Net Sales of $155.7 Million vs. $160.3
Million in Q2 FY2022; Total Company Comparable Sales Down 1.3% vs.
Q2 FY2022
Gross Margin Increase 140bps vs. Q2 FY2022
to 71.6%
Operating Margin Increase 40bps vs. Q2
FY2022 to 18.0%
Raises Full Year FY2023 Guidance
J.Jill, Inc. (NYSE:JILL) today announced financial results for
the second quarter ended July 29, 2023.
Claire Spofford, President and Chief Executive Officer of
J.Jill, Inc. stated, “The second quarter is an important period for
J.Jill as we focus on delivering the novelty and styles our
customer seeks for her late spring and summer wardrobes. Despite a
slower start to the period given customer concerns with the
evolving macro environment, we were pleased with how the quarter
evolved with trends improving during the period. In addition, we
continued to execute our disciplined operating model and are
pleased with our ending inventory position. As we move into the
second half of the fiscal year, we remain focused on delivering on
our objectives and further strengthening our foundation to deliver
long-term success.”
For the second quarter ended July 29, 2023:
- Total net sales for the thirteen weeks ended July 29, 2023 were
down 2.9% to $155.7 million compared to $160.3 million for the
thirteen weeks ended July 30, 2022.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, decreased by 1.3%.
- Direct to consumer net sales, which represented 44.7% of sales,
were down 5.1% compared to the second quarter of fiscal 2022.
- Gross profit was $111.4 million compared to $112.5 million in
the second quarter of fiscal 2022. Gross margin was 71.6% compared
to 70.1% in the second quarter of fiscal 2022. The year over year
gross margin increase benefited from lower freight costs.
- SG&A was $83.4 million compared to $84.3 million in the
second quarter of fiscal 2022. In comparing the second quarter of
fiscal 2023 to fiscal 2022, excluding non-recurring and other
one-time costs, SG&A as a percentage of total net sales was
53.5% compared to 52.6% in the second quarter of fiscal 2022.
- Income from operations was $28.0 million compared to $28.2
million in the second quarter of fiscal 2022. Adjusted Income from
Operations*, which excludes adjustments for costs to exit retail
stores as well as impairment charges was $28.1 million compared to
$28.2 million in the second quarter of fiscal 2022.
- Interest expense was $6.2 million compared to $4.5 million in
the second quarter of fiscal 2022.
- During the second quarter of fiscal 2023, the Company recorded
an income tax provision of $6.7 million compared to $5.9 million in
the second quarter of fiscal 2022 and the effective tax rate was
30.5% compared to 24.9% in the second quarter of fiscal 2022.
- Net income was $15.2 million compared to $17.8 million in the
second quarter of fiscal 2022.
- Net Income per Diluted Share was $1.06 compared to $1.25 in the
second quarter of fiscal 2022 including the impact of non-recurring
items. Excluding the impact of these items, Adjusted Net Income per
Diluted Share* in the second quarter of fiscal 2023 was $1.10
compared to $1.24 in the second quarter of fiscal 2022.
- Adjusted EBITDA* for the second quarter of fiscal 2023 was
$34.5 million compared to $35.6 million in the second quarter of
fiscal 2022. Adjusted EBITDA margin* was 22.2% for the second
quarter of fiscal 2023 and fiscal 2022.
- The Company did not open any new stores in the second quarter
of fiscal 2023 and ended the quarter with 245 stores.
For the twenty-six weeks ended July 29, 2023:
- Total net sales for the twenty-six weeks ended July 29, 2023
were down 3.9% to $305.1 million compared to $317.4 million for the
twenty-six weeks ended July 30, 2022.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, decreased by 2.0%.
- Direct to consumer net sales, which represented 44.8% of sales,
were down 6.4% compared to the twenty-six weeks ended July 30,
2022.
- Gross profit was $218.9 million compared to $221.9 million in
the twenty-six weeks ended July 30, 2022. Gross margin was 71.8%
compared to 69.9% in the twenty-six weeks ended July 30, 2022. The
year over year gross margin increase benefited from lower freight
costs compared to the twenty-six weeks ended July 30, 2022.
