J.Jill, Inc. reported its financial results for the thirteen and twenty-six weeks ended August 3, 2024, revealing a mixed performance compared to the previous fiscal period. For the thirteen weeks, net sales reached $155.2 million, a slight decrease of 0.9% from $156.6 million in the same period last year. Gross profit also declined to $109.4 million, down 2.6%, resulting in a gross margin of 70.5%, compared to 71.7% in the prior year. Operating income fell significantly by 17.9% to $23.0 million, while net income dropped 46.2% to $8.2 million, reflecting a challenging market environment.
In contrast, the twenty-six weeks ended August 3, 2024, showed a more favorable trend, with net sales increasing by 3.2% to $316.8 million, up from $306.9 million. Net income for this period rose 25.6% to $24.9 million, compared to $19.8 million in the previous year. The increase in net income was supported by a rise in direct revenue, which grew to $149.0 million from $138.6 million, while retail revenue slightly decreased.
The company’s total assets decreased to $390.8 million from $428.2 million as of February 3, 2024, with total current assets also declining. However, total liabilities fell to $300.4 million from $391.0 million, leading to a significant increase in shareholders' equity to $90.4 million, up from $37.2 million. The accumulated deficit improved to $(151.2 million) from $(176.1 million).
Strategically, J.Jill made substantial principal repayments on its Term Loan Credit Agreement, totaling $89.8 million in Fiscal Year 2024, including a voluntary prepayment of $58.2 million in May 2024. This resulted in a loss on extinguishment of debt of approximately $8.6 million for both the thirteen and twenty-six weeks ended August 3, 2024. The company also declared a cash dividend of $0.07 per share, marking a return to dividend payments after not issuing any in the previous year.
Overall, while J.Jill faced challenges in the short term, particularly in the second quarter, the company demonstrated resilience with improved performance in the longer term, driven by strategic financial management and growth in direct sales.
About J.Jill, Inc.
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