengthened our operating model. ”
J Jill’s total net sales for the 39 weeks leading up to Oct. 31 were $ 440.1 million, an increase of 46.3% from the $ 300.8 million for the same period of the last year.
The retailer expects to post fourth quarter revenue higher than the previous year.
Spofford added, “As the holiday season dawns, we are well positioned to delight our customers with the novelty and novelty she has responded to throughout this year.
“Our teams have worked hard to manage the supply chain so that we have the right levels of inventory for the holiday season and throughout the fourth quarter.”