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J. Jill Inc. (JILL+1.60%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $151.3 million from $150.9 million in the same quarter the previous year. The increase is attributed to a calendar shift and lower merchandise returns.
Gross profit for the quarter was $107.975 million, compared to $108.598 million in the previous year, with a gross margin of 71.4% compared to 72.0% in the previous year. The decline in gross margin is due to increased promotional activities and higher freight costs.
Selling, general, and administrative expenses increased to $88.646 million from $86.450 million, primarily due to higher compensation expenses, outbound shipping costs, and marketing expenses.
The company reported a net income of $12.348 million for the quarter, up from $11.616 million in the previous year. The effective tax rate was 26.8%, down from 28.9% in the previous year.
Cash provided by operating activities was $56.947 million, while cash used in investing and financing activities was $10.047 million and $70.307 million, respectively.
J. Jill had a working capital of $125.811 million as of November 2, 2024. The company utilized proceeds from a common stock issuance to repay debt.
The filing also details a new share repurchase program authorized by the Board, allowing for the repurchase of up to $25.0 million of the company's common stock over the next two years.
J. Jill declared a quarterly cash dividend of $0.07 per share, payable on January 9, 2025, to stockholders of record as of December 26, 2024.
The company identified no material changes in its risk factors and reported compliance with all covenants in its debt arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the J. Jill Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.