Order

2024

Million

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<p class="has-drop-cap">J.Jill, Inc. (NYSE: JILL) announced its financial results for the <a aria-label="first quarter of fiscal year 2024 (opens in a new tab)" href="https://investors.jjill.com/Investors-Relations/News-Events/News/News-details/2024/J.Jill-Inc.-Announces-First-Quarter-2024-Results/default.aspx" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">first quarter of fiscal year 2024</a>, showcasing a robust performance. <br><br>The company reported net sales of $161.5 million, marking a 7.5% increase compared to $150.2 million in the first quarter of fiscal 2023. This growth was partly attributed to a $7.0 million benefit due to the calendar shift associated with the 53rd week in fiscal 2023. Total company comparable sales, which include both store and direct-to-consumer sales, rose by 3.1% for the quarter.</p>
<p>The company also saw significant improvements in its gross margin and operating income. Gross profit for the quarter was $117.7 million, up from $108.4 million in the same period last year, with a gross margin of 72.9% compared to 72.1% in Q1 FY23. <br><br>Operating income reached $28.4 million, an increase from $25.4 million in the previous year’s first quarter, resulting in an operating income margin of 17.6%, up from 16.9%. Net income for the quarter was $16.7 million, a substantial rise from $4.6 million in Q1 FY23, translating to a net income per diluted share of $1.16 compared to $0.32 last year.</p>
<h3 id="jill-beats-eps-and-revenue-expectations-in-q1">JILL Beats EPS and Revenue Expectations in Q1</h3>
<p>J.Jill’s first-quarter results showed year-over-year growth and exceeded market expectations. Analysts had anticipated earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a>) of $0.96 and revenue of $153.29 million for the quarter. The company outperformed these expectations, delivering an EPS of $1.16 ($1.22 adjusted) and net sales of $161.5 million, significantly higher than the forecasted figures.</p>
<p>The company’s direct-to-consumer net sales, which accounted for 47.0% of total net sales, increased by 11.6% compared to the first quarter of fiscal 2023. This growth in the direct-to-consumer segment reflects J.Jill’s successful efforts to enhance its online presence and digital sales channels. <br><br>The gross margin expansion by 80 basis points and the operating income margin increase by 70 basis points further underscore the company’s strong financial health and operational efficiency.</p>
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<h3 id="j-jill-raises-full-year-guidance-for-fiscal-2024">J.Jill Raises Full Year Guidance for Fiscal 2024</h3>
<p>Looking ahead, J.Jill has raised its full-year guidance for fiscal 2024, reflecting confidence in its ongoing growth trajectory. <br><br>For the second quarter of fiscal 2024, the company expects net sales to be flat to down 3% compared to the same period in fiscal 2023, considering an approximately $7.0 million negative impact from the calendar shift. Adjusted EBITDA for Q2 FY24 is projected to be in the range of $27.0 million to $30.0 million.</p>
<p>For the full fiscal year 2024, J.Jill now anticipates net sales growth in the range of 1% to 3% compared to fiscal 2023, with Adjusted EBITDA expected to decline by 1% to 3%. <br><br>This guidance takes into account the loss of the 53rd week in fiscal 2023, which had contributed $7.9 million in net sales and $2.2 million in Adjusted EBITDA, as well as planned investments in the company’s Order Management System (OMS) project amounting to approximately $3 million in operating expenses.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/j-jill-inc-jill-beats-expectations-with-161-5-million-in-q1-net-sales/">J.Jill, Inc. (JILL) Beats Expectations with $161.5 Million in Q1 Net Sales</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

J.Jill, Inc. (JILL) Beats Expectations with $161.5 Million in Q1 Net Sales

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