Total Net Sales Growth of 29.4% and Total
Company Comparable Sales Growth of 42.2% vs. Q3 FY2020
Gross Margin of 68.9% vs. Q3 FY2020 of
58.9%
Gross Profit Growth of 51.5% vs. Q3
FY2020
J.Jill, Inc. (NYSE:JILL) today announced financial results for
the third quarter ended October 30, 2021.
Claire Spofford, President and Chief Executive Officer of
J.Jill, Inc. stated, “We are pleased with our third quarter
performance and are encouraged by the ongoing customer response to
our product at full price. These results reflect our continued
recovery as we’ve made progress implementing our strategic
initiatives resulting in healthy gross margin expansion and
significant year-over-year improvement in Adjusted EBITDA. Our
focus on full price selling, improved inventory management, and the
frequent flow of inspired products has further strengthened our
operating model.”
Ms. Spofford continued, “Entering the holiday season, we are
well-positioned to delight our customers with the newness and
novelty that she has responded to throughout this year. Our teams
have worked hard to manage the supply chain so that we have the
right inventory levels for the holiday season and through the
fourth quarter. We are pleased with our progress as we continue to
position J.Jill for long term sustainable growth that will create
value for investors.”
For the third quarter ended October 30, 2021:
- Total net sales for the thirteen weeks ended October 30, 2021
were up 29.4% to $151.7 million compared to $117.2 million for the
thirteen weeks ended October 31, 2020.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, increased by 42.2%.
- Direct to consumer net sales were down 8.3% over 2020 driven by
lower markdown sales and represented 44.9% of total net sales.
- Gross profit was $104.5 million compared to $69.0 million in
the third quarter of fiscal 2020. Gross margin was 68.9% compared
to 58.9% in the third quarter of fiscal 2020. The year over year
gross margin increase was driven by strong full price selling and
reduced promotions which more than offset approximately 200bps of
freight expense due to supply chain disruption.
- SG&A was $85.5 million compared to $92.2 million in the
third quarter of fiscal 2020. In third quarter of fiscal 2020,
SG&A included $12.8 million of transaction costs related to the
debt-restructuring completed on September 30, 2020, and other
one-time expenses compared with a one-time benefit of $0.2 million
in the third quarter of fiscal 2021. Excluding these one-time items
from both periods, SG&A as a percentage of total net sales was
56.5% compared to 67.7% in the third quarter of fiscal 2020.
- Income from operations was $19.0 million compared to a loss of
$24.1 million in the third quarter of fiscal 2020. Adjusted Income
from Operations*, which excludes non-recurring items as well as
impairment charges and transaction costs incurred in the third
quarter of fiscal 2020 was $18.8 million compared to Adjusted Loss
from Operations* of $10.4 million in the third quarter of fiscal
2020.
- Interest expense was $5.2 million compared to $4.8 million in
the third quarter of fiscal 2020.
- During the third quarter of fiscal 2021, the Company recorded
an income tax provision of $2.6 million compared to a benefit of
$7.3 million in the third quarter of fiscal 2020 and the effective
tax rate was 18.7% compared to 24.0% in the third quarter of fiscal
2020.
- Net income was $11.2 million compared to net loss of $23.2
million in the third quarter of fiscal 2020.
- Net Income per Diluted Share was $0.79 compared to a net loss
of $2.52 in the third quarter of fiscal 2020 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 2021 was $0.65 compared to a loss of $1.18 in the third
quarter of fiscal 2020.
- Adjusted EBITDA* for the third quarter of fiscal 2021 was $27.0
million compared to a loss of $1.6 million in the third quarter of
fiscal 2020.
- The Company closed 1 store in the third quarter of fiscal 2021
and ended the quarter with 260 stores.
For the thirty-nine weeks ended October 30, 2021:
- Total net sales for the thirty-nine weeks ended October 30,
2021 were up 46.3% to $440.1 million compared to $300.8 million for
the thirty-nine weeks ended October 31, 2020.
- Total company comparable sales, which includes comparable store
and direct to consumer sales, increased by 24.9%.
- Direct to consumer net sales grew 10.0% over 2020 and
represented 49.1% of total net sales, compared to 65.3% in the
thirty-nine weeks ended October 31, 2020.
- Gross profit was $301.7 million compared to $174.2 million in
the thirty-nine weeks ended October 31, 2020. Gross margin was
68.6% compared to 57.9% in the thirty-nine weeks ended October 31,
2020. The year over year gross margin increase was driven by strong
full price selling and reduced promotions.
