J. Jill posts 21.6 percent Q3 net sales increase

Women's apparel retailer The J. Jill Group Inc., Quincy, Mass., has reported its net sales for the third quarter ended Sept. 28 jumped 21.6 percent to $80 million from $65.8 million in the year-ago period. The company posted a third-quarter net income of $3.6 million, or $0.18 per diluted share, compared with last year's $2.8 million, or $0.15 per diluted share. Third-quarter retail sales increased by 64 percent over 2001, due to the company's continuing expansion rollout. With 81 stores currently open, the retailer has already opened 30 new stores this year and is on track to have a total of 88 stores open by the end of the year. "Our ability to achieve solid financial results in a tough economic climate underscores the strength of the J. Jill brand, the compelling nature of our operating model and the uncompromising dedication of our people," says Gordon R. Cooke, president and CEO. "We continue to benefit from demographic and lifestyle trends in the marketplace, and we believe we have tremendous retail expansion opportunities into the future."