Reports Q2 Total Comparable Sales Growth of 7.8%
QUINCY, Mass.--(BUSINESS WIRE)--
J.Jill, Inc. (NYSE:JILL) today announced financial results for the
second quarter and the twenty-six weeks ended July 29, 2017.
Paula Bennett, President and CEO of J.Jill, Inc. stated, “We are pleased
to deliver another quarter of strong sales and earnings growth. Our
second quarter performance demonstrated the continued strength of our
omnichannel model and the disciplined, data-driven approach we take to
our business. As we enter the back half of the year, we remain focused
on delighting our customer with the product assortment and shopping
experience she values while continuing to deliver consistent profitable
growth.”
For the second quarter ended July 29, 2017:
-
Total net sales increased by 9.9% to $181.4 million from $165.0
million in the second quarter of fiscal 2016.
-
Total company comparable sales, which includes comparable store sales
and direct to consumer comparable sales, increased by 7.8%.
-
Direct to consumer net sales represented 43.1% of total net sales, up
from 42.3% in the second quarter of fiscal 2016.
-
Gross profit increased to $122.6 million from $112.9 million in the
second quarter of fiscal 2016. As a percentage of total net sales,
gross profit was 67.6% compared to a record second quarter gross
profit of 68.4% in fiscal 2016.
-
SG&A was $97.0 million compared to $94.2 million in the second quarter
of fiscal 2016. Second quarter 2017 SG&A included $0.7 million of
non-recurring expenses related to the transition to a public company.
Second quarter 2016 SG&A included $3.5 million of non-recurring
expenses related to the Company’s IPO. Excluding these non-recurring
expenses in both years, SG&A as a percentage of total net sales was
53.1% compared to 55.0% in the second quarter of fiscal 2016.
-
Income from operations, inclusive of non-recurring SG&A expenses,
increased to $25.6 million from $18.7 million in the second quarter of
fiscal 2016.
-
Adjusted EBITDA* for the second quarter of fiscal 2017
increased by 13.5% to $35.3 million from $31.1 million in the second
quarter of fiscal 2016. As a percentage of total net sales, Adjusted
EBITDA was 19.4% compared to 18.8% in the second quarter of fiscal
2016.
-
Interest expense was $5.1 million, including $0.6 million of
accelerated deferred financing amortization due to the voluntary
principal pre-payment of $20.0 million dollars on the term loan in the
second quarter. Interest expense was $4.7 million in the second
quarter of fiscal 2016.
-
Income tax expense increased to $8.6 million from $5.9 million in the
second quarter of fiscal 2016, and the effective tax rate was 41.6%
compared to 41.8% in the second quarter of 2016.
-
Diluted earnings per share were $0.28 compared to $0.19 in the second
quarter of fiscal 2016.
-
Adjusted diluted earnings per share* for the second quarter
of fiscal 2017, which excludes non-recurring expenses, were $0.29
compared to $0.24 in the second quarter of fiscal 2016.
For the twenty-six weeks ended July 29, 2017:
-
Total net sales increased by 11.1% to $347.5 million from $312.7
million in the twenty-six weeks ended July 30, 2016.
-
Total company comparable sales, which includes comparable store sales
and direct to consumer comparable sales, increased by 8.8%.
-
Direct to consumer net sales represented 42.9% of total net sales, up
from 41.6% in the twenty-six weeks ended July 30, 2016.
-
Gross profit increased to $238.3 million from $214.4 million in the
twenty-six weeks ended July 30, 2016. As a percentage of total net
sales, gross profit was 68.6% in both twenty-six week periods ended
July 29, 2017 and July 30, 2016.
-
SG&A was $194.0 million compared to $181.2 million in the twenty-six
weeks ended July 30, 2016. For the twenty-six weeks ended
July 29, 2017, SG&A included $4.3 million of non-recurring expenses
related to the IPO and subsequent transition to a public company. For
the twenty-six weeks ended July 30, 2016, SG&A included $4.6 million
of non-recurring expenses related to the Company’s IPO. Excluding
these non-recurring expenses in both years, SG&A as a percentage of
total net sales was 54.6% compared to 56.5% for the twenty-six weeks
ended July 30, 2016.
-
Income from operations, inclusive of non-recurring SG&A expenses,
increased to $44.2 million from $33.1 million for the twenty-six weeks
ended July 30, 2016.