- SG&A was $250.5 million compared to $257.8 million in the
thirty-nine weeks ended October 31, 2020. For the thirty-nine weeks
ended October 31, 2020, SG&A included $22.1 million of
transaction costs related to the debt-restructuring completed on
September 30, 2020, and other one-time expenses compared with $0.5
million of one-time expenses for the thirty-nine weeks ended
October 30, 2021. Excluding these one-time items from both periods,
SG&A as a percentage of total net sales was 56.8% compared to
78.4% in the thirty-nine weeks ended October 31, 2020.
- Income from operations was $51.2 million compared to a loss of
$135.7 million in the thirty-nine weeks ended October 31, 2020.
Adjusted Income from Operations*, which excludes the non-recurring
items and impairment charges, was $51.7 million compared to
Adjusted Loss from Operations* of $61.6 million in the thirty-nine
weeks ended October 31, 2020. For the thirty-nine weeks ended
October 30, 2021, the Company did not incur any impairment charges
compared to $52.0 million of impairment charges in the thirty-nine
weeks ended October 31, 2020.
- Interest expense was $14.7 million compared to $13.6 million in
the thirty-nine weeks ended October 31, 2020.
- During the thirty-nine weeks ended October 30, 2021, the
Company recorded $59.8 million of non-cash charges associated with
mark-to-market adjustments for the outstanding warrants and an
embedded derivative associated with the Company’s Priming term
loan. The mark-to-market adjustment was caused by the impact of
J.Jill’s higher stock price on the valuation of the Company’s
option to either paydown $4.9 million of principal on May 31, 2021
or issue additional shares to the lenders and the related
antidilution provision in the warrant agreement.
- During the thirty-nine weeks ended October 30, 2021, the
Company recorded an income tax provision of $8.4 million compared
to a benefit of $38.5 million in the thirty-nine weeks ended
October 31, 2020, and the effective tax rate was -36.2% compared to
25.5% in the thirty-nine weeks ended October 31, 2020.
- Net loss was $31.7 million which includes $59.8 million of
charges related to the fair value adjustment of the warrants and
the Priming Loan embedded derivative, compared to a loss of $112.5
million in the thirty-nine weeks ended October 31, 2020.
- Net Loss per Diluted Share was $2.65 compared to a net loss of
$12.49 in the thirty-nine weeks ended October 31, 2020 including
the impact of non-recurring items. Excluding the impact of these
items, Adjusted Net Income per Diluted Share* in the thirty-nine
weeks ended October 30, 2021 was $1.84 compared to a loss of $5.97
in the thirty-nine weeks ended October 31, 2020.
- Adjusted EBITDA* for the thirty-nine weeks ended October 30,
2021 was $76.6 million compared to a loss of $33.9 million in the
thirty-nine weeks ended October 31, 2020.
- The Company closed 7 stores in the thirty-nine weeks ended
October 30, 2021 and ended the period with 260 stores.
Balance Sheet Highlights
- The Company ended the third quarter of fiscal 2021 with $17.5
million in cash and $35.6 million of total availability under its
revolving credit agreement.
- On August 27, 2021, the Company made a $25.0 million voluntary
principal payment on the Priming Loan. This payment was made to
avoid increased PIK interest and fees.
- Inventory at the end of the third quarter of fiscal 2021
decreased 15.8% to $56.9 million compared to $67.6 million at the
end of the third quarter of fiscal 2020.
*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 2021, the Company expects
revenues to grow compared to the fourth quarter of fiscal 2020. The
company also expects strong Adjusted EBITDA growth for the fourth
quarter of fiscal 2021 compared to the prior year, driven by full
price selling and a reduction in promotions which will more than
offset expected incremental freight pressures and costs related to
increased store operating hours and shipping costs.
The Company now expects total capital spend in fiscal 2021 to be
about $6.0 million and expects to close approximately 20 stores in
fiscal 2021.
Conference Call Information
A conference call to discuss third quarter 2021 results is
scheduled for today, December 13, 2021, at 4:30 p.m. Eastern Time.
Those interested in participating in the call are invited to dial
(844) 502-5028 or (647) 689-5145 if calling internationally. Please
dial in approximately 10 minutes prior to the start of the call and
reference Conference ID 5847597 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) 585-8367 or (416) 621-4642. The pin
number to access the telephone replay is 5847597. The telephone
replay will be available until Monday, December 20, 2021.
