QUINCY, Mass.--(BUSINESS WIRE)--
J.Jill, Inc. (NYSE:JILL) today announced financial results for the
fourth quarter and full fiscal year ended February 2, 2019.
Linda Heasley, President and CEO of J.Jill, Inc. stated, “Our fourth
quarter results demonstrate continued progress on our near-term
initiatives. I am especially pleased by our year-over-year gross margin
improvement for the quarter, driven by cleaner, leaner inventories and a
reduction in promotional activity. For the year, we delivered on our
near-term initiatives, including elevating our customer engagement,
heightening our focus on balancing the assortment and managing
inventory, and in the second half of the year relying less on
promotional activities as we improve profitable sell-throughs.”
Ms. Heasley continued, “We expect our fourth quarter sales trend to
persist through the first half of 2019 as we continue to reduce
promotional activity. In 2019, we are intently focused on driving
near-term results while reinvesting in the business. We are materially
accelerating investments in our brand, people, and systems to more
seamlessly engage with our customer with purpose and a clearer voice for
the brand. This is an important year, and we believe that these
investments, particularly in leadership and technology, will enhance our
ability to return to our history of driving consistent profitable
growth.”
For the fourth quarter ended February 2, 2019:
J.Jill follows the retail 4-5-4 reporting calendar, which included an
extra week in the fourth quarter of fiscal 2017 (the fifty-third week).
The fifty-third week contributed approximately $9.2 million in sales,
$0.9 million of net income and $0.02 in Adjusted Diluted Earnings per
Share* in the fourth quarter of fiscal 2017.
-
Total net sales for the thirteen weeks ended February 2, 2019 were
$170.9 million versus $188.7 million for the fourteen weeks ended
February 3, 2018.
-
Total company comparable sales, which includes comparable store and
direct to consumer sales, decreased by 1.7%.
-
Direct to consumer net sales represented 45.3% of total net sales,
compared to 46.6% in the fourth quarter of fiscal 2017.
-
Gross profit decreased to $107.8 million from $117.3 million in the
fourth quarter of fiscal 2017. Gross margin was 63.1% compared to
fourth quarter gross margin of 62.2% in fiscal 2017.
-
SG&A was $99.8 million compared to $105.6 million in the fourth
quarter of fiscal 2017. Fourth quarter 2017 SG&A included $2.3 million
of non-recurring expenses. Excluding these non-recurring expenses,
SG&A as a percentage of total net sales was 58.4% compared to 54.8% in
the fourth quarter of fiscal 2017.
-
Income from operations decreased to $8.0 million from $11.7 million in
the fourth quarter of fiscal 2017, which is inclusive of non-recurring
SG&A expenses.
-
Interest expense remained flat at $4.7 million for both the fourth
quarter of fiscal 2018 and the fourth quarter of fiscal 2017.
-
Income tax expense was $1.2 million compared to an income tax benefit
of $22.4 million in the fourth quarter of fiscal 2017, and the
effective tax rate was 37.1% compared to (320.3%) in the fourth
quarter of 2017. The U.S. Tax Cuts and Jobs Act, enacted in December
2017, significantly reduced the federal corporate income tax rate, and
required the Company to revalue its deferred income tax liabilities
based on the lower enacted federal corporate income tax rate,
resulting in a one-time benefit of $24.0 million in the fourth quarter
of fiscal 2017.
-
Net income decreased to $2.1 million from $29.3 million in the fourth
quarter of fiscal 2017, which is inclusive of non-recurring SG&A
expenses.
-
Diluted earnings per share was $0.05 compared to $0.67 in the fourth
quarter of fiscal 2017, which included the impact of one-time expenses
and tax reform. Excluding these impacts, Adjusted Diluted Earnings per
Share* for the fourth quarter of fiscal 2017 was $0.13.
-
Adjusted EBITDA* for the fourth quarter of fiscal 2018
decreased by 23.6% to $18.5 million from $24.2 million in the fourth
quarter of fiscal 2017. As a percentage of total net sales, Adjusted
EBITDA was 10.8% compared to 12.8% in the fourth quarter of fiscal
2017.
