American womenswear retailer J.Jill reported a slight decline in third-quarter net sales by 0.1 per cent, totaling US $ 150.1 million. However, the company observed a positive upswing with a 1.9 per cent increase in comparable sales.
Looking ahead to the fourth quarter, J.Jill anticipates flat revenues, expecting adjusted EBITDA to range between US $ 11 million and US $ 13 million. For fiscal 2023, the company projects a low-single-digit decline in Adjusted EBITDA and foresees maintaining a steady store count by the end of the fiscal year.
Claire Spofford, president and CEO of J.Jill stated in a statement, “Our results are supported by solid full-price selling across our channels and underscores our ability to continue to deliver product and assortments that are versatile, modern and that appeal to our loyal customer.”
The third quarter saw a marginal decline of 0.5 per cent in direct-to-consumer net sales, representing 45.3 per cent of the company’s sales.
The company marked a rise in gross profit, reaching US $ 107.8 million, and an increased gross margin of 71.8 per cent. Net income for the quarter rose to US $ 11.6 million.
Across the thirty-nine weeks, J.Jill reported a 2.7 per cent decrease in net sales, totaling US $ 455.2 million. Comparable sales dropped by 0.7 per cent, including both comparable store and direct-to-consumer sales. Direct-to-consumer net sales represented 45 per cent of the total, declining by 4.5 per cent.
Adjusted EBITDA for the period increased slightly to US $ 94.7 million, with an adjusted EBITDA margin of 20.8 per cent.