Q4 FY23 Net Sales of $149.4 Million and FY23
Net Sales of $604.7 Million
Delivers Strong Gross Margin of 67.3% for Q4
FY23 and 70.7% for FY23
Operating Model Drives Operating Income
Margin Expansion of 170bps for Q4 FY23 and 140bps for FY23
J.Jill, Inc. (NYSE:JILL) today announced financial results for
the fourth quarter and fiscal year ended February 3, 2024.
Claire Spofford, President and Chief Executive Officer of
J.Jill, Inc. stated, “We are pleased with our strong end to 2023
which delivered fourth quarter and full year results above our
expectations. This performance is once again a testament to the
execution of our disciplined operating model which has continued to
support the healthy margin profile and strong cash generation of
the business. Throughout 2023, we made great progress in
strengthening our financial and operational foundation while
planting the seeds for future growth. We successfully refinanced
our debt, enhanced our omni-channel capabilities, delivered our
first net new store opening year in over three years, and continued
to identify and test new concepts within our assortment to drive
growth.”
Ms. Spofford continued, “As we look ahead, we continue to take a
cautious outlook with respect to the macro environment and are
planning our business accordingly. We will continue to execute our
disciplined operating model while investing in both capital and
operating expenses that we believe will support the initiatives in
place to drive profitable sales growth.”
For the fourth quarter ended February 3, 2024:
- Total net sales for the fourteen weeks ended February 3, 2024
were up 1.2% to $149.4 million compared to $147.7 million for the
thirteen weeks ended January 28, 2023.
- Total company comparable sales, which includes comparable store
and direct to consumer sales on a thirteen-week basis, decreased by
3.6% for the fourth quarter of fiscal 2023.
- Direct to consumer net sales, which represented 51.2% of total
net sales, were up 4.0% compared to the fourth quarter of fiscal
2022.
- Gross profit was $100.6 million compared to $95.1 million in
the fourth quarter of fiscal 2022. Gross margin was 67.3% compared
to 64.4% in the fourth quarter of fiscal 2022.
- SG&A was $90.0 million compared to $87.3 million in the
fourth quarter of fiscal 2022. Excluding the non-recurring items
and adjustments for costs to exit retail stores from both periods,
SG&A as a percentage of total net sales was 60.3%, compared to
59.1% in the fourth quarter of fiscal 2022.
- Income from operations was $10.5 million compared to $7.8
million in the fourth quarter of fiscal 2022. Operating income
margin for the fourth quarter of fiscal 2023 was 7.0% compared to
5.3% in the fourth quarter of fiscal 2022. Adjusted Income from
Operations*, which excludes non-recurring items, adjustments for
costs to exit retail stores and impairment charges, was $10.5
million compared to $7.8 million in the fourth quarter of fiscal
2022.
- Interest expense was $5.9 million compared to $5.7 million in
the fourth quarter of fiscal 2022.
- During the fourth quarter of fiscal 2023, the Company recorded
an income tax benefit of $0.2 million compared to an income tax
provision of $1.1 million in the fourth quarter of fiscal 2022 and
the effective tax rate was (4.0%) compared to 51.2% in the fourth
quarter of fiscal 2022.
- Net Income was $4.8 million compared to $1.0 million in the
fourth quarter of fiscal 2022.
- Net Income per Diluted Share was $0.33 compared to $0.07 in the
fourth quarter of fiscal 2022. Excluding the impact of
non-recurring items, adjustments for costs to exit retail stores
and impairment charges, Adjusted Net Income per Diluted Share* in
the fourth quarter of fiscal 2023 was $0.23 compared to $0.11 in
the fourth quarter of fiscal 2022.
- Adjusted EBITDA* for the fourth quarter of fiscal 2023 was
$17.6 million compared to $15.0 million in the fourth quarter of
fiscal 2022. Adjusted EBITDA margin* for the fourth quarter of
fiscal 2023 was 11.8% compared to 10.2% in the fourth quarter of
fiscal 2022.
- The Company closed 1 store in the fourth quarter of fiscal 2023
ending the quarter with 244 stores.
For the year ended February 3, 2024:
- Total net sales were down 1.7% to $604.7 million compared to
$615.3 million for the year ended January 28, 2023.
- Total company comparable sales, which includes comparable store
and direct to consumer sales on a fifty-two week basis, decreased
by 1.4% for the year ended February 3, 2024.