- SG&A was $165.5 million compared to $169.9 million in the
twenty-six weeks ended July 30, 2022. In comparing he twenty-six
weeks ended July 29, 2023 to the twenty-six weeks ended July 30,
2022, excluding non-recurring and other one-time costs, SG&A as
a percentage of total net sales was 54.2% compared to 53.6% in the
twenty-six weeks ended July 30, 2022.
- Income from operations was $53.4 million compared to $52.1
million in the twenty-six weeks ended July 30, 2022. Adjusted
Income from Operations*, which excludes adjustments for costs to
exit retail stores as well as impairment charges was $53.5 million
compared to $51.9 million in the twenty-six weeks ended July 30,
2022.
- Interest expense was $12.3 million compared to $8.9 million in
the twenty-six weeks ended July 30, 2022.
- During the twenty-six weeks ended July 29, 2023, the Company
recorded an income tax provision of $8.6 million compared to $10.9
million in the twenty-six weeks ended July 30, 2022 and the
effective tax rate was 30.3% compared to 25.3% in the twenty-six
weeks ended July 30, 2022.
- Net income was $19.8 million compared to $32.2 million in the
twenty-six weeks ended July 30, 2022.
- Net Income per Diluted Share was $1.38 compared to $2.27 in the
twenty-six weeks ended July 30, 2022 including the impact of
non-recurring items and a $12.7 million Loss on debt refinancing as
part of the Company's Term Loan refinancing in the first quarter of
fiscal 2023. Excluding the impact of these items, Adjusted Net
Income per Diluted Share* in the twenty-six weeks ended July 29,
2023 was $2.07 compared to $2.26 in the twenty-six weeks ended July
30, 2022. The decrease in the twenty-six weeks ended July 29, 2023
was driven by higher interest expense.
- Adjusted EBITDA* for the twenty-six weeks ended July 29, 2023
was $66.4 million compared to $66.9 million in the twenty-six weeks
ended July 30, 2022. Adjusted EBITDA margin* for the twenty-six
weeks ended July 29, 2023 was 21.8% compared to 21.1% in the
twenty-six weeks ended July 30, 2022.
- The Company opened 2 new stores in the twenty-six weeks ended
July 29, 2023 and ended the quarter with 245 stores.
Balance Sheet Highlights
- The Company ended the second quarter of fiscal 2023 with $48.9
million in cash and $34.2 million of total availability under its
revolving credit agreement.
- Inventory at the end of the second quarter of fiscal 2023,
decreased 16.0% to $45.7 million compared to $54.4 million at the
end of the second quarter of fiscal 2022.
*Non-GAAP financial measures. Please see “Non-GAAP Financial
Measures” and “Reconciliation of GAAP Net Income to Adjusted
EBITDA, Adjusted Income from Operations and Adjusted Net Income”
for more information.
Outlook
For the third quarter of fiscal 2023, the Company expects
revenues to be down in the low single digits compared to the third
quarter of fiscal 2022, and for Adjusted EBITDA to be in the range
of $23.0 million and $25.0 million.
For fiscal 2023, the Company now expects Annual Adjusted EBITDA
dollars to be down in the low-single digits compared to fiscal
2022, including approximately $2 million benefit from the 53rd
week. The Company continues to expect total capital expenditures of
about $18.0 million and a flat store count to end fiscal 2023.
Conference Call Information
A conference call to discuss second quarter 2023 results is
scheduled for today, August 31, 2023, at 8:00 a.m. Eastern Time.
Those interested in participating in the call are invited to dial
(888) 330-3391 or (646) 960-0845 if calling internationally. Please
dial in approximately 10 minutes prior to the start of the call and
reference Conference ID 2289963 when prompted. A live audio webcast
of the conference call will be available online at
http://investors.jjill.com/Investors-Relations/News-Events/events.
A taped replay of the conference call will be available
approximately two hours following the call and can be accessed both
online and by dialing (800) 770-2030 or (647) 362-9199. The pin
number to access the telephone replay is 2289963. The telephone
replay will be available until Thursday, September 07, 2023.
About J.Jill, Inc.
