The retailer J.Jill swung to a profit in its third quarter amid nearly a 30 per cent gain in sales.
The women’s apparel and accessories retailer reported that its net income totalled $11.2M for the quarter ended 30 October, compared to a net loss of $23.2M in the year-ago period. The adjusted earnings per share was $0.65 compared to a loss of $1.18 last year.
Total net sales rose 29.4 per cent to $151.7M from the year-ago quarter and its total comparable sales which include .com, store and direct-to-consumer sales, increased by 42.2 per cent.
Direct-to-consumer net sales were down 8.3 per cent over 2020, driven by lower markdown sales and represented 44.9 per cent of total net sales. Adjusted EBITDA for the quarter was $27M compared to a loss of $1.6M in the third quarter of fiscal 2020.
“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 EBITDA,” said CEO Claire Spofford.
