J. Jill's stock jumps after earnings top estimates and company raises guidance
By Ciara Linnane
Earnings driven by a strong end to the quarter as company transitioned into big season leading up to Mother's Day, says CEO
J. Jill Inc.'s stock rose 6% premarket Friday, after the women's apparel and accessories retailer posted better-than-expected first-quarter earnings.
Quincy, Mass.-based J. Jill had net income of $16.7 million, or $1.16 a share, for the quarter to May 4, up from $4.6 million, or 32 cents a share, in the year-earlier period.
Adjusted per-share earnings came to $1.22, well ahead of the $1.09 FactSet consensus.
Sales rose 7.5% to $161.5 million, also ahead of the $160.0 million FactSet consensus.
Same-store sales rose 3.1%, while FactSet expected them to rise 2.0%.
"We are very pleased with our first quarter results which exceeded expectations driven by a strong end to the period as we transitioned into the heart of our big season leading up to Mother's Day," Chief Executive Claire Spofford said in prepared remarks.
The company is making "meaningful" investments in marketing, systems and new stores and initiated an ordinary quarterly dividend program in May.
Looking ahead, the company is expecting second-quarter sales to be flat to down 3%, due to a roughly $7 million negative impact from the calendar shift.
But it raised its full-year sales guidance to growth of 1% to 3%, while FactSet is expecting growth of 1.9%.
The stock has gained 36.6% in the year to date, while the S&P 500 has gained 12%.
-Ciara Linnane
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06-07-24 0809ET
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