About J.Jill, Inc.
J.Jill is a premier omnichannel retailer and nationally
recognized women’s apparel brand committed to delighting customers
with great wear-now product. The brand represents an easy,
thoughtful and inspired style that reflects the confidence of
remarkable women who live life with joy, passion and purpose.
J.Jill offers a guiding customer experience through 260 stores
nationwide and a robust e-commerce 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 and one-time items. 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.
- 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 Diluted Earnings (Loss) per 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 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 Income (Loss) from Operations, Adjusted
Net Income (Loss) and Adjusted Diluted EPS should not be considered
alternatives to, or substitutes for, net income (loss) or EPS,
which are calculated in accordance with GAAP. In addition, other
companies, including companies in our industry, may calculate
Adjusted EBITDA, 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 Income
(Loss) from Operations, Adjusted Net Income (Loss) and Adjusted
Diluted EPS to net income (loss) and EPS, the most directly
comparable GAAP financial measures, under “Reconciliation of GAAP
Net Income (Loss) to Adjusted EBITDA and Adjusted Net Income (Loss)
as well as Reconciliation of GAAP Operating Income (Loss) to
Adjusted Income (Loss) from Operations” and not rely solely on
Adjusted EBITDA, 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.” Forward-looking statements include 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” 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 subject to inherent
uncertainties, risks 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 our ability to manage
inventory or anticipate consumer demand; changes in consumer
confidence and spending; our competitive environment; our failure
to open new profitable stores or successfully enter new markets;
the impact of the COVID-19 epidemic on the Company and the economy
as a whole; post-pandemic changes in customer behavior and the
timeline of economic recovery; the Company’s ability to take
actions that are sufficient to eliminate the substantial doubt
about its ability to continue as a going concern; the Company’s
ability to regain compliance with the continued listing criteria of
the NYSE; the Company’s ability to execute its plan to regain
compliance with the continued listing criteria of the NYSE and to
continue to comply with applicable listing standards within the
available cure period; risks arising from the potential suspension
of trading of the Company’s common stock on the NYSE; and other
factors set forth under “Risk Factors” in our Annual Report on Form
10-K for the fiscal year ended January 31, 2021. Any
forward-looking statement made in this press release 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 Loss
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirteen Weeks
Ended
October 30, 2021
October 31, 2020
Net sales
$
151,731
$
117,224
Costs of goods sold
47,196
48,225
Gross profit
104,535
68,999
Selling, general and administrative
expenses
85,531
92,184
Impairment of long-lived assets (a)
—
906
Operating income (loss)
19,004
(24,091
)
Fair value adjustment of derivative
—
1,628
Interest expense
4,567
4,753
Interest expense, net - related party
607
—
Income (loss) before provision for income
taxes
13,830
(30,472
)
Income tax provision (benefit)
2,592
(7,313
)
Net income (loss) and total comprehensive
income (loss)
$
11,238
$
(23,159
)
Net income (loss) per common share
attributable to common shareholders
—
—
Basic
$
0.81
$
(2.52
)
Diluted
$
0.79
$
(2.52
)
Weighted average number of common shares
outstanding
—
—
Basic
13,798,130
9,177,350
Diluted
14,174,218
9,177,350
(a)
Represents impairment of
long-lived assets related to the right-of-use asset and leasehold
improvements.
J.Jill, Inc.
Consolidated Statements of
Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirty-Nine Weeks
Ended
October 30, 2021
October 31, 2020
Net sales
$
440,053
$
300,829
Costs of goods sold
138,339
126,645
Gross profit
301,714
174,184
Selling, general and administrative
expenses
250,516
257,829
Impairment of long-lived assets (a)
—
27,493
Impairment of goodwill
—
17,900
Impairment of indefinite-lived intangible
assets
—
6,620
Operating income (loss)
51,198
(135,658
)
Fair value adjustment of derivative
2,775
1,628
Fair value adjustment of warrants -
related party (b)
56,984
—
Interest expense, net
13,130
13,640
Interest expense, net - related party
1,597
—
Loss before provision (benefit) for income
taxes
(23,288
)
(150,926
)
Income tax provision (benefit)
8,430
(38,464
)
Net loss and total comprehensive loss
$
(31,718
)
$
(112,462
)
Net loss per common share attributable to
common shareholders:
Basic
$
(2.65
)
$
(12.49
)
Diluted
$
(2.65
)
$
(12.49
)
Weighted average number of common shares
outstanding:
Basic
11,971,405
9,004,321
Diluted
11,971,405
9,004,321
(a)
Represents impairment of long-lived assets
related to the right-of-use asset and leasehold improvements.