- Direct to consumer net sales, which represented 46.5% of total
net sales were down 2.3% compared to the year ended January 28,
2023.
- Gross profit was $427.4 million compared to $422.1 million for
the year ended January 28, 2023. Gross margin was 70.7% compared to
68.6% for the year ended January 28, 2023.
- SG&A was $341.2 million compared to $341.9 million for the
year ended January 28, 2023. In comparing fiscal 2023 to fiscal
2022, excluding the non-recurring items, adjustments for costs to
exit retail stores and other one-time costs from both periods,
SG&A as a percentage of total net sales was 56.5% compared to
55.6% for the year ended January 28, 2023.
- Income from operations was $86.1 million compared to $78.7
million for the year ended January 28, 2023. Operating income
margin for the year ended February 3, 2024 was 14.2% compared to
12.8% for the year ended January 28, 2023. Adjusted Income from
Operations*, which excludes non-recurring items, adjustments for
costs to exit retail stores and impairment charges, was $85.5
million compared to $79.9 million for the year ended January 28,
2023.
- Interest expense was $24.0 million compared to $20.1 million
for the year ended January 28, 2023.
- During the year ended February 3, 2024, the Company recorded an
income tax provision of $13.2 million compared to $16.5 million in
the year ended January 28, 2023, and the effective tax rate was
26.7% compared to 28.1% for the year ended January 28, 2023.
- Net Income was $36.2 million compared to $42.2 million for the
year ended January 28, 2023.
- Net Income per Diluted Share was $2.51 compared to $2.95 for
the year ended January 28, 2023 including the impact of
non-recurring items, adjustments for costs to exit retail stores,
impairment charges, 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* for the year ended February 3, 2024 was
$3.13 compared to $3.01 for the year ended January 28, 2023.
- Adjusted EBITDA* for the year ended February 3, 2024 was $112.2
million compared to $109.4 million for the year ended January 28,
2023. Adjusted EBITDA margin* was 18.6% compared to 17.8% for the
year ended January 28, 2023.
- The Company opened 2 new stores and closed 1 store in fiscal
2023, ending the year with 244 stores.
J.Jill follows the retail 4-5-4 reporting calendar, which
included an extra week in the fourth quarter of fiscal 2023 (the
53rd week). The 53rd week contributed approximately $7.9 million to
net sales and $2.2 million to Adjusted EBITDA for fiscal 2023.
Balance Sheet Highlights
- Cash flow from operations for the year ended February 3, 2024
was $63.3 million compared to $74.4 million for the year ended
January 28, 2023. Free cash flow*, defined as cash flow from
operations less capital expenditures, was $46.4 million compared to
$59.4 million for fiscal 2022. The Company ended the fourth quarter
of fiscal 2023 with a cash balance of $62.2 million.
- Inventory at the end of the fourth quarter of fiscal 2023 was
$53.3 million compared to $50.6 million at the end of the fourth
quarter of fiscal 2022.
*Non-GAAP financial measures. Please see “Non-GAAP Financial
Measures” and “Reconciliation of GAAP Net Income (Loss) to Adjusted
EBITDA,” “Reconciliation of GAAP Operating Income to Adjusted
Income from Operations,” “Reconciliation of GAAP Net Income (Loss)
to Adjusted Net Income” and “Reconciliation of GAAP Cash from
Operations to Free Cash Flow” for more information.
Outlook
For the 52-week fiscal 2024, the Company expects net sales to be
flat to up in the low-single digits and Adjusted EBITDA to be down
in the mid-single digits compared to the 53-week fiscal 2023. This
guidance reflects the negative impact from the loss of the 53rd
week in fiscal 2023 of $7.9 million in net sales and $2.2 million
in Adjusted EBITDA. The Company expects total capital expenditures
of approximately $26.0 million and net store count growth of up to
5 stores to end fiscal 2024.
For the first quarter of fiscal 2024, the Company expects net
sales to be up in the low to mid-single-digits compared to the
first quarter of fiscal 2023, and for Adjusted EBITDA to be in the
range of $29.0 million to $33.0 million.
Conference Call Information
A conference call to discuss fourth quarter and full year 2023
results is scheduled for today, March 20, 2024, at 8:00 a.m.
