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“We are pleased to have delivered a record quarter of adjusted EBITDA while navigating a volatile consumer environment. Our results reflect the disciplined execution of our operating model focused on driving full price sales, regularly flowing newness, and managing expenses,” Claire Spofford, president and chief executive officer of J.Jill, Inc., said.
The net sales of J. Jill Inc, a premier omnichannel retailer, for the second quarter of 2022 were up 0.7 per cent to $160.3 million compared to $159.2 million for the thirteen weeks ended July 31, 2021. Total company comparable sales, which includes comparable store and direct to consumer sales, increased by 0.8 per cent for the second quarter of 2022.
“As we look to the remainder of the year, we plan to continue to execute against our initiatives including investing in our plans for long-term profitable growth while remaining prudent with our expectations related to the consumer. As part of our growth strategy, we are focused on modernising the J.Jill brand to increase relevance with both new and loyal customers. We recently announced our ‘Welcome Everybody’ campaign focused on delivering an elevated shopping experience online and in stores, that celebrates the totality of all women. We remain confident in our ability to deliver against our objectives and expect to leverage the operating disciplines and stronger foundation we now have in place to continue to drive results,” Spofford continued.
Gross profit was $112.5 million compared to $109.4 million in the second quarter of fiscal 2021. Gross margin was 70.1 per cent compared to 68.7 per cent in the second quarter of fiscal 2021. The year over year gross margin increase was driven by strong full price selling and reduced promotions which more than offset approximately 140bps of freight expense due to supply chain disruption which began in the third quarter of fiscal 2021, the company said in a press release.
For the third quarter of fiscal 2022, the company expects revenues to be flat to down 3.0 per cent compared to the third quarter of fiscal 2021, and for adjusted EBITDA to be in the range of $21.0 million and $23.0 million. For fiscal 2022, the company now expects total capital expenditures of about $15.0 million and to close 10 to 14 stores, including the opening of up to 2 new stores late in the fourth quarter.
Fibre2Fashion News Desk (RR)
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