-
Adjusted EBITDA* for the twenty-six weeks ended
July 29, 2017 increased by 16.3% to $66.3 million from $57.0 million
in the twenty-six weeks ended July 30, 2016. As a percentage of total
net sales, Adjusted EBITDA was 19.1% compared to 18.2% for the
twenty-six weeks ended July 30, 2016.
-
Interest expense was $10.0 million, including $0.6 million of
accelerated deferred financing amortization due to the voluntary
principal pre-payment of $20.0 million dollars on the term loan in the
second quarter, compared to $8.8 million for the twenty-six weeks
ended July 30, 2016.
-
Income tax expense increased to $14.2 million from $10.1 million in
the twenty-six weeks ended July 30, 2016, and the effective tax rate
was 41.4% compared to 41.5% in the twenty-six weeks ended
July 30, 2016.
-
Diluted earnings per share were $0.46 compared to $0.33 in the
twenty-six weeks ended July 30, 2016.
-
Adjusted diluted earnings per share* for the twenty-six
weeks ended July 29, 2017, which excludes non-recurring expenses, were
$0.53 compared to $0.40 in the twenty-six weeks ended July 30, 2016.
The Company ended the second quarter fiscal 2017 with $28.7 million in
cash and cash equivalents, compared to $13.5 million at the end of
fiscal 2016. Inventory at the end of the second quarter fiscal 2017
decreased to $62.8 million compared to $66.6 million at the end of
fiscal 2016. The Company opened two stores and closed four stores in the
second quarter and ended the quarter with 274 stores.
* Non-GAAP financial measures. Please see “Non-GAAP Financial
Measures” and “Reconciliation of GAAP Net Income to Adjusted EBITDA and
Adjusted Net Income” for more information.
Outlook
For the third quarter of fiscal 2017, we expect total comparable sales
to increase in the high single digits. GAAP diluted earnings per share
are expected to be in the range of $0.17 to $0.19. Adjusted diluted
earnings per share, which excludes approximately $0.7 million of
non-recurring expenses associated with the Company’s transition to a
public company, are expected to be in the range of $0.18 to $0.20. Both
GAAP and adjusted diluted earnings per share will include approximately
$0.5 million of public company costs not incurred in 2016. Adjusted
diluted earnings per share assumes an income tax rate of 40%.
For the full 2017 fiscal year, on a 52-week basis, we expect total
comparable sales to increase in the high single digits. GAAP diluted
earnings per share are expected to be in the range of $0.73 to $0.77.
Adjusted diluted earnings per share, which excludes approximately $5.4
million of non-recurring expenses associated with the Company’s IPO and
subsequent transition to a public company, are expected to be in the
range of $0.81 to $0.85. Both GAAP and adjusted diluted earnings per
share will include approximately $1.4 million of public company costs
not incurred in 2016.
The 53rd week of fiscal 2017, which is not included in the
52-week basis outlook given above, is expected to contribute an
additional $9.0 million in sales and approximately $0.01 of earnings per
share.
Conference Call Information
A conference call to discuss second quarter fiscal 2017 results is
scheduled for today, August 29, 2017, at 8:00 a.m. Eastern Time. Those
interested in participating in the call are invited to dial (844)
579-6824 or (763) 488-9145 if calling internationally. Please dial in
approximately 10 minutes prior to the start of the call and reference
Conference ID 49203608 when prompted. A live audio webcast of the
conference call will be available online at http://investors.jjill.com/Investors-Relations/News-Events.
A taped replay of the conference call will be available approximately
two hours following the live 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 49203608. The telephone replay will be available
until Tuesday, September 5, 2017.
About J.Jill, Inc.
J.Jill is an omnichannel premier retailer and nationally recognized
women’s apparel brand committed to delighting our customers with great
wear-now product. The brand represents an easy, relaxed, inspired style
that reflects the confidence and comfort of a woman with a rich, full
life. J.Jill offers a guiding customer experience through more than 270
stores nationwide and a robust ecommerce platform. J.Jill is
headquartered outside Boston. For more information, please visit www.JJill.com.
The information included on our website 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, write-off of property
and equipment, and other non-recurring expenses, primarily consisting
of outside legal and professional fees associated with the initial
public offering and subsequent transition to a public company. 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 Net Income, which represents net income (loss) plus other
non-recurring expenses, primarily consisting of outside legal and
professional fees associated with the initial public offering and
subsequent transition to a public company. We present Adjusted Net
Income 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.
