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US women's apparel retailer J Jill FY20 sales drop to $421 mn
24 Mar 21 1 min read
J Jill, a US-based premier omnichannel retailer and nationally recognised women’s apparel brand, has reported decrease in sales to $421.3 million in its fiscal 2020 ended on January 30, 2021 compared to the sales of $691.3 million in the prior fiscal. The company incurred a net loss during the year to $141.4 million (FY19: $128.6 million).
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“Fiscal 2020 was an unprecedented year for retail given the impact of the Covid-19 pandemic. Despite these challenges, through deliberate and aggressive actions, the teams positioned us to end the year with enhanced financial stability, a more nimble cost structure, and cleaner inventory balances,” Claire Spofford, president and chief executive officer of J Jill, said in a press release.
Gross profit for FY20 was $242.8 million ($428.6 million). Selling, general and administrative expenses were $343.4 million ($406.7 million). The company’s operating loss was $166.8 million ($112.0 million).
“As we look ahead, we will continue to take disciplined and strategic actions to strengthen the foundation of our operating model to better realise the potential of the J Jill brand and business,” Spofford said.
Fibre2Fashion News Desk (JL)
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