Eastern Time. Those interested in participating in the call are
invited to dial (800) 715-9871 or (646) 307-1963 if calling
internationally. Please dial in approximately 10 minutes prior to
the start of the call and reference Conference ID 2923526 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 (609) 800-9909. The pin
number to access the telephone replay is 2923526. The telephone
replay will be available until Wednesday, March 27, 2024.
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 plus interest
expense, (benefit) provision for income taxes, depreciation and
amortization, equity-based compensation expense, write- off of
property and equipment, adjustment for costs to exit retail stores,
loss on debt refinancing, impairment of long-lived assets and other
non-recurring items, consisting of legal and advisory costs. 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 from Operations, which represents operating
income plus adjustment for costs to exit retail stores, impairment
of long-lived assets and other non-recurring items. We present
Adjusted Income 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, which represents net income plus income
tax (benefit) provision, adjustment for costs to exit retail
stores, loss on debt refinancing, impairment of long-lived assets
and other non-recurring items. We present Adjusted Net Income
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 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.
- Free Cash Flow represents cash flow from operations less
capital expenditures. Free Cash Flow is presented as a supplemental
measure in assessing our liquidity, and we believe that it is
helpful to investors, securities analysts and other interested
parties as a measure of our comparative liquidity and operating
performance from period to period.
While we believe that Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Income from Operations, Adjusted Net Income, Adjusted
Diluted EPS and Free Cash Flow are useful in evaluating our
business, they are non-GAAP financial measures that have
limitations as analytical tools. These non-GAAP measures should not
be considered alternatives to, or substitutes for, Net Income,
Income from Operations, Net Income per Diluted Share or Cash from
Operations, which are calculated in accordance with GAAP. In
addition, other companies, including companies in our industry, may
calculate these non-GAAP measures 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 from Operations, Adjusted Net Income, Adjusted Diluted EPS
and Free Cash Flow to Net Income, Income from Operations, Net
Income per Diluted Share and Cash from Operations, respectively,
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,” “Reconciliation of GAAP Net Income to Adjusted Net
Income” and “Reconciliation of Cash from Operations to Free Cash
Flows” and not rely solely on Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Income from Operations, Adjusted Net Income,
Adjusted Diluted EPS, Free Cash Flow 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 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 February 3, 2024. 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 Fourteen Weeks
Ended
For the Thirteen Weeks
Ended
February 3, 2024
January 28, 2023
Net sales
$
149,447
$
147,652
Costs of goods sold (exclusive of
depreciation and amortization)
48,838
52,562
Gross profit
100,609
95,090
Selling, general and administrative
expenses
90,000
87,279
Impairment of long-lived assets (a)
123
5
Operating income
10,486
7,806
Interest expense, net
5,901
4,393
Interest expense, net - related party
—
1,291
Income before provision for income
taxes
4,585
2,122
Income tax (benefit) provision
(182
)
1,086
Net income and total comprehensive
income
$
4,767
$
1,036
Net income per common share:
Basic
$
0.34
$
0.07
Diluted
$
0.33
$
0.07
Weighted average common shares:
Basic
14,176,459
13,974,230
Diluted
14,475,445
14,418,678
(a) Represents impairment of long-lived assets related primarily
to leasehold improvements for the fourteen weeks ended February 3,
2024 and right-of-use assets and leasehold improvements for the
thirteen weeks ended January 28, 2023.
J.Jill, Inc.
Consolidated Statements of
Operations and Comprehensive Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Net sales
$
604,661
$
615,268
Costs of goods sold (exclusive of
depreciation and amortization)
177,261
193,218
Gross profit
427,400
422,050
Selling, general and administrative
expenses
341,161
341,903
Impairment of long-lived assets (a)
189
1,413
Operating income
86,050
78,734
Loss on debt refinancing
12,702
—
Interest expense, net
22,909
15,946
Interest expense, net - related party
1,074
4,114
Income before provision for income
taxes
49,365
58,674
Income tax provision
13,164
16,499
Net income and total comprehensive
income
$
36,201
$
42,175
Net income per common share:
Basic
$
2.56
$
3.03
Diluted
$
2.51
$
2.95
Weighted average common shares:
Basic
14,143,127
13,935,403
Diluted
14,404,470
14,285,035
(a) Represents impairment of long-lived assets related primarily
to leasehold improvements for the year ended February 3, 2024 and
right-of-use assets and leasehold improvements for the year ended
January 28, 2023.
J.Jill, Inc.
