Net Sales of $150.1 Million vs. $150.2
Million in Q3 FY2022; Total Company Comparable Sales Up 1.9% vs. Q3
FY2022
Gross Margin Increase 190bps vs. Q3 FY2022
to 71.8%
Operating Income Margin Increase 220bps vs.
Q3 FY2022 to 14.7%
J.Jill, Inc. (NYSE:JILL) today announced financial results for
the third quarter ended October 28, 2023.
Claire Spofford, President and Chief Executive Officer of
J.Jill, Inc. stated, "Our performance continues to reflect the
disciplined execution of our business by the team especially amidst
a very dynamic consumer environment. Our results are supported by
solid full price selling across our channels and underscores our
ability to continue to deliver product and assortments that are
versatile, modern and that appeal to our loyal customer. As we look
to the remainder of the year, while we have seen our customer
become more discerning with her spend, we believe we are well
positioned to deliver on our objectives for the year.”
For the third quarter ended October 28, 2023:
- Total net sales for the thirteen weeks ended October 28, 2023
were down 0.1% to $150.1 million compared to $150.2 million for the
thirteen weeks ended October 29, 2022.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, increased by 1.9%.
- Direct to consumer net sales, which represented 45.3% of sales,
were down 0.5% compared to the third quarter of fiscal 2022.
- Gross profit was $107.8 million compared to $105.0 million in
the third quarter of fiscal 2022. Gross margin was 71.8% compared
to 69.9% in the third quarter of fiscal 2022.
- SG&A was $85.7 million compared to $84.9 million in the
third quarter of fiscal 2022. In comparing the third 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
57.5% compared to 56.5% in the third quarter of fiscal 2022.
- Income from operations was $22.1 million compared to $18.9
million in the third quarter of fiscal 2022. Adjusted Income from
Operations*, which excludes adjustments for costs to exit retail
stores as well as impairment charges was $21.5 million compared to
$20.2 million in the third quarter of fiscal 2022.
- Interest expense was $5.8 million compared to $5.4 million in
the third quarter of fiscal 2022.
- During the third quarter of fiscal 2023, the Company recorded
an income tax provision of $4.7 million compared to $4.5 million in
the third quarter of fiscal 2022 and the effective tax rate was
28.9% compared to 33.5% in the third quarter of fiscal 2022.
- Net income was $11.6 million compared to $8.9 million in the
third quarter of fiscal 2022.
- Net Income per Diluted Share was $0.80 compared to $0.62 in the
third 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 third quarter of fiscal 2023 was $0.78
compared to $0.77 in the third quarter of fiscal 2022.
- Adjusted EBITDA* for the third quarter of fiscal 2023 was $28.3
million compared to $27.5 million in the third quarter of fiscal
2022. Adjusted EBITDA margin* was 18.8% for the third quarter of
fiscal 2023 compared to 18.3% for the third quarter fiscal
2022.
- The Company did not open any new stores in the third quarter of
fiscal 2023 and ended the quarter with 245 stores.
For the thirty-nine weeks ended October 28, 2023:
- Total net sales for the thirty-nine weeks ended October 28,
2023 were down 2.7% to $455.2 million compared to $467.6 million
for the thirty-nine weeks ended October 29, 2022.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, decreased by 0.7%.
- Direct to consumer net sales, which represented 45.0% of sales,
were down 4.5% compared to the thirty-nine weeks ended October 29,
2022.
- Gross profit was $326.8 million compared to $327.0 million in
the thirty-nine weeks ended October 29, 2022. Gross margin was
71.8% compared to 69.9% in the thirty-nine weeks ended October 29,
2022. The year over year gross margin increase benefited from lower
freight costs compared to the thirty-nine weeks ended October 29,
2022.
- SG&A was $251.2 million compared to $254.6 million in the
thirty-nine weeks ended October 29, 2022. In comparing the
thirty-nine weeks ended October 28, 2023 to the thirty-nine weeks
ended October 29, 2022, excluding non-recurring and other one-time
costs, SG&A as a percentage of total net sales was 55.3%
compared to 54.5% in the thirty-nine weeks ended October 29,
2022.
- Income from operations was $75.6 million compared to $70.9
million in the thirty-nine weeks ended October 29, 2022. Adjusted
Income from Operations*, which excludes adjustments for costs to
exit retail stores as well as impairment charges was $75.0 million
compared to $72.1 million in the thirty-nine weeks ended October
29, 2022.
- Interest expense was $18.1 million compared to $14.4 million in
the thirty-nine weeks ended October 29, 2022.
- During the thirty-nine weeks ended October 28, 2023, the
Company recorded an income tax provision of $13.3 million compared
to $15.4 million in the thirty-nine weeks ended October 29, 2022
and the effective tax rate was 29.8% compared to 27.3% in the
thirty-nine weeks ended October 29, 2022.
