J.Jill, Inc. announced its financial results for the third quarter of fiscal year 2024, reporting net sales of $151.3 million, a 0.3% increase compared to $150.9 million in the prior year's third quarter. Gross margin for the quarter was 71.4%, a decrease from 72.0% in the third quarter of fiscal 2023. Operating income stood at $19.2 million, down from $22.1 million in the same period last year.
The company's total comparable sales decreased by 0.8% for the third quarter of fiscal 2024, with direct-to-consumer net sales, representing 45.7% of total net sales, increasing by 0.3%. J.Jill's Board of Directors authorized a new share repurchase program for up to $25.0 million of the company's common stock over the next two years, to be funded through existing cash and future free cash flow.
For the fourth quarter of fiscal 2024, J.Jill expects net sales to be down 4% to 6% and total company comparable sales to be up 1% to 3%. The full fiscal year 2024 outlook projects net sales to be about flat to up 1% compared to fiscal 2023, with Adjusted EBITDA in the range of $105.0 million to $107.0 million. The company also declared a cash dividend of $0.07 per share, payable on January 9, 2025.
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