J.Jill, Inc. (NYSE:JILL) today reaffirmed its fourth quarter and
full year 2023 guidance in advance of its presentation and investor
meetings at the 26th Annual ICR Conference.
For the fourth quarter of fiscal 2023, the Company continues to
expect 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.
The fourth quarter and full year Fiscal 2023 Adjusted EBITDA*
outlook includes approximately $2.0 million of benefit from the
53rd week in fiscal 2023.
The Company is scheduled to present at the 26th Annual ICR
Conference, held at the Grande Lakes Orlando in Orlando, FL, today,
Monday, January 8, 2024 at 11:30 a.m. Eastern Time. The audio
portion of the presentation will be webcast live over the Internet
and can be accessed, along with the corresponding slide
presentation, on the Company’s Investor Relation website,
http://investors.jjill.com/Investors-Relations/News-Events/events.
An online archive will be available on that site following the
presentation.
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
*The Company has not provided a reconciliation of Adjusted
EBITDA outlook for the fourth quarter and full year of fiscal 2023
to GAAP net income, the most directly comparable GAAP financial
measure due to the inherent difficulty, without unreasonable
efforts, to predict with reasonable certainty the amount or timing
of non-GAAP adjustments that are used to calculate Adjusted EBITDA,
including but not limited to: (a) tax-related items, (b) lease
expenses for retail stores given ongoing negotiations, and (c)
other non-recurring items not indicative of ongoing operating
performance. These adjustments are uncertain, depend on various
factors that are beyond our control and could have a material
impact on net income for the fourth quarter of fiscal 2023.
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.
While we believe that Adjusted EBITDA is useful in evaluating
our business, it is a non-GAAP financial measure that has
limitations as an analytical tool. Adjusted EBITDA should not be
considered an alternative to, or substitute 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 differently or not at all, which reduces the
usefulness of such non-GAAP financial measures as a tool for
comparison.
Forward-Looking Statements
This press release contains, and oral statements made from time
to time by our representatives may contain, “forward-looking
statements” within the meaning of Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical facts contained in this press release, including
statements regarding our strategy, future operations, future
financial position, future revenue, projected costs, prospects,
plans, objectives of management, expected market growth and any
activities, events or developments that we intend, expect or
believe may occur in the future are forward-looking statements.
Such statements are often 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 and are not guarantees of
future performance. 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
any forward-looking statements include regional, national or global
political, economic, business, competitive, market and regulatory
conditions, including risks regarding: (1) our sensitivity to
changes in economic conditions and discretionary consumer spending;
(2) the material adverse impact of pandemics or other health crises
on our operations, business and financial results; (3) our ability
to anticipate and respond to changing customer preferences, shifts
in fashion and industry trends in a timely manner; (4) our ability
to maintain our brand image, engage new and existing customers and
gain market share; (5) the impact of operating in a highly
competitive industry with increased competition; (6) our ability to
successfully optimize our omnichannel operations, including our
ability to enhance our marketing efforts and successfully realize
the benefits from our investments in new technology, for example
our recently implemented point-of-sale system and the forthcoming
upgrade to our order management system; (7) our ability to use
effective marketing strategies and increase existing and new
customer traffic; (8) any interruptions in our foreign sourcing
operations and the relationships with our suppliers and agents; (9)
any increases in the demand for, or the price of, raw materials
used to manufacture our merchandise and other fluctuations in
sourcing and distribution costs; (10) any material damage or
interruptions to our information systems; (11) our ability to
protect our trademarks and other intellectual property rights; (12)
our indebtedness restricting our operational and financial
flexibility; (13) our ability to manage our inventory levels, size
assortments and merchandise mix; (14) our status as a controlled
company; and (15) 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.
Under the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, we have identified these important
factors that, individually or in the aggregate, could cause actual
results and outcomes, including with respect to our ability to
achieve our strategy and other goals and future plans in this press
release or in our oral statements, to differ materially from those
contained in, or implied by, any forward-looking statements we
make. You should understand that it is not possible to predict or
identify all factors and risks. Consequently, you should not
consider the foregoing list to be complete. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240108453262/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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