J.Jill posts 21.7 percent Q1 net sales growth

For the first quarter, J.Jill, Inc. reported a net sales increase of 21.7 percent to 157.1 million dollars, while the company’s comparable sales, which includes comparable store and direct to consumer sales, increased by 23.7 percent.

Net income for the quarter was 14.4 million dollars compared to net loss of 18.3 million dollars in the first quarter of fiscal 2021, net Income per diluted share was 1.02 dollars compared to a net loss of 1.89 dollars in the first quarter of fiscal 2021.

Adjusted net income per diluted share was 1.02 dollars compared to 20 cents in the first quarter of fiscal 2021.

Commenting on the first quarter results, Claire Spofford, president and chief executive officer of J.Jill, Inc. stated: “The first quarter exceeded our expectations driven by strong customer response to our assortment and continued execution of our disciplined operating model. We are well positioned to deliver against our objectives for this year while continuing to navigate a dynamic macro environment.”

Highlights of J.Jill’s first quarter performance

The company’s direct to consumer net sales were down 1.8 percent compared to the first quarter of fiscal 2021 driven by lower levels of markdown sales and represented 46.4 percent of sales.

Adjusted EBITDA was 31.3 million dollars compared to 16.9 million dollars in the first quarter of fiscal 2021 and adjusted EBITDA margin was 19.9 percent compared to 13.1 percent in the first quarter of fiscal 2021.

The company closed four stores in the quarter and ended the quarter with 249 stores.

For the second quarter, the company expects revenues to grow between 1 percent and 3 percent and adjusted EBITDA to be in the range of 31 million dollars and 33 million dollars.

For fiscal 2022, the company continues to expect total capital expenditures to be between 15 million dollars and 18 million dollars and up to 10 net store closures, including the four store closures in the first quarter.