J.Jill reports uptick in Q4 sales, swings to FY profit
J.Jill beat estimates in the fourth quarter after reporting a 1.7 percent uptick in sales in the period ended January 28.
The US womenswear retailer made net sales of 147.7 million dollars compared to 145.2 million dollars in the prior year period.
J.Jill previously said it expected Q4 sales to be flat or down 3 percent year-on-year.
In terms of comparable sales, which includes comparable store and direct-to-consumer sales, Q4 sales were up 5.3 percent year-on-year.
However, the company’s Q4 net income narrowed to 1 million dollars from 3.6 million dollars.
President and chief executive officer Claire Spofford hailed a “strong finish for the year as we delivered better than expected top and bottom line results for the fourth quarter and full year”.
J.Jill returns to FY profit
Looking at the full-year, the company’s sales increased 5.1 percent to 615.3 million dollars, with comparable sales up 6.5 percent.
The retailer swung to a net income of 42.2 million dollars from a loss of 28.1 million dollars a year earlier.
Looking ahead, Spofford said: “In 2023, we expect to build on this progress while maintaining the disciplined approach to inventory and expense management that we have demonstrated over the past eight quarters.
“While we are cautious with respect to our outlook for this year given the ongoing macro-related headwinds, we remain focused on positioning J.Jill for long term profitable growth.”
The company expects FY23 adjusted EBITDA to be approximately flat on the prior year.