-
Adjusted Earnings per Share (“Adjusted EPS”) represents Adjusted Net
Income divided by the number of shares outstanding. Adjusted 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 Net Income, and Adjusted
EPS are useful in evaluating our business, they are non-GAAP financial
measures that have limitations as analytical tools. Adjusted EBITDA,
Adjusted Net Income, and Adjusted 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 Net Income, and Adjusted 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 Net Income, and Adjusted EPS to
net income (loss) and EPS, the most directly comparable GAAP financial
measures, under “Reconciliation of GAAP Net Income to Adjusted EBITDA
and Adjusted Net Income” and not rely solely on Adjusted EBITDA,
Adjusted Net Income, Adjusted 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” offering
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 regional, national or global political, economic,
business, competitive, market and regulatory conditions, including risk
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 and other factors set forth under “Risk Factors” in
the Form 10K. 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)
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J.Jill, Inc.
Consolidated Balance Sheets
(Unaudited)
(Amounts
in thousands, except common unit and common share data)
|
|
|
|
|
|
July 29, 2017
|
|
|
January 28, 2017
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
28,661
|
|
|
$
|
13,468
|
|
Accounts receivable
|
|
|
|
5,071
|
|
|
|
3,851
|
|
Inventories, net
|
|
|
|
62,790
|
|
|
|
66,641
|
|
Prepaid expenses and other current assets
|
|
|
|
12,566
|
|
|
|
18,559
|
|
Receivable from related party
|
|
|
|
—
|
|
|
|
1,922
|
|
Total current assets
|
|
|
|
109,088
|
|
|
|
104,441
|
|
Property and equipment, net
|
|
|
|
106,221
|
|
|
|
102,322
|
|
Intangible assets, net
|
|
|
|
156,222
|
|
|
|
163,483
|
|
Goodwill
|
|
|
|
197,026
|
|
|
|
197,026
|
|
Other assets
|
|
|
|
801
|
|
|
|
1,033
|
|
Total assets
|
|
|
$
|
569,358
|
|
|
$
|
568,305
|
|
Liabilities and Shareholders’ / Members’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
40,486
|
|
|
$
|
38,438
|
|
Accrued expenses and other current liabilities
|
|
|
|
41,422
|
|
|
|
46,121
|
|
Current portion of long-term debt
|
|
|
|
2,799
|
|
|
|
2,799
|
|
Total current liabilities
|
|
|
|
84,707
|
|
|
|
87,358
|
|
Long-term debt, net of discount and current portion
|
|
|
|
244,436
|
|
|
|
264,440
|
|
Deferred income taxes
|
|
|
|
72,391
|
|
|
|
73,511
|
|
Other liabilities
|
|
|
|
24,371
|
|
|
|
20,132
|
|
Total liabilities
|
|
|
|
425,905
|
|
|
|
445,441
|
|
Commitments and contingencies
|
|
|
|
|
|
|
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Shareholders’ / Members’ Equity
|
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|
|
|
|
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Common stock, par value $0.01 per share; 250,000,000 shares
authorized; 43,747,944 shares issued and outstanding at July 29,
2017
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|
|
437
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|
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|
—
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Common units, zero par value, 1,000,000 units authorized, issued
and outstanding at January 28, 2017
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|
|
—
|
|
|
|
—
|
|
Contributed capital
|
|
|
|
—
|
|
|
|
116,743
|
|
Additional paid-in capital
|
|
|
|
116,872
|
|
|
|
—
|
|
Accumulated earnings
|
|
|
|
26,144
|
|
|
|
6,121
|
|
Total shareholders’ / members’ equity
|
|
|
|
143,453
|
|
|
|
122,864
|
|
Total liabilities and shareholders’ / members’ equity
|
|
|
$
|
569,358
|
|
|
$
|
568,305
|
|
|
|
|
|
|
|
|
|
|
|
|
J.Jill, Inc.
