J.Jill returns to profit in 2022

By

Benjamin Fitzgerald

Published
Mar 14, 2023

U.S. women's fashion retailer J.Jill Inc. announced on Tuesday net sales were up 5.1% to $615.3 million for the full-year 2022, a feat which saw the company return to profits in the full-year ending January 28.

The Quincy, Massachusetts-based company said net sales in the fourth quarter gained 1.7% to $147.7 million, with comparable sales up ​by 5.3%.

Net income for the 13-week period fell to $1 million, compared to $3.6 million in the prior-year quarter. However, the company returned profitable in fiscal 2022, with net income totalling $42.2 million, compared to a net loss of $28.1 million in 2021.

“We are pleased with our strong finish for the year as we delivered better-than-expected top and bottom line results for the fourth quarter and full year. Throughout fiscal 2022, our teams did an exceptional job in delivering strong operating results while executing against our strategic initiatives including the launch of our 'Welcome Everybody' campaign," said C​​laire Spofford, president and chief executive officer of J.Jill, Inc.

Spofford said she expects her company to build upon its "progress" in 2023, "while maintaining the disciplined approach to inventory and expense management that we have demonstrated over the past eight quarters. While we are cautious with respect to our outlook for this year given the ongoing macro-related headwinds, we remain focused on positioning J.Jill for long term profitable growth.”

For fiscal 2023, the company expects annual adjusted EBITDA dollars to be approximately flat, total capital expenditures between $18 and $20 million and a flat store count to end fiscal 2023.