Footwear and apparel brand J.Jill has posted net income of $11.6m in the third quarter (Q3) of the fiscal year 2023 (FY23), a 30.3% improvement on $8.9m in the same period of FY22.

The retailer’s net income per diluted share for the period was $0.80, compared with $0.62 in Q3 FY22.

Its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) was marginally up from $27.5m in Q3 FY23 to $28.3m in Q3 FY24.

During the quarter that ended 28 October 2023, J.Jill reported total net sales of $150.1m, down by 0.1% compared with $150.2m in the corresponding period of the previous year.

The retailer’s comparable sales, which include comparable store and direct-to-consumer sales, grew by 1.9%.

Its selling, general and administrative expenses for Q3 FY23 were $85.7m compared with $84.9m in Q3 FY22.

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By GlobalData

The company saw a gross profit of $107.8m during the latest quarter, as against $105m in the same period a year previously. The gross margin for the quarter was 71.8% as against 69.9% in Q3 FY22.

J.Jill did not open any stores in the most recent quarter and now has 245 stores.

J.Jill president and chief executive officer Claire Spofford stated: “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 underscore our ability to continue to deliver products and assortments that are versatile, modern and that appeal to our loyal customers. As we look to the remainder of the year, while we have seen our customer become more discerning with her spend, we believe we are well-positioned to deliver on our objectives for the year.”

For the full year of 2023, the retailer expects adjusted EBITDA to be in low-single digits compared to FY22.

It also expects adjusted EBITDA to be in the range of $11.0m and $13.0m in Q4 2023 and revenues to be approximately flat compared with Q4 FY22.