J.Jill is a national lifestyle brand that provides apparel,
footwear and accessories designed to help its customers move
through a full life with ease. The brand represents an easy,
thoughtful and inspired style that celebrates the totality of all
women and designs its products with its core brand ethos in mind:
keep it simple and make it matter. J.Jill offers a high touch
customer experience through over 200 stores nationwide and a robust
ecommerce platform. J.Jill is headquartered outside Boston. For
more information, please visit www.jjill.com or
http://investors.jjill.com. The information included on our
websites is not incorporated by reference herein.
Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements
presented in accordance with generally accepted accounting
principles (“GAAP”), we use the following non-GAAP measures of
financial performance:
- Adjusted EBITDA, which represents net income (loss) plus
interest expense, provision (benefit) for income taxes,
depreciation and amortization, equity-based compensation expense,
impairments of goodwill, intangible assets and other long-lived
assets, fair value adjustments of warrants and derivatives and
other non-recurring expenses, consisting of professional fees,
retention expenses and costs related to the COVID-19 pandemic. We
present Adjusted EBITDA on a consolidated basis because management
uses it as a supplemental measure in assessing our operating
performance, and we believe that it is helpful to investors,
securities analysts and other interested parties as a measure of
our comparative operating performance from period to period. We
also use Adjusted EBITDA as one of the primary methods for planning
and forecasting overall expected performance of our business and
for evaluating on a quarterly and annual basis actual results
against such expectations. Further, we recognize Adjusted EBITDA as
a commonly used measure in determining business value and as such,
use it internally to report results. We also use Adjusted EBITDA
margin which represents, for any period, Adjusted EBITDA as a
percentage of net sales.
- Adjusted Income (Loss) from Operations, which represents
operating income (loss) plus impairments of goodwill, intangible
assets and other long-lived assets and other non-recurring expense
and one-time items. We present Adjusted Income (Loss) from
Operations because management uses it as a supplemental measure in
assessing our operating performance, and we believe that it is
helpful to investors, securities analysts, and other interested
parties as a measure of our comparative operating performance from
period to period.
- Adjusted Net Income (Loss), which represents net income (loss)
plus impairments of goodwill, intangible assets and other
long-lived assets, fair value adjustments of warrants and
derivatives and other non-recurring expenses and one-time items. We
present Adjusted Net Income (Loss) because management uses it as a
supplemental measure in assessing our operating performance, and we
believe that it is helpful to investors, securities analysts and
other interested parties as a measure of our comparative operating
performance from period to period.
- Adjusted Net Income per Diluted Share (“Adjusted Diluted EPS”)
represents Adjusted Net Income (Loss) divided by the number of
fully diluted shares outstanding. Adjusted Diluted EPS is presented
as a supplemental measure in assessing our operating performance,
and we believe that it is helpful to investors, securities analysts
and other interested parties as a measure of our comparative
operating performance from period to period.
While we believe that Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss)
and Adjusted Diluted EPS are useful in evaluating our business,
they are non-GAAP financial measures that have limitations as
analytical tools. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
Income (Loss) from Operations, Adjusted Net Income (Loss) and
Adjusted Diluted EPS should not be considered alternatives to, or
substitutes for, Net Income (Loss), Income (Loss) from Operations
or Net Income (Loss) per Diluted Share, which are calculated in
accordance with GAAP. In addition, other companies, including
companies in our industry, may calculate Adjusted EBITDA, Adjusted
EBITDA margin, Adjusted Income (Loss) from Operations, Adjusted Net
Income (Loss) and Adjusted Diluted EPS differently or not at all,
which reduces the usefulness of such non-GAAP financial measures as
tools for comparison. We recommend that you review the
reconciliation and calculation of Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Income (Loss) from Operations, Adjusted Net Income
(Loss) and Adjusted Diluted EPS to Net Income (Loss), Income (Loss)
from Operations and Net Income (Loss) per Diluted Share, the most
directly comparable GAAP financial measures, under “Reconciliation
of GAAP Net Income (Loss) to Adjusted EBITDA,” “Reconciliation of
GAAP Operating Income to Adjusted Income from Operations” and
“Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income”
and not rely solely on Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss),
Adjusted Diluted EPS or any single financial measure to evaluate
our business.