Consolidated Statements of Operations
and Comprehensive Income
(Unaudited)
(Amounts
in thousands, except share and per share data)
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|
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|
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For the Thirteen Weeks Ended
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|
|
|
|
July 29, 2017
|
|
|
July 30, 2016
|
|
Net sales
|
|
|
|
$
|
181,372
|
|
|
$
|
165,035
|
|
Cost of goods sold
|
|
|
|
|
58,724
|
|
|
|
52,180
|
|
Gross profit
|
|
|
|
|
122,648
|
|
|
|
112,855
|
|
Selling, general and administrative expenses
|
|
|
|
|
97,011
|
|
|
|
94,172
|
|
Operating income
|
|
|
|
|
25,637
|
|
|
|
18,683
|
|
Interest expense
|
|
|
|
|
5,084
|
|
|
|
4,674
|
|
Income before provision for income taxes
|
|
|
|
|
20,553
|
|
|
|
14,009
|
|
Provision for income taxes
|
|
|
|
|
8,557
|
|
|
|
5,860
|
|
Net income and total comprehensive income
|
|
|
|
$
|
11,996
|
|
|
$
|
8,149
|
|
Net income per common share attributable to common shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.29
|
|
|
$
|
0.19
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|
Diluted
|
|
|
|
$
|
0.28
|
|
|
$
|
0.19
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
41,549,825
|
|
|
|
43,747,944
|
|
Diluted
|
|
|
|
|
43,554,275
|
|
|
|
43,747,944
|
|
|
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|
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|
|
|
|
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For the Twenty-Six Weeks Ended
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|
July 29, 2017
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July 30, 2016
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|
|
|
|
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|
Net sales
|
|
|
|
$
|
347,498
|
|
|
$
|
312,700
|
|
Cost of goods sold
|
|
|
|
|
109,242
|
|
|
|
98,339
|
|
Gross profit
|
|
|
|
|
238,256
|
|
|
|
214,361
|
|
Selling, general and administrative expenses
|
|
|
|
|
194,044
|
|
|
|
181,244
|
|
Operating income
|
|
|
|
|
44,212
|
|
|
|
33,117
|
|
Interest expense
|
|
|
|
|
10,029
|
|
|
|
8,786
|
|
Income before provision for income taxes
|
|
|
|
|
34,183
|
|
|
|
24,331
|
|
Provision for income taxes
|
|
|
|
|
14,160
|
|
|
|
10,109
|
|
Net income and total comprehensive income
|
|
|
|
$
|
20,023
|
|
|
$
|
14,222
|
|
Net income per common share attributable to common shareholders
|
|
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|
|
|
|
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Basic
|
|
|
|
$
|
0.48
|
|
|
$
|
0.33
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|
Diluted
|
|
|
|
$
|
0.46
|
|
|
$
|
0.33
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,033,984
|
|
|
|
43,747,944
|
|
Diluted
|
|
|
|
|
43,559,781
|
|
|
|
43,747,944
|
|
|
|
|
|
|
|
|
|
|
|
J.Jill, Inc.
Reconciliation of GAAP Net Income to
Adjusted EBITDA
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
|
|
For the Thirteen Weeks Ended
|
|
|
|
|
July 29, 2017
|
|
|
July 30, 2016
|
|
Net income
|
|
|
|
$
|
11,996
|
|
|
$
|
8,149
|
|
Interest expense
|
|
|
|
|
5,084
|
|
|
|
4,674
|
|
Provision for income taxes
|
|
|
|
|
8,557
|
|
|
|
5,860
|
|
Depreciation and amortization
|
|
|
|
|
8,341
|
|
|
|
8,340
|
|
Equity-based compensation expense (a)
|
|
|
|
|
237
|
|
|
|
210
|
|
Write-off of property and equipment (b)
|
|
|
|
|
338
|
|
|
|
384
|
|
Other non-recurring expenses (c)
|
|
|
|
|
721
|
|
|
|
3,455
|
|
Adjusted EBITDA
|
|
|
|
$
|
35,274
|
|
|
$
|
31,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twenty-Six Weeks Ended
|
|
|
|
|
July 29, 2017
|
|
|
July 30, 2016
|
|
Net income
|
|
|
|
$
|
20,023
|
|
|
$
|
14,222
|
|
Interest expense
|
|
|
|
|
10,029
|
|
|
|
8,786
|
|
Provision for income taxes
|
|
|
|
|
14,160
|
|
|
|
10,109
|
|
Depreciation and amortization
|
|
|
|
|
17,140
|
|
|
|
18,601
|
|
Equity-based compensation expense (a)
|
|
|
|
|
261
|
|
|
|
285
|
|
Write-off of property and equipment (b)
|
|
|
|
|
340
|
|
|
|
384
|
|
Other non-recurring expenses (c)
|
|
|
|
|
4,306
|
|
|
|
4,563
|
|
Adjusted EBITDA
|
|
|
|
$
|
66,259
|
|
|
$
|
56,950
|
|
|
|
|
|
|
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(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 grants.