For the fiscal year ended February 2, 2019:
-
Total net sales for the fifty-two weeks ended February 2, 2019 were
$706.3 million versus $698.1 million for the fifty-three weeks ended
February 3, 2018.
-
Total company comparable sales, which includes comparable store and
direct to consumer sales, increased by 0.9%.
-
Direct to consumer net sales represented 41.6% of total net sales
compared to 43.1% in fiscal 2017.
-
Gross profit decreased to $460.3 million from $464.1 million in fiscal
2017. Gross margin was 65.2% compared to 66.5% in fiscal 2017.
-
SG&A was $399.0 million compared to $394.9 million in fiscal 2017. In
fiscal 2018, SG&A included $1.3 million of non-recurring expenses and
$0.2 million of accelerated stock compensation expense as a result of
a CEO transition. In fiscal 2017, SG&A included $7.2 million of
non-recurring expenses related to the Company’s IPO and subsequent
transition to a public company. Excluding these non-recurring expenses
in both years, SG&A as a percentage of total net sales was 56.3%
compared to 55.5% in fiscal 2017.
-
Income from operations, inclusive of non-recurring SG&A expenses,
decreased to $61.2 million from $69.2 million in fiscal 2017.
-
Interest expense was $19.1 million compared to $19.3 million,
including accelerated deferred financing amortization of $0.7 million
due to the voluntary paydown of $25.0 million of the Company’s Term
Loan in fiscal 2017.
-
Income tax expense was $11.6 million compared to an income tax benefit
of $5.4 million in fiscal 2017, and the effective tax rate was 27.6%
compared to (10.9%) in fiscal 2017. The U.S. Tax Cuts and Jobs Act,
enacted in December 2017, significantly reduced the federal corporate
income tax rate, and required the Company to revalue its deferred
income tax liabilities based on the lower enacted federal corporate
income tax rate, resulting in a one-time benefit of $24.0 million in
the fourth quarter of fiscal 2017.
-
Net income, inclusive of non-recurring SG&A expenses, decreased to
$30.5 million from $55.4 million in fiscal 2017.
-
Diluted earnings per share was $0.69 compared to $1.27 in fiscal 2017,
including the impact of one-time expenses and tax reform. Excluding
these impacts, Adjusted Diluted Earnings per Share* in
fiscal 2017 was $0.79.
-
Adjusted EBITDA* in fiscal 2018 decreased by 8.8% to $103.5
million from $113.5 million in fiscal 2017. As a percentage of total
net sales, Adjusted EBITDA was 14.7% compared to 16.3% in fiscal 2017.
The Company ended the fourth quarter fiscal 2018 with $66.2 million in
cash. Inventory at the end of the fourth quarter fiscal 2018 decreased
to $77.3 million compared to $80.6 million at the end of the fourth
quarter fiscal 2017. The Company opened eight stores and closed one
store in the fourth quarter and ended the quarter with 282 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.
Dividend Announcement
As separately announced, J.Jill’s Board of Directors has declared a
special dividend of $1.15 per share. The dividend will be paid on April
1, 2019 to shareholders of record at the close of business on March 19,
2019.
Outlook
For the full 2019 fiscal year, we expect total comparable sales to be
approximately flat with total net sales expected to be slightly
positive. Diluted earnings per share are expected to be in the range of
$0.66 to $0.70, including a $0.09 to $0.10 impact related to technology
investments being made in the business, compared to diluted earnings per
share of $0.69 and Adjusted Diluted Earnings per Share of $0.72 in
fiscal 2018.
For the first quarter of fiscal 2019, we expect total comparable sales
to decrease 1.0% to 3.0% with total net sales expected to be flat to
down 2.0%. Diluted earnings per share are expected to be in the range of
$0.15 to $0.17, including an approximate $0.06 impact related to the
technology investments, compared to diluted earnings per share of $0.26
and Adjusted Diluted Earnings per Share of $0.29 in the first quarter of
fiscal 2018.
