Wed, Sep 4, 1:13 PM (132 days ago)
In the second quarter of Fiscal Year 2024, J.Jill, Inc. reported a slight decline in net sales, down 0.9% to $155.2 million compared to the same period last year, despite a 1.7% increase in comparable sales. Gross profit decreased by 2.6% to $109.4 million, reflecting a drop in gross margin from 71.7% to 70.5%, attributed to higher freight costs. Operating income fell by 17.9% to $23.0 million, impacted by an $8.6 million loss on debt extinguishment from voluntary prepayments on a term loan. SG&A expenses rose 2.4% to $86.3 million, primarily due to increased payroll and IT costs. For the twenty-six weeks ended August 3, 2024, net sales increased by 3.2% to $316.8 million, with net income rising 25.6% to $24.9 million. The company maintained liquidity with $28.5 million in cash and $35.7 million available under its asset-based revolving credit facility. J.Jill declared a quarterly dividend of $0.07 per share, reflecting a recovery in profitability and cash flow management. Future operations may be influenced by economic conditions, consumer trends, and ongoing strategic initiatives.