- Net income was $31.4 million compared to $41.1 million in the
thirty-nine weeks ended October 29, 2022.
- Net Income per Diluted Share was $2.19 compared to $2.89 in the
thirty-nine weeks ended October 29, 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 thirty-nine weeks ended October
28, 2023 was $2.85 compared to $3.02 in the thirty-nine weeks ended
October 29, 2022. The decrease in the thirty-nine weeks ended
October 28, 2023 was driven by higher interest expense.
- Adjusted EBITDA* for the thirty-nine weeks ended October 28,
2023 was $94.7 million compared to $94.4 million in the thirty-nine
weeks ended October 29, 2022. Adjusted EBITDA margin* for the
thirty-nine weeks ended October 28, 2023 was 20.8% compared to
20.2% in the thirty-nine weeks ended October 29, 2022.
- The Company opened 2 new stores in the thirty-nine weeks ended
October 28, 2023 and ended the quarter with 245 stores.
Balance Sheet Highlights
- The Company ended the third quarter of fiscal 2023 with $64.1
million in cash and $34.2 million of total availability under its
revolving credit agreement.
- Inventory at the end of the third quarter of fiscal 2023,
decreased 5.7% to $56.7 million compared to $60.1 million at the
end of the third quarter 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 fourth quarter of fiscal 2023, the Company expects
revenues to be approximately flat compared to the fourth quarter of
fiscal 2022, and for Adjusted EBITDA to be in the range of $11.0
million and $13.0 million.
For fiscal 2023, the Company continues to expect Adjusted EBITDA
dollars to be down in the low-single digits compared to fiscal
2022, including approximately $2.0 million of benefit from the 53rd
week in fiscal 2023. The Company also continues to expect total
capital expenditures of $18.0 million and a flat store count to end
fiscal 2023.
Conference Call Information
A conference call to discuss third quarter 2023 results is
scheduled for today, December 5, 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 Tuesday, December 12, 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
October 28, 2023
October 29, 2022
Net sales
$
150,125
$
150,204
Costs of goods sold
42,283
45,181
Gross profit
107,842
105,023
Selling, general and administrative
expenses
85,694
84,873
Impairment of long-lived assets
21
1,300
Operating income
22,127
18,850
Interest expense, net
5,794
4,348
Interest expense, net - related party
—
1,092
Income before provision for income
taxes
16,333
13,410
Income tax provision
4,717
4,491
Net income and total comprehensive
income
$
11,616
$
8,919
Net income per common share attributable
to common shareholders
Basic
$
0.82
$
0.64
Diluted
$
0.80
$
0.62
Weighted average number of common shares
outstanding
Basic
14,169,955
13,962,467
Diluted
14,448,228
14,297,925
J.Jill, Inc.
Consolidated Statements of
Operations and Comprehensive Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirty-Nine Weeks
Ended
October 28, 2023
October 29, 2022
Net sales
$
455,214
$
467,616
Costs of goods sold
128,423
140,656
Gross profit
326,791
326,960
Selling, general and administrative
expenses
251,161
254,624
Impairment of long-lived assets
66
1,408
Operating income
75,564
70,928
Loss on debt refinancing
12,702
—
Interest expense, net
17,008
11,553
Interest expense, net - related party
1,074
2,823
Income (loss) before provision for income
taxes
44,780
56,552
Income tax provision
13,346
15,413
Net income (loss) and total comprehensive
income (loss)
$
31,434
$
41,139
Net Income (loss) per common share
attributable to common shareholders:
Basic
$
2.22
$
2.95
Diluted
$
2.19
$
2.89
Weighted average number of common shares
outstanding:
Basic
14,130,734
13,922,460
Diluted
14,379,529
14,240,486
J.Jill, Inc.