Conference Call Information
A conference call to discuss full fiscal 2018 results is scheduled for
today, March 6, 2019, 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
8789889 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 (855) 859-2056 or (404) 537-3406. The pin number to access the
telephone replay is 8789889. The telephone replay will be available
until Wednesday, March 13, 2019.
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 more than 280 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.
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 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 Net Income, which represents net income (loss) plus other
non-recurring expenses and one-time items. 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 Diluted Earnings per 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.
While we believe that Adjusted EBITDA, Adjusted Net Income, 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 Net Income, 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 Net Income, 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 Net Income, and Adjusted
Diluted 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 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 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 our Annual Report on 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)
|
J.Jill, Inc.
Consolidated Statements of Operations
and Comprehensive Income
(Unaudited)
(Amounts
in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen
Weeks Ended
|
|
|
For the Fourteen
Weeks Ended
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
Net sales
|
|
|
|
$
|
170,902
|
|
|
$
|
188,672
|
|
Cost of goods sold
|
|
|
|
|
63,081
|
|
|
|
71,344
|
|
Gross profit
|
|
|
|
|
107,821
|
|
|
|
117,328
|
|
Selling, general and administrative expenses
|
|
|
|
|
99,794
|
|
|
|
105,609
|
|
Operating income
|
|
|
|
|
8,027
|
|
|
|
11,719
|
|
Interest expense, net
|
|
|
|
|
4,696
|
|
|
|
4,736
|
|
Income before provision for income taxes
|
|
|
|
|
3,331
|
|
|
|
6,983
|
|
Income tax provision (benefit)
|
|
|
|
|
1,237
|
|
|
|
(22,365
|
)
|
Net income and total comprehensive income
|
|
|
|
$
|
2,094
|
|
|
$
|
29,348
|
|
Net income per common share attributable to common shareholders
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.05
|
|
|
$
|
0.70
|
|
Diluted
|
|
|
|
$
|
0.05
|
|
|
$
|
0.67
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
43,060,392
|
|
|
|
41,906,414
|
|
Diluted
|
|
|
|
|
44,359,599
|
|
|
|
43,499,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fifty-Two
Weeks Ended
|
|
|
For the Fifty-Three
Weeks Ended
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
Net sales
|
|
|
|
$
|
706,262
|
|
|
$
|
698,145
|
|
Cost of goods sold
|
|
|
|
|
245,982
|
|
|
|
234,065
|
|
Gross profit
|
|
|
|
|
460,280
|
|
|
|
464,080
|
|
Selling, general and administrative expenses
|
|
|
|
|
399,042
|
|
|
|
394,893
|
|
Operating income
|
|
|
|
|
61,238
|
|
|
|
69,187
|
|
Interest expense, net
|
|
|
|
|
19,064
|
|
|
|
19,261
|
|
Income before provision for income taxes
|
|
|
|
|
42,174
|
|
|
|
49,926
|
|
Income tax provision (benefit)
|
|
|
|
|
11,649
|
|
|
|
(5,439
|
)
|
Net income and total comprehensive income
|
|
|
|
$
|
30,525
|
|
|
$
|
55,365
|
|
Net income per common share attributable to common shareholders
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.71
|
|
|
$
|
1.32
|
|
Diluted
|
|
|
|
$
|
0.69
|
|
|
$
|
1.27
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,771,316
|
|
|
|
41,926,157
|
|
Diluted
|
|
|
|
|
44,239,751
|
|
|
|
43,571,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J.Jill, Inc.
