After surpassing forecasts for both the fourth quarter and the entire year in sales, J. Jill has praised its “disciplined operating model”.
For the year ending 28th January, FY ’23, J.Jill’s yearly sales decreased 1.7 per cent to US $ 604.7 million, but operating income increased to US $ 86.1 million from US $ 78.7 million at same time. Due to increased interest costs and charges, FY net income decreased to US $ 36.2 million from US $ 42.2 million in the prior year.
In the fourth quarter of the year, operating income grew to US $ 10.5 million from US $ 7.8 million, while total net sales gained 1.2 per cent to US $ 149.4 million. After a year of US $ 1 million, net income increased to US $ 4.8 million.
Claire Spofford, president and CEO of J.Jill Inc. was happy with both the company’s Q4 and FY ’23 results and stated, “We are pleased with our strong end to 2023 which delivered fourth quarter and full year results above our expectations. This performance is once again a testament to the execution of our disciplined operating model which has continued to support the healthy margin profile and strong cash generation of the business.”
In comparison to the 53-week fiscal 2023, the company projects adjusted EBITDA to be down in the mid-single digits and net sales to be flat to up in the low-single digits for the 52-week fiscal 2024.
