NEW YORK - J.Jill Inc. (NYSE:JILL) shares gained 4% in after-hours trading Wednesday after the women's apparel retailer reported third-quarter earnings that beat analyst expectations.
The Quincy, Massachusetts-based company posted adjusted earnings per share of $0.89 for the quarter ended November 2, surpassing the consensus estimate of $0.80. Revenue rose 0.3% year-over-year to $151.3 million, slightly above analysts' projections of $151.02 million.
"We delivered third quarter results in line with our expectations as we continued to execute the disciplined operating model yielding another quarter of healthy overall margin performance," said CEO Claire Spofford in a statement.
Comparable sales, which include both store and direct-to-consumer sales, decreased 0.8% in Q3. The company noted this metric was negatively impacted by approximately 50 basis points due to hurricane-related disruptions during the quarter.
J.Jill's gross margin contracted to 71.4% from 72% in the year-ago period. Operating income fell to $19.2 million from $22.1 million last year.
Looking ahead, the retailer expects Q4 net sales to decline 4-6% compared to the 14-week fourth quarter of fiscal 2023. For the full fiscal year 2024, J.Jill forecasts net sales to be flat to up 1% versus fiscal 2023.
The company also announced a new $25 million share repurchase program, signaling confidence in its long-term prospects despite near-term headwinds.
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