Forward-Looking Statements
This press release contains, and oral statements made from time
to time by our representatives may contain, “forward-looking
statements.” All statements that address activities, events or
developments that we intend, expect or believe may occur in the
future are forward-looking statements, including, among others,
statements under “Outlook” and other statements identified by words
such as “could,” “may,” “might,” “will,” “likely,” “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,”
“continues,” “projects,” “goal,” “target” (although not all
forward-looking statements contain these identifying words) and
similar references to future periods, or by the inclusion of
forecasts or projections. Forward-looking statements are based on
our current expectations and assumptions regarding capital market
conditions, our business, the economy and other future conditions.
Because forward-looking statements relate to the future, by their
nature, they are inherently subject to a number of risks,
uncertainties, potentially inaccurate assumptions and changes in
circumstances that are difficult to predict. As a result, our
actual results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to,
regional, national or global political, economic, business,
competitive, market and regulatory conditions, including risks
regarding: (1) our ability to successfully expand and increase
sales, including by opening new retail stores on a profitable
basis, to maintain and enhance a strong brand image, and to
optimize our omnichannel operations; (2) changes in consumer
confidence, preference and spending, and our ability to adapt to
such changes; (3) the competitive environment we operate in; (4)
post-pandemic changes in consumer behavior and the timeline of
overall economic recovery; (5) our level of indebtedness and
ability to work with lenders to pursue options to refinance; and
(6) other factors that may be described in our filings with the
Securities and Exchange Commission (the “SEC”), including the
factors set forth under “Risk Factors” in our Annual Report on Form
10-K for the fiscal year ended January 28, 2023. You are encouraged
to read our filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. We caution
investors, potential investors and others not to place considerable
reliance on the forward-looking statements in this press release
and in the oral statements made by our representatives. Any such
forward-looking statement speaks only as of the date on which it is
made. J.Jill undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future developments or otherwise.
(Tables Follow)
J.Jill, Inc.
Consolidated Statements of
Operations and Comprehensive Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirteen Weeks
Ended
July 29, 2023
July 30, 2022
Net sales
$
155,669
$
160,343
Costs of goods sold
44,260
47,869
Gross profit
111,409
112,474
Selling, general and administrative
expenses
83,365
84,281
Operating income
28,044
28,193
Interest expense, net
6,157
3,547
Interest expense, net - related party
—
929
Income before provision for income
taxes
21,887
23,717
Income tax provision
6,665
5,912
Net income and total comprehensive
income
$
15,222
$
17,805
Net income per common share attributable
to common shareholders
Basic
$
1.08
$
1.28
Diluted
$
1.06
$
1.25
Weighted average number of common shares
outstanding
Basic
14,158,837
13,930,366
Diluted
14,367,751
14,252,429
J.Jill, Inc.
Consolidated Statements of
Operations and Comprehensive Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Twenty-Six Weeks
Ended
July 29, 2023
July 30, 2022
Net sales
$
305,089
$
317,412
Costs of goods sold
86,140
95,475
Gross profit
218,949
221,937
Selling, general and administrative
expenses
165,511
169,859
Operating income
53,438
52,078
Loss on debt refinancing
12,702
—
Interest expense, net
11,214
7,205
Interest expense, net - related party
1,074
1,731
Income (loss) before provision for income
taxes
28,448
43,142
Income tax provision
8,630
10,922
Net income (loss) and total comprehensive
income (loss)
$
19,818
$
32,220
Net Income (loss) per common share
attributable to common shareholders:
Basic
$
1.40
$
2.32
Diluted
$
1.38
$
2.27
Weighted average number of common shares
outstanding:
Basic
14,111,124
13,902,457
Diluted
14,345,179
14,211,768
J.Jill, Inc.
