Apparel Brand J.Jill Sees D2C Net Sales Surge


J.Jill, an omnichannel retailer and women’s apparel brand, reported that its direct-to-consumer (D2C) net sales soared by approximately 33 percent over 2020 for the first quarter concluding on May 1, 2021, according to a Tuesday (June 8) announcement.

D2C net sales comprised approximately 58 percent of total net sales, down slightly from approximately 61 percent of total net sales in the first quarter of fiscal 2020.

The company posted $129.1 million in total net sales for the 13 weeks concluding on May 1, 2021, up from $91 million for the 13 weeks concluding on May 2, 2020.

J.Jill reported that selling, general and administrative Expenses (SG&A) were approximately $79 million, down from approximately $88 million in the first quarter of fiscal 2020. The firm posted a gross profit of approximately $88 million, up from about $50 million in the first quarter of fiscal 2020. It also reported a 68 percent gross margin, marking an improvement from about 55 percent in the first quarter of fiscal 2020.

The firm shuttered two brick-and-mortar locations in the first quarter of fiscal 2021 and had 265 locations at the conclusion of the quarter.

“Our first-quarter results reflect encouraging progress against initiatives focused on strengthening the operating model and driving healthy margin recovery. Our performance also benefited from the strong rebound in consumer activity this spring, particularly as we anniversaried last year’s temporary store closures,” J.Jill President and CEO Claire Spofford said in the announcement.

The firm said it is not presently offering financial guidance, noting that the effect of the pandemic and the cadence of new developments have provided “a great deal of uncertainty.” However, J.Jill noted that it intends to shutter approximately 20 stores in fiscal 2021.

“Looking ahead, we expect to build on the progress we are making as we refine our operating model and drive efficiencies across the business,” Spofford said in the announcement.

The news comes as G-III Apparel Group is growing bullish on 2021, as the firm racked up first-quarter results that marked a turnaround from the past year.

——————————

NEW PYMNTS DATA: CRYPTOCURRENCY PAYMENTS STUDY – MAY 2021

About The Study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plan say they plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend.







Source link

Leave a Reply