J Jill has posted lower operating income and margin for FY24 despite positive sales growth.

The company’s net sales for the year ended February 1 edged up 0.5 per cent to $610.9 million. The 53rd week in FY23 contributed $7.9 million of net sales compared to the 52-week FY24, the company noted.

Comparable sales, which includes comparable store and direct to consumer sales, increased 1.5 per cent.

On the bottom line, operating income fell from $86.1 million in the prior year to $75.7 million and operating margin slid from 14.2 per cent to 12.4 per cent. Net Income rose from $36.2 million in the prior year to $39.5 million.

“Fiscal 2024 performance is a testament to our disciplined operating model as we delivered on our objectives while strengthening our balance sheet, implementing robust total shareholder return strategies and investing in new store growth and systems,” said Claire Spofford, president and CEO.

Spofford also mentioned several challenges as the company continued to navigate a dynamic macro environment.

For FY25, J Jill expects net sales to be up 1-3 per cent and comparable sales to be in the range of flat to up 2 per cent. 

The company’s store count at the end of FY24 was 252, and it expects to open five to 10 net new stores in FY25.

Last month, J Jill appointed Mary Ellen Coyne as its next CEO, succeeding Spofford in May.