2023-06-07 07:33:57 ET
J. Jill ( NYSE: JILL ) stock edged higher in premarket action after topping profit expectations for the first quarter.
The Massachusetts-based company notched $0.96 in earnings per share, $0.18 above consensus estimates, while $149.4M in revenue met the Street expectation. Comparable sales dipped 2.7% year over year.
Management highlighted inventory improvement, trimming merchandise levels by 14.9% year over year to $53.8M.
“Our first quarter results demonstrate the ongoing execution of our disciplined operating model especially as we anniversaried a strong comparison to last year,” CEO Claire Spofford said. “Our customer continues to gravitate to the newness we are flowing regularly in our assortment, but has become increasingly discerning with her spending decisions in light of the evolving macro environment. As we move into the remainder of the year, we will maintain our disciplined approach to managing the business as we continue to navigate a dynamic environment.”
For the second quarter, management foresees a mid-single digit decline in sales. Adjusted EBITDA is projected to be in the range of $26M and $31M, down from $31.9M in Q1. For fiscal 2023, the company now expects annual adjusted EBITDA dollars to be down mid-single digits as compared to fiscal 2022.
Shares of J. Jill ( JILL ) rose 1.02% before the bell on Wednesday.
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J. Jill tops quarterly profit estimates, sees sales slowdown ahead