Consolidated Balance
Sheets
(Unaudited)
(Amounts in thousands, except
common share data)
February 3, 2024
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
62,172
$
87,053
Accounts receivable
5,042
7,039
Inventories, net
53,259
50,585
Prepaid expenses and other current
assets
17,656
15,224
Total current assets
138,129
159,901
Property and equipment, net
54,118
53,497
Intangible assets, net
66,246
73,188
Goodwill
59,697
59,697
Operating lease assets, net
108,203
119,118
Other assets
1,787
1,016
Total assets
$
428,180
$
466,417
Liabilities and Shareholders’ Equity
(Deficit)
Current liabilities:
Accounts payable
$
41,112
$
39,306
Accrued expenses and other current
liabilities
42,283
49,730
Current portion of long-term debt (a)
35,353
3,424
Current portion of operating lease
liabilities
36,204
34,527
Total current liabilities
154,952
126,987
Long-term debt, net of discount and
current portion
120,595
195,517
Long-term debt, net of discount - related
party
—
9,719
Deferred income taxes
10,967
10,059
Operating lease liabilities, net of
current portion
103,070
123,101
Other liabilities
1,378
1,253
Total liabilities
390,962
466,636
Commitments and contingencies
Shareholders’ Equity (Deficit)
Common stock, par value $0.01 per share;
50,000,000 shares authorized; 10,614,454 and 10,165,361 shares
issued and outstanding at February 3, 2024 and January 28, 2023,
respectively
107
102
Additional paid-in capital
213,236
212,005
Accumulated deficit
(176,125
)
(212,326
)
Total shareholders’ equity (deficit)
37,218
(219
)
Total liabilities and shareholders’
equity
$
428,180
$
466,417
(a) As of February 3, 2024 the Company
expects to make a mandatory Excess Cash Flow payment of $26.6
million in accordance with the provisions of the Term Loan Credit
Agreement dated April 5, 2023. This amount is included in the line
item “Current portion of long-term debt”.
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
For the Fourteen Weeks
Ended
For the Thirteen Weeks
Ended
February 3, 2024
January 28, 2023
Net income
$
4,767
$
1,036
Add back:
Depreciation and amortization
6,077
6,311
Income tax provision
(182
)
1,086
Interest expense, net
5,901
4,393
Interest expense, net - related party
—
1,291
Adjustments:
Equity-based compensation expense (a)
1,005
890
Write-off of property and equipment
(b)
5
36
Adjustment for exited retail stores
(d)
(135
)
(4
)
Impairment of long-lived assets (e)
123
5
Other non-recurring items (f)
—
1
Adjusted EBITDA
$
17,561
$
15,045
Net sales
$
149,447
$
147,652
Adjusted EBITDA margin
11.8
%
10.2
%
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Net income
$
36,201
$
42,175
Add back:
Depreciation and amortization
22,931
25,761
Income tax provision
13,164
16,499
Interest expense, net
22,909
15,946
Interest expense, net - related party
1,074
4,114
Adjustments:
Equity-based compensation expense (a)
3,762
3,505
Write-off of property and equipment
(b)
70
267
Loss on debt refinancing (c)
12,702
-
Adjustment for exited retail stores
(d)
(767
)
(250
)
Impairment of long-lived assets (e)
189
1,413
Other non-recurring items (f)
2
7
Adjusted EBITDA
$
112,237
$
109,437
Net sales
$
604,661
$
615,268
Adjusted EBITDA margin
18.6
%
17.8
%
(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 primarily to leasehold improvements for the fourteen weeks
ended and fifty-three weeks ended February 3, 2024 and right-of-use
assets and leasehold improvements for the thirteen weeks ended and
fifty-two weeks ended January 28, 2023.
(f)
Represents items management believes are
not indicative of ongoing operating performance, including legal
and advisory costs.
J.Jill, Inc.
Reconciliation of GAAP
Operating Income to Adjusted Income from Operations
(Unaudited)
(Amounts in thousands)
For the Fourteen Weeks
Ended
For the Thirteen Weeks
Ended
February 3, 2024
January 28, 2023
Operating income
$
10,486
$
7,806
Adjustment for exited retail stores
(a)
(135
)
(4
)
Impairment of long-lived assets (b)
123
5
Other non-recurring items (c)
—
1
Adjusted income from operations
$
10,474
$
7,808
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Operating income
$
86,050
$
78,734
Adjustment for exited retail stores
(a)
(767
)
(250
)
Impairment of long-lived assets (b)
189
1,413
Other non-recurring items (c)
2
7
Adjusted income from operations
$
85,474
$
79,904
(a)
Represents non-cash adjustments associated with exiting store
leases earlier than anticipated.
