The additional week in fiscal year 2023 (FY23), which contributed $7.9m to net sales for J.Jill, was not present in the 52-week span of fiscal year 2024.
The company witnessed an overall comparable sales growth of 1.5% for FY24 that ended on 1 February 2025, when compared to FY23 that ended on 3 February 2024. This growth encompasses both store and direct-to-consumer sales channels.
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Notably, direct-to-consumer net sales, accounting for nearly half of total net sales at 47.5%, saw a rise of 1.9% in FY24.
Commenting on the results, J.Jill president and chief executive officer Claire Spofford said: “Although this year was not without challenges as we continued to navigate a dynamic macro environment, I am proud of all that the team has accomplished enabling us to continue to drive strong cash generation supporting the recent increase of the quarterly dividend and ongoing investment in growth strategies and capital priorities.
FY24 highlights
- Net sales increased 0.5% to $610.9m
- Gross profit dipped slightly to $429.9m from $430.8m.
- Gross margin was 70.4% in FY24 versus70.8% in FY23.
- Operating income decreased to $75.7m in FY24 from $86.1m.
- Operating income margin fell to 12.4% from the previous year’s 14.2%.
- Net income improved to $39.5m in FY24 versus $36.2m in FY23.
Q4 highlights
- Net sales down 4.9%, touching $142.8m in Q4 FY24.
- Total company comparable sales for the quarter rose by 1.9%.
- Direct-to-consumer net sales fell by 6.8%.
- Gross profit for Q4 FY24 declined to $94.8m compared to $101.4m in Q4 FY23.
- Gross margin was 66.3% in fourth quarter of 2024 as against 67.5% in Q4 of FY23.
- Net income down to $2.2m in Q4 2024 compared to $4.8m in Q4 2023.
- Net income per diluted share was $0.14 as against $0.13 in Q4 2023.
Q1 and FY25 outlook
Looking ahead to first quarter of fiscal year 2025 (FY25), J.Jill anticipates a net sales decline of 1% to 4% compared to FY24.
Comparable sales for the quarter is anticipated to fall between 2% and 5%. The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) is projected to range between $25m and $27m for Q1 FY25.
For the full year of 2025, J.Jill forecasts net sales growth between 1% and 3%, with comparable sales ranging from flat to 2% increase. Adjusted EBITDA expectations are set between $101m and $106m.
“As we enter fiscal 2025, despite the uncertain outlook near-term with the slow start to Q1 and continued price sensitivity from customers, I am confident in the team’s ability to continue to operate with discipline while positioning the brand for long-term success. With the implementation of the new Order Management System underway, a pipeline of new stores building and new leadership with Mary Ellen Coyne joining later this spring, there is much to look forward to as J.Jill enters its next chapter well positioned to lean into growth,” Spofford stated.