Consolidated Balance Sheets
(Unaudited)
(Amounts
in thousands, except common share data)
|
|
|
|
|
|
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
66,204
|
|
|
$
|
25,978
|
Accounts receivable
|
|
|
|
4,007
|
|
|
|
4,733
|
Inventories, net
|
|
|
|
77,349
|
|
|
|
80,591
|
Prepaid expenses and other current assets
|
|
|
|
27,734
|
|
|
|
21,166
|
Total current assets
|
|
|
|
175,294
|
|
|
|
132,468
|
Property and equipment, net
|
|
|
|
118,044
|
|
|
|
118,420
|
Intangible assets, net
|
|
|
|
136,177
|
|
|
|
148,961
|
Goodwill
|
|
|
|
197,026
|
|
|
|
197,026
|
Other assets
|
|
|
|
447
|
|
|
|
682
|
Total assets
|
|
|
$
|
626,988
|
|
|
$
|
597,557
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
55,012
|
|
|
$
|
53,962
|
Accrued expenses and other current liabilities
|
|
|
|
45,306
|
|
|
|
48,759
|
Current portion of long-term debt
|
|
|
|
2,799
|
|
|
|
2,799
|
Total current liabilities
|
|
|
|
103,117
|
|
|
|
105,520
|
Long-term debt, net of discount and current portion
|
|
|
|
237,464
|
|
|
|
238,881
|
Deferred income taxes
|
|
|
|
41,842
|
|
|
|
46,263
|
Other liabilities
|
|
|
|
30,770
|
|
|
|
27,577
|
Total liabilities
|
|
|
|
413,193
|
|
|
|
418,241
|
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share; 250,000,000 shares
authorized;
43,672,418 and 43,752,790 shares issued and outstanding at
February 2, 2019 and
February 3, 2018, respectively
|
|
|
|
437
|
|
|
|
437
|
Additional paid-in capital
|
|
|
|
121,635
|
|
|
|
117,393
|
Accumulated earnings
|
|
|
|
91,723
|
|
|
|
61,486
|
Total shareholders’ equity
|
|
|
|
213,795
|
|
|
|
179,316
|
Total liabilities and shareholders’ equity
|
|
|
$
|
626,988
|
|
|
$
|
597,557
|
|
Note 1: These financial statements are unaudited and are subject to
normal and recurring year-end adjustments, which may have a material
impact on reported balances. Additionally, statements do not include
footnotes.
|
|
J.Jill, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(Unaudited)
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen
Weeks Ended
|
|
|
For the Fourteen
Weeks Ended
|
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
|
Net income
|
|
|
|
$
|
2,094
|
|
|
$
|
29,348
|
|
Interest expense, net
|
|
|
|
|
4,696
|
|
|
|
4,736
|
|
Income tax provision (benefit)
|
|
|
|
|
1,237
|
|
|
|
(22,365
|
)
|
Depreciation and amortization
|
|
|
|
|
9,351
|
|
|
|
9,284
|
|
Equity-based compensation expense (a) |
|
|
|
|
1,056
|
|
|
|
243
|
|
Write-off of property and equipment (b) |
|
|
|
|
41
|
|
|
|
17
|
|
Impairment of long lived assets (c) |
|
|
|
|
—
|
|
|
|
2,164
|
|
Special bonus
|
|
|
|
|
—
|
|
|
|
624
|
|
Other non-recurring expenses (d) |
|
|
|
|
—
|
|
|
|
117
|
|
Adjusted EBITDA
|
|
|
|
$
|
18,475
|
|
|
$
|
24,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fifty-Two
Weeks Ended
|
|
|
For the Fifty-Three
Weeks Ended
|
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
|
Net income
|
|
|
|
$
|
30,525
|
|
|
$
|
55,365
|
|
Interest expense, net
|
|
|
|
|
19,064
|
|
|
|
19,261
|
|
Income tax provision (benefit)
|
|
|
|
|
11,649
|
|
|
|
(5,439
|
)
|
Depreciation and amortization
|
|
|
|
|
36,749
|
|
|
|
35,052
|
|
Equity-based compensation expense (a) |
|
|
|
|
4,010
|
|
|
|
782
|
|
Write-off of property and equipment (b) |
|
|
|
|
128
|
|
|
|
586
|
|
Impairment of long lived assets (c) |
|
|
|
|
—
|
|
|
|
2,164
|
|
Special bonus
|
|
|
|
|
—
|
|
|
|
624
|
|
Other non-recurring expenses (d) |
|
|
|
|
1,346
|
|
|
|
5,081
|
|
Adjusted EBITDA
|
|
|
|
$
|
103,471
|
|
|
$
|
113,476
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 the impairment of assets taken in fiscal 2017 associated
with three underperforming retail locations.
