J.Jill’s total net sales for the thirteen weeks ended 28 October 2023 were flat at $150.1m for the thirteen weeks ended 29 October 2022.
While, the total company comparable sales, which includes comparable store and direct-to-consumer sales, increased by 1.9%.
Go deeper with GlobalData
However, helped by the absence of an impairment charge it booked in the same period last year, operating income increased to $22.13m compared to $18.85m in the third quarter of fiscal 2022.
The company’s net income also rose from last year’s $8.92m to $11.62m in the same quarter this year.
Claire Spofford, president and chief executive officer of J.Jill Inc., said: “Our performance continues to reflect the disciplined execution of our business by the team especially amidst a very dynamic consumer environment. 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.”
See Also:
On the company’s investor call she added J.Jill saw “particular strength” earlier in the quarter, supported by “solid customer reception to its transitional product” as the company entered fall season.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to Spofford, in Q3, the company continued to see growth in new-to-brand customers across both channels, with particular strength in direct.
Looking forward to the remainder of the year, she believes the company is well positioned to deliver on its objectives for the year while the customer becomes more discerning with spending.
However, the company expects fourth quarter 2023 revenues to be approximately flat compared to the fourth quarter of fiscal 2022.
Spofford explained: “We are seeing impact again from elevated return rates as the customer has become more discerning with their spend, particularly in certain categories. We believe through the actions we’ve taken with our updated fit guide and shop the model features, we’ve been able to partially mitigate the impact by ensuring that our customer understands and can find the right fit for her.”
