Gross profit in FY22 was $422.1 million compared to $394.4 million for FY21, while the gross margin was 68.6 per cent compared to 67.4 per cent in FY21, J.Jill said in a press release announcing the financial results for the fourth quarter and fiscal year ended January 28, 2023.

In FY22, the company's selling, general, and administrative expense increased to $341.9 million compared to $335.7 million for FY21. However, excluding non-recurring and other one-time costs from both periods, selling, general, and administrative expense as a percentage of total net sales was 55.6 per cent, compared to 57.3 per cent for FY21.

J.Jill, Inc's operating income in FY22 was $78.7 million compared to $58.7 million for FY21. The operating income margin for FY22 was 12.8 per cent compared to 10 per cent for FY21. Adjusted income from operations was $79.9 million compared to adjusted income from operations of $59 million for FY21.

The company’s net income for the year was $42.2 million compared to a net loss of $28.1 million for FY22. Furthermore, J.Jill, Inc's adjusted EBITDA for FY22 was $109.4 million compared to $91.8 million for FY21.

In the fourth quarter (Q4) of FY22, the total net sales increased by 1.7 per cent to $147.7 million compared to $145.2 million for Q4 FY21. The total company comparable sales, including comparable store and direct to consumer sales, increased by 5.3 per cent.

Direct to consumer net sales in Q4 FY22 were down 2.5 per cent compared to the fourth quarter of fiscal 2021 and represented 49.9 per cent of total net sales. Gross profit was $95.1 million compared to $92.7 million in Q4 FY21. Gross margin was 64.4 per cent compared to 63.9 per cent in Q4 FY21.

The company closed 11 stores and opened one new store in fiscal 2022, ending the year with 243 stores.

For fiscal 2023, the company expects annual adjusted EBITDA dollars to be approximately flat, total capital expenditures between $18 and $20 million and a flat store count.

For the Q1 FY23, the company expects revenues to be down in the mid-single digits compared to Q1 FY22, and for adjusted EBITDA to be in the range of $25 million and $30 million.

“We are pleased with our strong finish for the year as we delivered better than expected top and bottom-line results for the fourth quarter and full year. Throughout fiscal 2022, our teams did an exceptional job in delivering strong operating results while executing against our strategic initiatives including the launch of our Welcome Everybody campaign,” said Claire Spofford, president and chief executive officer of J.Jill, Inc.

Fibre2Fashion News Desk (DP)