J.Jill, the specialty retailer catering to middle-aged and older women, posted a first quarter marked by strong top and bottom lines, prompting the company to raise its outlook for the year.
Adjusted earnings before interest, taxes, depreciation and amortization in the quarter totaled $35.6 million and compared with $31.9 million in the first quarter of fiscal 2023. Adjusted EBITDA margin of 22.1 percent compared with 21.2 percent a year earlier.Net sales increased 7.5 percent to $161.5 million compared with $150.2 million. The increase includes approximately $7 million due to the calendar shift associated with the 53rd week in fiscal 2023. Comparable sales rose 3.1 percent.
Previously, the company projected 2024 net sales to be flat to up in the low-single digits, and adjusted EBITDA to be down in the midsingle digits. Investors were impressed by J.Jill’s first-quarter performance and outlook and by noon Friday had pushed the stock price up 6 percent to $37.28.