JJill Reports Q3 Earnings Above Street View

JJill Inc JILL reported a third-quarter FY22 sales decline of 1% year-on-year to $150.20 million, beating the consensus of $148.40 million.
Total company comparable sales decreased by 1.2%. Direct to consumer net sales rose 0.4% Y/Y.
Gross profit grew 0.5% Y/Y to $105 million, and the gross margin expanded 100 basis points to 69.9%.
Operating margin was 12.6%, and operating income for the quarter declined 0.5% to $18.9 million.
JJill held $90.1 million in cash and equivalents as of October 29, 2022.
Adjusted EBITDA for the quarter was $27.5 million versus $27 million last year, with the margin expanding from 17.8% to 18.3%.
Adjusted EPS of $0.77 beat the consensus of $0.54.
Inventory at the end of Q3 increased 5.7% Y/Y to $60.1 million.
Outlook: JJill expects Q4 sales to be flat - 3% decline and Adjusted EBITDA of $9 million - $11 million.
For FY22, it expects revenue growth of 4% - 5%.
It sees FY22 capital expenditures of $13 million (prior view $15.0 million) and adjusted EBITDA of $103 million - $105 million.
Price Action: JILL shares closed lower by 3.80% at $23.81 on Monday.
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