Consolidated Balance
Sheets
(Unaudited)
(Amounts in thousands, except
common share data)
July 29, 2023
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
48,903
$
87,053
Accounts receivable
3,660
7,039
Inventories, net
45,689
50,585
Prepaid expenses and other current
assets
17,920
16,143
Total current assets
116,172
160,820
Property and equipment, net
53,755
53,497
Intangible assets, net
69,717
73,188
Goodwill
59,697
59,697
Operating lease assets, net
116,979
119,118
Other assets
440
97
Total assets
$
416,760
$
466,417
Liabilities and Shareholders’ Equity
(Deficit)
Current liabilities:
Accounts payable
$
37,162
$
39,306
Accrued expenses and other current
liabilities
37,222
49,730
Current portion of long-term debt
8,750
3,424
Current portion of operating lease
liabilities
34,995
34,527
Total current liabilities
118,129
126,987
Long-term debt, net of discount and
current portion
150,296
195,517
Long-term debt, net of discount and
current portion - related party
—
9,719
Deferred income taxes
11,025
10,059
Operating lease liabilities, net of
current portion
117,264
123,101
Other liabilities
933
1,253
Total liabilities
397,647
466,636
Commitments and contingencies
Shareholders’ Equity (Deficit)
Common stock, par value $0.01 per share;
50,000,000 shares authorized; 10,602,705 and 10,165,361 shares
issued and outstanding at July 29, 2023 and January 28, 2023,
respectively
107
102
Additional paid-in capital
211,514
212,005
Accumulated deficit
(192,508
)
(212,326
)
Total shareholders’ equity (deficit)
19,113
(219
)
Total liabilities and shareholders’ equity
(deficit)
$
416,760
$
466,417
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
For the Thirteen Weeks
Ended
July 29, 2023
July 30, 2022
Net income
$
15,222
$
17,805
Interest expense, net
6,157
3,547
Interest expense, net - related party
—
929
Income tax provision
6,665
5,912
Depreciation and amortization
5,491
6,331
Equity-based compensation expense (a)
937
976
Write-off of property and equipment
(b)
26
71
Adjustment for costs to exit retail stores
(c)
—
(3
)
Impairment of long-lived assets (d)
45
—
Other non-recurring items (e)
2
4
Adjusted EBITDA
$
34,545
$
35,572
Net sales
$
155,669
$
160,343
Adjusted EBITDA margin
22.2
%
22.2
%
(a) Represents expenses associated with equity incentive
instruments granted to our management and board of directors.
Incentive instruments are accounted for as equity-classified awards
with the related compensation expense recognized based on fair
value at the date of the grant. (b) Represents the net gain or loss
on the disposal of fixed assets. (c) Represents non-cash
adjustments associated with exiting store leases earlier than
anticipated. (d) Represents impairment of long-lived assets related
to leasehold improvements. (e) Represents items management believes
are not indicative of ongoing operating performance, including
professional fees, retention expenses and costs related to the
COVID-19 pandemic.
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
For the Twenty-Six Weeks
Ended
July 29, 2023
July 30, 2022
Net income (loss)
$
19,818
$
32,220
Interest expense, net
11,214
7,205
Interest expense, net - related party
1,074
1,731
Income tax provision
8,630
10,922
Depreciation and amortization
11,062
13,044
Equity-based compensation expense (a)
1,815
1,718
Write-off of property and equipment
(b)
46
163
Loss on debt refinancing (c)
12,702
—
Adjustment for costs to exit retail stores
(d)
—
(246
)
Impairment of long lived assets (e)
45
108
Other non-recurring items (f)
2
4
Adjusted EBITDA
$
66,408
$
66,869
Net sales
$
305,089
$
317,412
Adjusted EBITDA margin
21.8
%
21.1
%
(a) Represents expenses associated with equity incentive
instruments granted to our management and board of directors.
Incentive instruments are accounted for as equity-classified awards
with the related compensation expense recognized based on fair
value at the date of the grant. (b) Represents the net gain or loss
on the disposal of fixed assets. (c) Represents loss on the
repayment of Priming Term Loan Credit Agreement and the
Subordinated Term Loan Credit Agreement. (d) Represents non-cash
adjustments associated with exiting store leases earlier than
anticipated. (e) Represents impairment of long-lived assets related
to leasehold improvements. (f) Represents items management believes
are not indicative of ongoing operating performance, including
professional fees, retention expenses and costs related to the
COVID-19 pandemic.
J.Jill, Inc.