|
(d):
|
|
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. For the fifty-two weeks ended February 2, 2019,
these expenses include costs related to a CEO transition.
|
|
|
|
|
|
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
|
|
|
For the Fourteen
Weeks Ended
|
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
|
Net income and total comprehensive income
|
|
|
|
$
|
2,094
|
|
|
$
|
29,348
|
|
Add: Income tax provision (benefit)
|
|
|
|
|
1,237
|
|
|
|
(22,365
|
)
|
Income before income tax provision (benefit)
|
|
|
|
|
3,331
|
|
|
|
6,983
|
|
Add: Impairment of long lived assets (a) |
|
|
|
|
—
|
|
|
|
2,164
|
|
Add: Other non-recurring expenses(b) |
|
|
|
|
—
|
|
|
|
117
|
|
Adjusted Income before provision for income taxes
|
|
|
|
|
3,331
|
|
|
|
9,264
|
|
Less: Adjusted Tax Provision (c)(d) |
|
|
|
|
1,237
|
|
|
|
3,706
|
|
Adjusted net income
|
|
|
|
$
|
2,094
|
|
|
$
|
5,558
|
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.05
|
|
|
$
|
0.13
|
|
Diluted
|
|
|
|
$
|
0.05
|
|
|
$
|
0.13
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
43,060,392
|
|
|
|
41,906,414
|
|
Diluted
|
|
|
|
|
44,359,599
|
|
|
|
43,499,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fifty-Two
Weeks Ended
|
|
|
For the Fifty-Three
Weeks Ended
|
|
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
|
Net income and total comprehensive income
|
|
|
|
$
|
30,525
|
|
|
$
|
55,365
|
|
Add: Income tax provision (benefit)
|
|
|
|
|
11,649
|
|
|
|
(5,439
|
)
|
Income before income tax provision (benefit)
|
|
|
|
|
42,174
|
|
|
|
49,926
|
|
Add: Impairment of long lived assets (a) |
|
|
|
|
—
|
|
|
|
2,164
|
|
Add: Other non-recurring expenses(b) |
|
|
|
|
1,346
|
|
|
|
5,081
|
|
Add: Accelerated equity-based compensation expense
|
|
|
|
|
244
|
|
|
|
—
|
|
Adjusted Income before provision for income taxes
|
|
|
|
|
43,764
|
|
|
|
57,171
|
|
Less: Adjusted Tax Provision (c)(d) |
|
|
|
|
12,079
|
|
|
|
22,868
|
|
Adjusted net income
|
|
|
|
$
|
31,685
|
|
|
$
|
34,303
|
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.74
|
|
|
$
|
0.82
|
|
Diluted
|
|
|
|
$
|
0.72
|
|
|
$
|
0.79
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,771,316
|
|
|
|
41,926,157
|
|
Diluted
|
|
|
|
|
44,239,751
|
|
|
|
43,571,746
|
|
|
|
|
|
|
|
|
|
|
|
|
(a):
|
|
Represents the impairment of assets taken in fiscal 2017 associated
with three underperforming retail locations.
|
(b):
|
|
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. For the fifty-two weeks ended February 2, 2019,
these expenses include costs related to a CEO transition.
|
(c):
|
|
The adjusted tax provision for adjusted net income is estimated by
applying the effective tax rates of 37.1% and 27.6% for the thirteen
and fifty-two weeks ended February 2, 2019, respectively, to the
adjusted income before provision for income taxes.
|
(d):
|
|
The adjusted tax provision for adjusted net income is estimated by
applying a 40% rate to fiscal 2017 adjusted income before provision
for income taxes.
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190306005185/en/
Investors:
Caitlin Morahan Churchill/Joseph Teklits
ICR,
Inc.
investors@jjill.com
203-682-8200
Media:
Chris Gayton
J.Jill, Inc.
media@jjill.com
617-689-7916
Source: J.Jill, Inc.