J. Jill updates outlook for the better
J. Jill is optimistic about how it will end its fiscal year.
The women’s apparel retailer on Monday updated its fourth quarter earnings and sales outlook. For the quarter, ending Feb. 1, the company expects total comparable sales to decrease 6% to 8% with total net sales expected to decrease 3% to 5%. This compares to the previous guidance for total comparable sales to decrease 8% to 10%, with total net sales expected to decrease 5% to 7%.
The company now expects earnings per share to be a loss of $0.10 to $0.12. This compares to the previous guidance for earnings per share to be a loss of $0.14 to $0.16. Analysts expect a sales decline of 7.9% to $157.3 million, and a loss of $0.16 per share, according to Marketwatch.
“We are updating our outlook for the fourth quarter following better than expected quarter to date sales results, and progress clearing excess inventory while balancing earnings performance,” said Mark Webb, J.Jill’s CFO.
The news comes on the heels of Linda Heasley stepping down as the company’s president and CEO on Dec. 5. The company named board member Jim Scully as interim chief executive while it searches for a permanent replacement.
The company’s fourth-quarter update does not include any costs associated with Heasley’s departure.