Gross profit for H1 FY24 was $227.1 million, up from $220.7 million the previous year, with a gross margin of 71.7 per cent, slightly lower than the 71.9 per cent in H1 FY23. However, selling, general, and administrative expenses also rose to $175.4 million, compared to $167.3 million in the previous year, the company said in a press release.

Operating income dipped to $51.4 million, down from $53.4 million in the same period last year, resulting in an operating income margin of 16.2 per cent, compared to 17.4 per cent in H1 FY23. Despite this, net income for the first half of fiscal 2024 increased by 26 per cent, reaching $24.9 million, up from $19.8 million in the previous year. Earnings per diluted share also rose to $1.69, compared to $1.38 in H1 FY23.

Adjusted EBITDA for H1 FY24 was $65.8 million, slightly lower than the $66.5 million reported for the same period in 2023. The adjusted EBITDA margin stood at 20.8 per cent, compared to 21.7 per cent in the prior year. The company opened one new store and temporarily closed another for relocation, leaving the total store count unchanged at 244.

In the second quarter of fiscal 2024 (Q2 FY24), net sales decreased by 0.9 per cent to $155.2 million, down from $156.6 million in Q2 FY23. Despite the decline in overall sales, comparable sales increased by 1.7 per cent, while direct-to-consumer sales, accounting for 47.1 per cent of net sales, grew by 3.6 per cent.

Gross profit for Q2 FY24 was $109.4 million, down from $112.4 million in the previous year, with a gross margin of 70.5 per cent, compared to 71.7 per cent in Q2 FY23. SG&A expenses rose to $86.3 million, up from $84.3 million. As a result, operating income declined to $23 million, down from $28 million in Q2 FY23. The operating income margin also fell to 14.8 per cent, compared to 17.9 per cent in the same quarter last year.

Net income for the quarter dropped significantly to $8.2 million, compared to $15.2 million in the same quarter last year, while earnings per diluted share declined to $0.54 from $1.06 in Q2 FY23.

Adjusted EBITDA for Q2 FY24 was $30.2 million, down from $34.6 million in Q2 FY23, with an adjusted EBITDA margin of 19.4 per cent, compared to 22.1 per cent in the prior year.

“We delivered solid second quarter results driven by a strong start to the quarter and ongoing disciplined execution of our operating model amidst a dynamic consumer environment. While we have seen changes in consumer behaviour during the summer months which has extended into the start of the third quarter and reflected in our updated guidance, we are continuing to operate the business with great discipline and continue to realise healthy margin performance and deliver significant cash flow generation,” said Claire Spofford, president and chief executive officer of J.Jil.

Fibre2Fashion News Desk (DP)