J.Jill jumps on rise in Q3 profit, gross margins

JJill

06/12/2022 13:56

** Shares of apparel retailer J.Jill Inc  JILL.N  up 9.2% at
$26 in premarket trade after Q3 results
    ** Co posts adj net income per diluted share of 77 cents vs
65 cents a year ago
    ** JILL reports gross margin of 69.9% vs 68.9% a year ago,
citing moderating freight costs as well as price increases that
offset product cost inflation 
    ** Co expects FY 2022 revenues to grow between 4% and 5% vs
prev year; sees Q4 revenue to be flat to down 3% 
    ** Reports inventory at end of Q3 of $60.1 mln vs $56.9 mln
last year; says increase driven by "the timing of Holiday
floorset receipts, which were shipped and received earlier than
last year"
    ** However, JILL posts Q3 net income of $8.9 mln vs last
year's $11.2 mln; total net sales of $150.2 mln vs $151.7 mln a
year ago 
    ** Up to Monday's close, stock had risen 24.1% this year
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))