Consolidated Balance
Sheets
(Unaudited)
(Amounts in thousands, except
common share data)
October 28, 2023
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
64,115
$
87,053
Accounts receivable
6,210
7,039
Inventories, net
56,652
50,585
Prepaid expenses and other current
assets
16,629
16,143
Total current assets
143,606
160,820
Property and equipment, net
53,883
53,497
Intangible assets, net
67,981
73,188
Goodwill
59,697
59,697
Operating lease assets, net
112,389
119,118
Other assets
492
97
Total assets
$
438,048
$
466,417
Liabilities and Shareholders’ Equity
(Deficit)
Current liabilities:
Accounts payable
$
48,981
$
39,306
Accrued expenses and other current
liabilities
42,858
49,730
Current portion of long-term debt
8,750
3,424
Current portion of operating lease
liabilities
35,415
34,527
Total current liabilities
136,004
126,987
Long-term debt, net of discount and
current portion
148,731
195,517
Long-term debt, net of discount and
current portion - related party
—
9,719
Deferred income taxes
10,738
10,059
Operating lease liabilities, net of
current portion
110,008
123,101
Other liabilities
909
1,253
Total liabilities
406,390
466,636
Commitments and contingencies
Shareholders’ Equity (Deficit)
Common stock, par value $0.01 per share;
50,000,000 shares authorized; 10,603,506 and 10,165,361 shares
issued and outstanding at October 28, 2023 and January 28, 2023,
respectively
107
102
Additional paid-in capital
212,443
212,005
Accumulated deficit
(180,892
)
(212,326
)
Total shareholders’ equity (deficit)
31,658
(219
)
Total liabilities and shareholders’ equity
(deficit)
$
438,048
$
466,417
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
For the Thirteen Weeks
Ended
October 28, 2023
October 29, 2022
Net income
$
11,616
$
8,919
Interest expense, net
5,794
4,348
Interest expense, net - related party
—
1,092
Income tax provision
4,717
4,491
Depreciation and amortization
5,792
6,406
Equity-based compensation expense (a)
942
897
Write-off of property and equipment
(b)
19
68
Adjustment for costs to exit retail stores
(c)
(632
)
—
Impairment of long-lived assets (d)
21
1,300
Other non-recurring items (e)
—
2
Adjusted EBITDA
$
28,269
$
27,523
Net sales
$
150,125
$
150,204
Adjusted EBITDA margin
18.8
%
18.3
%
(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 Thirty-Nine Weeks
Ended
October 28, 2023
October 29, 2022
Net income
$
31,434
$
41,139
Interest expense, net
17,008
11,553
Interest expense, net - related party
1,074
2,823
Income tax provision
13,346
15,413
Depreciation and amortization
16,854
19,450
Equity-based compensation expense (a)
2,757
2,615
Write-off of property and equipment
(b)
65
231
Loss on debt refinancing (c)
12,702
—
Adjustment for costs to exit retail stores
(d)
(632
)
(246
)
Impairment of long-lived assets (e)
66
1,408
Other non-recurring items (f)
2
6
Adjusted EBITDA
$
94,676
$
94,392
Net sales
$
455,214
$
467,616
Adjusted EBITDA margin
20.8
%
20.2
%
(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 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
October 28, 2023
October 29, 2022
Operating income
$
22,127
$
18,850
Adjustment for costs to exit retail stores
(a)
(632
)
—
Impairment of long-lived assets (b)
21
1,300
Other non-recurring items (c)
—
2
Adjusted income from operations
$
21,516
$
20,152
For the Thirty-Nine Weeks
Ended
October 28, 2023
October 29, 2022
Operating income
$
75,564
$
70,928
Adjustment for costs to exit retail stores
(a)
(632
)
(246
)
Impairment of long-lived assets (b)
66
1,408
Other non-recurring items (c)
2
6
Adjusted income from operations
$
75,000
$
72,096
(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
October 28, 2023
October 29, 2022
Net income and total comprehensive
income
$
11,616
$
8,919
Add: Income tax provision
4,717
4,491
Income before provision for income tax
16,333
13,410
Add: Adjustment for costs to exit retail
stores (a)
(632
)
—
Add: Impairment of long-lived assets
(b)
21
1,300
Add: Other non-recurring items (c)
—
2
Adjusted income before income tax
provision
15,722
14,712
Less: Adjusted tax provision (d)
4,386
3,737
Adjusted net income
$
11,336
$
10,975
Adjusted net income per share attributable
to common shareholders
Basic
$
0.80
$
0.79
Diluted
$
0.78
$
0.77
Weighted average number of common
shares
Basic
14,169,955
13,962,467
Diluted
14,448,228
14,297,925
(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 October 28, 2023 and 25.4% for the
thirteen weeks ended October 29, 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 Thirty-Nine Weeks
Ended
October 28, 2023
October 29, 2022
Net income and total comprehensive
income
$
31,434
$
41,139
Add: Income tax provision
13,346
15,413
Income before provision for income tax
44,780
56,552
Add: Loss on debt refinancing(a)
12,702
—
Add: Adjustment for costs to exit retail
stores (b)
(632
)
(246
)
Add: Impairment of long-lived assets
(c)
66
1,408
Add: Other non-recurring items (d)
2
6
Adjusted income before income tax
provision
56,918
57,720
Less: Adjusted tax provision(e)
15,880
14,661
Adjusted net income
$
41,038
$
43,059
Adjusted net income per share attributable
to common shareholders
Basic
$
2.90
$
3.09
Diluted
$
2.85
$
3.02
Weighted average number of common
shares
Basic
14,130,734
13,922,460
Diluted
14,379,529
14,240,486
(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 thirty-nine weeks ended October 28, 2023 and 25.4% for the
thirty-nine weeks ended October 29, 2022 to the adjusted net income
before income tax provision.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231205514240/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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