By  on August 21, 2018

Despite a second-quarter beat, investors were not happy with J. Jill Inc.’s third-quarter guidance.

For the three months ended Aug. 4, the company reported a 12.6 percent decline in net income to $10.5 million, or 23 cents a diluted share, from $12 million, or 28 cents, a year ago. On an adjusted basis, excluding nonrecurring expenses, diluted earnings per share were 24 cents. Net sales slipped 0.9 percent to $179.7 million from $181.4 million, attributable mostly to a calendar shift in 2017 that created 53 weeks for the year. The company said total comparable-store sales rose 2.2 percent. Direct-to-consumer net sales represented 40.9 percent of total net sales for the quarter, down from 43.1 percent a year ago. Further gross margin in the quarter was 64.9 percent, a decline from 67.6 percent a year ago.

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