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December 14, 2021updated 24 Dec 2021 7:23am

J Jill registers 29.4% increase in third-quarter net sales

The company expects to have closed around 20 stores in total by the end of FY21.

US-based omnichannel women’s fashion retailer J Jill has reported that its total net sales increased by 29.4% to $151.7m in the third quarter (Q3) of this year (FY21), compared with $117.2m in the same period of last year.

During the three months to 31 October, the company’s direct-to-consumer net sales declined by 8.3% from last year, while its total company comparable sales increased by 42.2%.

J Jill reported a gross profit of $104.5m against $69.0m last year.

The retailer’s net income for the 13-week period was $11.2m, compared to a net loss of $23.2m in the same period of last year.

Its net income for each diluted share was $0.79, while its adjusted net income for each diluted share, excluding non-recurring items, was $0.65.

J.Jill president and CEO Claire Spofford said: “We are pleased with our third-quarter performance and are encouraged by the ongoing customer response to our product at full price.

“These results reflect our continued recovery as we’ve made progress implementing our strategic initiatives, resulting in healthy gross margin expansion and significant year-over-year improvement in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).

“Our focus on full-price selling, improved inventory management and the frequent flow of inspired products has further strengthened our operating model.”

J Jill’s total net sales for the 39 weeks to 31 October amounted to $440.1m, a 46.3% increase from $300.8m in the same period of last year.

The retailer expects to register greater fourth-quarter revenues than those seen a year earlier.

Spofford added: “Entering the holiday season, we are well-positioned to delight our customers with the newness and novelty that she has responded to throughout this year.

“Our teams have worked hard to manage the supply chain so that we have the right inventory levels for the holiday season and through the fourth quarter.”