J.Jill Q2 Results Down, Sees Weak Sales In Q3; Lifts FY23 Adj. EBITDA View

(RTTNews) - J.Jill, Inc. (JILL), a women's apparel retailer, on Thursday reported lower earnings and sales in its second quarter. Further, the company issued a third quarter outlook and raised its fiscal 2023 adjusted EBITDA guidance.

Quarterly net earnings decreased to $15.2 million or $1.06 per share from $17.8 million or $1.25 per share last year.

Excluding items, net income was 15.81 million or $1.10 per share, compared to $17.69 million or $1.24 per share in the previous year.

Net sales declined 2.9 percent to $155.7 million from $160.3 million in the prior year. Total comparable sales decreased by 1.3 percent.

Looking ahead to the next quarter, the company expects adjusted EBITDA to be in the range of $23 million and $25 million. Revenue is expected to be down in low single digits compared to the third quarter of fiscal 2022.

Looking forward to the full year, J.Jill now expects adjusted EBITDA to be down in the low-single digits compared to last year, including approximately $2 million benefit from the 53rd week.

Previously, the company expected adjusted EBITDA to be down mid-single digits compared to last year along with around $2 million benefit from the 53rd week.

On Wednesday, shares of Jill closed at $23.41 down 1.39% on the New York Stock Exchange.