|
|
(b):
|
|
Represents net gain or loss on the disposal of fixed assets.
|
|
(c):
|
|
Represents items management believes are not indicative of ongoing
operating performance. These expenses are primarily composed of
legal and professional fees associated with the initial public
offering completed March 14, 2017 and subsequent transition to a
public company.
|
|
|
|
|
|
|
J.Jill, Inc.
Reconciliation of GAAP Net Income to
Adjusted Net Income
(Unaudited)
(Amounts
in thousands, except share and per share data)
|
|
|
|
|
|
|
For the Thirteen Weeks Ended
|
|
|
|
|
July 29, 2017
|
|
|
July 30, 2016
|
|
Net income and total comprehensive income
|
|
|
|
$
|
11,996
|
|
|
$
|
8,149
|
|
Add: Provision for income taxes
|
|
|
|
|
8,557
|
|
|
|
5,860
|
|
Income before provision for income taxes
|
|
|
|
|
20,553
|
|
|
|
14,009
|
|
Add: Other non-recurring expenses(a)
|
|
|
|
|
721
|
|
|
|
3,455
|
|
Adjusted Income before provision for income taxes
|
|
|
|
|
21,274
|
|
|
|
17,464
|
|
Less: Adjusted Tax Provision(b)
|
|
|
|
|
8,510
|
|
|
|
6,986
|
|
Adjusted net income
|
|
|
|
$
|
12,764
|
|
|
$
|
10,478
|
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.31
|
|
|
$
|
0.24
|
|
Diluted
|
|
|
|
$
|
0.29
|
|
|
$
|
0.24
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
41,549,825
|
|
|
|
43,747,944
|
|
Diluted
|
|
|
|
|
43,554,275
|
|
|
|
43,747,944
|
|
|
|
|
|
|
|
|
|
|
|
(a):
|
|
Represents items management believes are not indicative of ongoing
operating performance. These expenses are primarily composed of
legal and professional fees associated with the initial public
offering completed March 14, 2017 and subsequent transition to a
public company.
|
|
(b):
|
|
The adjusted tax provision for adjusted net income is estimated by
applying 40% to the adjusted income before provision for income
taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twenty-Six Weeks Ended
|
|
|
|
|
July 29, 2017
|
|
|
July 30, 2016
|
|
Net income and total comprehensive income
|
|
|
|
$
|
20,023
|
|
|
$
|
14,222
|
|
Add: Provision for income taxes
|
|
|
|
|
14,160
|
|
|
|
10,109
|
|
Income before provision for income taxes
|
|
|
|
|
34,183
|
|
|
|
24,331
|
|
Add: Other non-recurring expenses(a)
|
|
|
|
|
4,306
|
|
|
|
4,563
|
|
Adjusted Income before provision for income taxes
|
|
|
|
|
38,489
|
|
|
|
28,894
|
|
Less: Adjusted Tax Provision(b)
|
|
|
|
|
15,396
|
|
|
|
11,558
|
|
Adjusted net income
|
|
|
|
$
|
23,093
|
|
|
$
|
17,336
|
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.55
|
|
|
$
|
0.40
|
|
Diluted
|
|
|
|
$
|
0.53
|
|
|
$
|
0.40
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,033,984
|
|
|
|
43,747,944
|
|
Diluted
|
|
|
|
|
43,559,781
|
|
|
|
43,747,944
|
|
|
|
|
|
|
|
|
|
|
|
(a):
|
|
Represents items management believes are not indicative of ongoing
operating performance. These expenses are primarily composed of
legal and professional fees associated with the initial public
offering completed March 14, 2017 and subsequent transition to a
public company.
|
|
(b):
|
|
The adjusted tax provision for adjusted net income is estimated by
applying 40% to the adjusted income before provision for income
taxes.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170829005326/en/
Source: J.Jill, Inc.