QUINCY, Mass.--(BUSINESS WIRE)--
J.Jill, Inc. (NYSE:JILL) today announced that the company is updating
its guidance for the third quarter ending October 28, 2017.
Paula Bennett, President and CEO of J.Jill, Inc., stated: “We have
experienced a lower than expected sales trend across both our retail and
direct channels, and are updating our guidance for the quarter. We have
been assessing the change in trend and have identified product and
marketing calendar issues that are affecting traffic and conversion, and
we are reacting quickly.”
For the third quarter 2017, the company now expects total company
comparable sales of -3% to -5%, with a moderate decline in gross margin
as compared to last year. The company also now expects GAAP diluted EPS
of $0.07 to $0.09, and adjusted diluted EPS of $0.08 to $0.10 for the
third quarter 2017. Adjusted diluted earnings per share excludes
approximately $0.6 million of non-recurring expenses associated with the
company’s transition to a public company.
Ms. Bennett continued: “Given our long track record of consistent sales
and earnings growth driven by a strong connection with our customers, we
are very disappointed with our soft sales trend. I am confident in the
actions we are taking to regain momentum and once again delight our
customer with the product and service experience she expects from us.”
The company will provide its outlook for the fourth quarter and a
revised outlook for the full fiscal year of 2017 when it reports third
quarter results on December 5th.
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 Measure
To supplement our unaudited measures of financial performance presented
in accordance with generally accepted accounting principles (“GAAP”), we
use the following non-GAAP measure of financial performance:
-
Adjusted Earnings per Share (“Adjusted EPS”) 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, 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 EPS is useful in evaluating our business,
it is a non-GAAP financial measure that has limitations as an analytical
tool. Adjusted EPS should not be considered an alternative to, or
substitute for, EPS, which is calculated in accordance with GAAP. In
addition, other companies, including companies in our industry, may
calculate Adjusted EPS differently or not at all, which reduces the
usefulness of a non-GAAP financial measure as a tool for comparison. We
recommend that you review the definition of Adjusted EPS to EPS, the
most directly comparable GAAP financial measure, and not rely solely on
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 updating our guidance and
outlook for the third and fourth quarters of 2017 and full year fiscal
2017 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 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171011006183/en/
Source: J.Jill, Inc.