(b)
Represents impairment of long-lived assets related primarily to
leasehold improvements for the fourteen weeks and fifty-three weeks
ended February 3, 2024 and right-of-use assets and leasehold
improvements for the thirteen weeks and fifty-two weeks ended
January 28, 2023.
(c)
Represents items management believes are not indicative of
ongoing operating performance, including legal and advisory
costs.
J.Jill, Inc.
Reconciliation of GAAP Net
Income to Adjusted Net Income
(Unaudited)
(Amounts in thousands, except
share and per share data)
For the Fourteen Weeks
Ended
For the Thirteen Weeks
Ended
February 3, 2024
January 28, 2023
Net income and total comprehensive
income
$
4,767
$
1,036
Add: Income tax (benefit) provision
(182
)
1,086
Income before provision for income tax
4,585
2,122
Adjustments:
Adjustment for exited retail stores
(b)
(135
)
(4
)
Impairment of long-lived assets (c)
123
5
Other non-recurring items (d)
—
1
Adjusted income before income tax
provision
4,573
2,124
Less: Adjusted tax provision (e)
1,221
597
Adjusted net income
$
3,352
$
1,527
Adjusted net income per share attributable
to common shareholders
Basic
$
0.24
$
0.11
Diluted
$
0.23
$
0.11
Weighted average number of common
shares
Basic
14,176,459
13,974,230
Diluted
14,475,445
14,418,678
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Net income and total comprehensive
income
$
36,201
$
42,175
Add: Income tax provision
13,164
16,499
Income before provision for income tax
49,365
58,674
Adjustments:
Loss on debt refinancing(a)
12,702
—
Adjustment for exited retail stores
(b)
(767
)
(250
)
Impairment of long-lived assets (c)
189
1,413
Other non-recurring items (d)
2
7
Adjusted income before income tax
provision
61,491
59,844
Less: Adjusted tax provision(e)
16,418
16,816
Adjusted net income
$
45,073
$
43,028
Adjusted net income per share attributable
to common shareholders
Basic
$
3.19
$
3.09
Diluted
$
3.13
$
3.01
Weighted average number of common
shares
Basic
14,143,127
13,935,403
Diluted
14,404,470
14,285,035
(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 primarily to leasehold improvement for the fifty-three
weeks ended February 3, 2024 and right-of-use assets and leasehold
improvements for the fifty-two weeks ended January 28, 2023.
(d)
Represents items management believes are
not indicative of ongoing operating performance, including legal
and advisory costs.
(e)
The Adjusted tax provision for Adjusted
net income is estimated by applying a rate of 26.7% for fiscal 2023
and 28.1% for fiscal 2022. The Fourteen Weeks Ended February 3,
2024 Income tax (benefit) provision reflects the benefit of the
release of a valuation allowance on its state deferred tax assets
that are expected to be utilized in future years. This benefit is
not reflected in the Adjusted tax provision for the Fourteen Weeks
Ended February 3, 2024 since it is calculated based on the annual
effective tax rate.
J.Jill, Inc.
Selected Cash Flow
Information
(Unaudited)
(Amounts in thousands)
Summary Data from
the Statement of Cash Flows
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Net cash provided by operating
activities
$
63,313
$
74,425
Net cash used in investing activities
(16,934
)
(15,067
)
Net cash used in financing activities
(71,260
)
(8,262
)
Net change in cash and cash
equivalents
(24,881
)
51,096
Cash and cash equivalents:
Beginning of Period
87,053
35,957
End of Period
$
62,172
$
87,053
Reconciliation of GAAP Cash from
Operations to Free Cash Flow
For the Fifty-Three Weeks
Ended
For the Fifty-Two Weeks
Ended
February 3, 2024
January 28, 2023
Net cash provided by operating
activities
$
63,313
$
74,425
Less: Capital expenditures (a)
(16,934
)
(15,067
)
Free cash flow
$
46,379
$
59,358
(a) Capital expenditures reflects net cash
used in investing activities, which includes capitalized interest
and excludes cash received from landlords for tenant
allowances.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240320497801/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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