(b)
The fair value adjustment of warrants
increased due to the increase in J.Jill’s stock price from January
30, 2021 through May 31, 2021.
J.Jill, Inc.
Consolidated Balance
Sheets
(Unaudited)
(Amounts in thousands, except
common share data)
October 30, 2021
January 30, 2021
Assets
Current assets:
Cash
$
17,473
$
4,407
Accounts receivable
8,073
7,793
Inventories, net
56,902
58,034
Prepaid expenses and other current
assets
43,675
43,035
Total current assets
126,123
113,269
Property and equipment, net
60,047
73,906
Intangible assets, net
82,777
88,976
Goodwill
59,697
59,697
Operating lease assets, net
137,386
161,135
Other assets
140
199
Total assets
$
466,170
$
497,182
Liabilities and Shareholders’
Deficit
Current liabilities:
Accounts payable
$
54,238
$
56,263
Accrued expenses and other current
liabilities
51,851
43,854
Current portion of long-term debt
6,999
2,799
Current portion of operating lease
liabilities
33,254
37,967
Borrowings under revolving credit
facility
—
11,146
Total current liabilities
146,342
152,029
Long-term debt, net of discount and
current portion
196,771
225,401
Long-term debt, net of discount and
current portion - related party
4,908
3,311
Deferred income taxes
14,114
13,835
Operating lease liabilities, net of
current portion
151,468
179,022
Warrants - related party (Note 8)
—
15,997
Derivative liability (Note 8)
—
2,436
Other liabilities
1,434
2,049
Total liabilities
515,037
594,080
Commitments and contingencies
Shareholders’ Deficit
Common stock, par value $0.01 per share;
50,000,000 shares authorized; 9,987,999 and 9,631,633 shares issued
and outstanding at October 30, 2021 and January 30, 2021,
respectively
100
97
Additional paid-in capital
209,109
129,363
Accumulated deficit
(258,076
)
(226,358
)
Total shareholders’ deficit
(48,867
)
(96,898
)
Total liabilities and shareholders’
deficit
$
466,170
$
497,182
J.Jill, Inc.
Reconciliation of GAAP Net
Loss to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
For the Thirteen Weeks
Ended
October 30, 2021
October 31, 2020
Net income (loss)
$
11,238
$
(23,159
)
Fair value adjustment of derivative
—
1,628
Interest expense, net
4,567
4,753
Interest expense, net - related party
607
—
Income tax provision (benefit)
2,592
(7,313
)
Depreciation and amortization
7,227
8,359
Equity-based compensation expense (a)
789
323
Write-off of property and equipment
(b)
171
120
Adjustment for costs to exit retail stores
(c)
(471
)
(556
)
Impairment of long-lived assets (d)
—
906
Transaction costs (e)
—
12,912
Other non-recurring items (f)
240
410
Adjusted EBITDA
$
26,960
$
(1,617
)
For the Thirty-Nine Weeks
Ended
October 30, 2021
October 31, 2020
Net loss
$
(31,718
)
(112,462
)
Fair value adjustment of derivative
2,775
1,628
Fair value adjustment of warrants -
related party (g)
56,984
—
Interest expense, net
13,130
13,640
Interest expense, net - related party
1,597
—
Income tax provision (benefit)
8,430
(38,464
)
Depreciation and amortization
22,098
25,672
Equity-based compensation expense (a)
1,881
1,614
Write-off of property and equipment
(b)
887
376
Adjustment for costs to exit retail stores
(c)
(1,181
)
(958
)
Impairment of goodwill and other
intangible assets
—
24,520
Impairment of long lived assets (d)
—
27,493
Transaction costs (e)
—
20,636
Other non-recurring items (f)
1,708
2,393
Adjusted EBITDA
$
76,591
$
(33,912
)
(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 the right-of-use asset and leasehold improvements for
the thirteen and thirty-nine weeks ended October 31, 2020.
(e)
Represents items management believes are
not indicative of ongoing operating performance. For the thirteen
and thirty-nine weeks ended October 31, 2020, these expenses are
primarily composed of legal and advisory costs.