Reconciliation of GAAP
Operating Income to Adjusted Income from Operations
(Unaudited)
(Amounts in thousands)
For the Thirteen Weeks
Ended
July 29, 2023
July 30, 2022
Operating income
$
28,044
$
28,193
Adjustment for costs to exit retail stores
(a)
—
(3
)
Impairment of long-lived assets (b)
45
—
Other non-recurring items (c)
2
4
Adjusted income from operations
$
28,091
$
28,194
For the Twenty-Six Weeks
Ended
July 29, 2023
July 30, 2022
Operating income
$
53,438
$
52,078
Adjustment for costs to exit retail stores
(a)
—
(246
)
Impairment of long-lived assets (b)
45
108
Other non-recurring items (c)
2
4
Adjusted income from operations
$
53,485
$
51,944
(a) Represents non-cash adjustments associated with exiting store
leases earlier than anticipated. (b) Represents impairment of
long-lived assets related to leasehold improvements. (c) Represents
items management believes are not indicative of ongoing operating
performance, including professional fees, retention expenses and
costs related to the COVID-19 pandemic.
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted Net Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirteen Weeks
Ended
July 29, 2023
July 30, 2022
Net income and total comprehensive
income
$
15,222
$
17,805
Add: Income tax provision
6,665
5,912
Income before provision for income tax
21,887
23,717
Add: Adjustment for costs to exit retail
stores (a)
—
(3
)
Add: Impairment of long-lived assets
(b)
45
—
Add: Other non-recurring items (c)
2
4
Adjusted income before income tax
provision
21,934
23,718
Less: Adjusted tax provision (d)
6,120
6,024
Adjusted net income
$
15,814
$
17,694
Adjusted net income per share attributable
to common shareholders
Basic
$
1.12
$
1.27
Diluted
$
1.10
$
1.24
Weighted average number of common
shares
Basic
14,158,837
13,930,366
Diluted
14,367,751
14,252,429
(a) Represents non-cash adjustments associated with exiting store
leases earlier than anticipated. (b) Represents impairment of
long-lived assets related to leasehold improvements. (c) Represents
items management believes are not indicative of ongoing operating
performance, including professional fees, retention expenses and
costs related to the COVID-19 pandemic. (d) The adjusted tax
provision for adjusted net income is estimated by applying a rate
of 27.9% for the thirteen weeks ended July 29, 2023 and 25.4% for
the thirteen weeks ended July 30, 2022 to the adjusted net income
before income tax provision.
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted Net Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Twenty-Six Weeks
Ended
July 29, 2023
July 30, 2022
Net income and total comprehensive
income
$
19,818
$
32,220
Add: Income tax provision
8,630
10,922
Income before provision for income tax
28,448
43,142
Add: Loss on debt refinancing(a)
12,702
—
Add: Adjustment for costs to exit retail
stores (b)
—
(246
)
Add: Impairment of long-lived assets
(c)
45
108
Add: Other non-recurring items (d)
2
4
Adjusted income before income tax
provision
41,197
43,008
Less: Adjusted tax provision(e)
11,494
10,924
Adjusted net income
$
29,703
$
32,084
Adjusted net income per share attributable
to common shareholders
Basic
$
2.10
$
2.31
Diluted
$
2.07
$
2.26
Weighted average number of common
shares
Basic
14,111,124
13,902,457
Diluted
14,345,179
14,211,768
(a) Represents loss on the repayment of Priming Term Loan Credit
Agreement and the Subordinated Term Loan Credit Agreement. (b)
Represents non-cash adjustments associated with exiting store
leases earlier than anticipated. (c) Represents impairment of
long-lived assets related to leasehold improvements. (d) Represents
items management believes are not indicative of ongoing operating
performance, including professional fees, retention expenses and
costs related to the COVID-19 pandemic. (e) The adjusted tax
provision for adjusted net income is estimated by applying a rate
of 27.9% for the twenty-six weeks ended July 29, 2023 and 25.4% for
the twenty-six weeks ended July 30, 2022 to the adjusted net income
before income tax provision.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230831494610/en/
Investor Relations: Caitlin Churchill ICR, Inc.
investors@jjill.com 203-682-8200 Business and Financial
Media: Ariel Kouvaras Sloane & Company
akouvaras@sloanepr.com 973-897-6241 Brand Media: Meredith
Schwenk J.Jill, Inc. media@jjill.com 617-376-4399
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