(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.
(g)
The fair value adjustment of warrants increased due to the
increase in J.Jill’s stock price from January 30, 2021 through May
31, 2021.
J.Jill, Inc.
Reconciliation of GAAP
Operating Income (Loss) to Adjusted Income (Loss) from
Operations
(Unaudited)
(Amounts in thousands)
For the Thirteen Weeks
Ended
October 30, 2021
October 31, 2020
Operating income (loss)
$
19,004
$
(24,091
)
Adjustment for costs to exit retail stores
(a)
(471
)
(556
)
Impairment of long-lived assets (b)
—
906
Transaction costs (c)
—
12,912
Other non-recurring items (d)
240
410
Adjusted income (loss) from operations
$
18,773
$
(10,419
)
For the Thirty-Nine Weeks
Ended
October 30, 2021
October 31, 2020
Operating income (loss)
$
51,198
$
(135,658
)
Adjustment for costs to exit retail stores
(a)
(1,181
)
(958
)
Impairment of goodwill and other
intangible assets
—
24,520
Impairment of long-lived assets (b)
—
27,493
Transaction costs (c)
—
20,636
Other non-recurring items (d)
1,708
2,393
Adjusted income (loss) from operations
$
51,725
$
(61,574
)
(a)
Represents non-cash adjustments associated
with exiting store leases earlier than anticipated.
(b)
Represents impairment of long-lived assets
related to the right-of-use asset and leasehold improvements.
(c)
Represents items management believes are
not indicative of ongoing operating performance and are primarily
composed of legal and advisory costs.
(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.
J.Jill, Inc.
Reconciliation of GAAP Net
Loss to Adjusted Net Income (Loss)
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Thirteen Weeks
Ended
October 30, 2021
October 31, 2020
Net income (loss) and total comprehensive
income (loss)
$
11,238
$
(23,159
)
Add: Income tax provision (benefit)
2,592
(7,313
)
Loss before provision (benefit) for income
tax
13,830
(30,472
)
Add: Fair value adjustment of
derivative
—
1,628
Add: Adjustment for costs to exit retail
stores (b)
(471
)
(556
)
Add: Impairment of long-lived assets
(c)
—
906
Add: Transaction costs
—
12,912
Add: Other non-recurring items (d)
240
410
Adjusted income (loss) before income tax
provision (benefit)
13,599
(15,172
)
Less: Adjusted tax provision (benefit)
(e)
4,379
(4,324
)
Adjusted net income (loss)
$
9,220
$
(10,848
)
Adjusted net income (loss) per common
share
Diluted
$
0.65
$
(1.18
)
Weighted average number of common
shares
Diluted
14,174,218
9,177,350
For the Thirty-Nine Weeks
Ended
October 30, 2021
October 31, 2020
Net loss and total comprehensive loss
$
(31,718
)
$
(112,462
)
Add: Income tax benefit
8,430
(38,464
)
Loss before provision (benefit) for income
tax
(23,288
)
(150,926
)
Add: Fair value adjustment of
derivative
2,775
1,628
Add: Fair value adjustment of warrants -
related party (a)
56,984
—
Add: Adjustment for costs to exit retail
stores (b)
(1,181
)
(958
)
Add: Impairment of goodwill and other
intangible assets
—
24,520
Add: Impairment of long-lived assets
(c)
—
27,493
Add: Transaction costs
—
20,636
Add: Other non-recurring items (d)
1,708
2,393
Adjusted income (loss) before income tax
provision (benefit)
36,998
(75,214
)
Less: Adjusted tax provision (benefit)
(e)
11,913
(21,436
)
Adjusted net income (loss)
$
25,085
$
(53,778
)
Adjusted net income (loss) per common
share
Diluted
$
1.84
$
(5.97
)
Weighted average number of common
shares
Diluted
13,657,543
9,004,321
(a)
The fair value adjustment of
warrants increased due to the increase in J.Jill’s stock price from
the beginning of the respective period through May 31, 2021.
(b)
Represents non-cash adjustments associated
with exiting store leases earlier than anticipated.
(c)
Represents impairment of long-lived assets
related to the right-of-use asset and 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 32.2% for the third
quarter of fiscal 2021 and 28.5% for the third quarter of fiscal
2020 to the adjusted loss before income tax provision
(benefit).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211213005707/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: Chris Gayton J.Jill, Inc. media@jjill.com
617-689-7916
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