QUINCY, Mass.--(BUSINESS WIRE)--
J.Jill, Inc. (NYSE:JILL) today announced financial results for the third
quarter ended November 3, 2018.
Linda Heasley, CEO of J.Jill, Inc. stated, “Our third quarter results
demonstrated progress on our near-term initiatives, including recent
enhancements to our e-commerce site and a renewed emphasis on our
product assortment. We had positive sales momentum, our inventory levels
are lower than last year and in line with our expectations, and our
e-commerce business benefited from the enhancements we delivered during
the year. We are also making early progress on our longer-term strategic
plan for the business.”
For the third quarter ended November 3, 2018:
-
Total net sales for the thirteen weeks ended November 3, 2018 were
$174.1 million versus $162.0 million for the thirteen weeks ended
October 28, 2017. The 7.5% increase in total net sales versus the
prior year was partially driven by the calendar shift created by the
fifty-third week in fiscal 2017.
-
Total company comparable sales, which includes comparable store and
direct to consumer sales, increased by 1.0%.
-
Direct to consumer net sales represented 39.8% of total net sales,
compared to 39.5% in the third quarter of fiscal 2017.
-
Gross profit increased to $115.5 million from $108.5 million in the
third quarter of fiscal 2017. Gross margin was 66.3% compared to third
quarter gross margin of 67.0% in fiscal 2017.
-
SG&A was $101.6 million compared to $95.2 million in the third quarter
of fiscal 2017. Third quarter 2017 SG&A included $0.7 million of
non-recurring expenses related to the Company’s transition to a public
company. Excluding these one-time expenses from last year’s figures,
SG&A as a percentage of total net sales was 58.3% compared to 58.4% in
the third quarter of fiscal 2017.
-
Income from operations, inclusive of non-recurring SG&A expenses,
increased to $13.9 million from $13.3 million in the third quarter of
fiscal 2017.
-
Adjusted EBITDA* for the third quarter of fiscal 2018
increased by 5.0% to $24.2 million from $23.0 million in the third
quarter of fiscal 2017. As a percentage of total net sales, Adjusted
EBITDA was 13.9% compared to 14.2% in the third quarter of fiscal 2017.
-
Interest expense increased to $4.7 million from $4.5 million in the
third quarter of fiscal 2017.
-
Income tax expense was $2.5 million compared to $2.8 million in the
third quarter of fiscal 2017, and the effective tax rate was 27.1%
compared to 31.6% in the third quarter of 2017.
-
Diluted earnings per share was $0.15 compared to $0.14 in the third
quarter of fiscal 2017, which included the impact of non-recurring
expenses. Third quarter 2018 diluted earnings per share included
approximately $0.03 per share benefit due to the calendar shift
created by the fifty-third week in fiscal 2017 and included a $0.01
benefit from the lower effective tax rate of 27.1% compared to 31.6%
in the third quarter of 2017.
-
Adjusted diluted earnings per share* for the third quarter
of fiscal 2018, which included the impact of the calendar shift
described above, was $0.15 compared to $0.13 in the third quarter of
fiscal 2017. Adjusted diluted earnings per share uses 26% and 40% tax
rate assumptions in fiscal 2018 and 2017 respectively. The change in
the assumed tax rate between fiscal 2018 and 2017, resulting from the
U.S. Tax Cuts and Jobs Act enacted in December 2017, resulted in a
benefit to adjusted diluted earnings per share of $0.03 in the third
quarter of fiscal 2018.
For the thirty-nine weeks ended November 3, 2018:
-
Total net sales for the thirty-nine weeks ended November 3, 2018 were
$535.4 million versus $509.5 million for the thirty-nine weeks ended
October 28, 2017.
-
Total company comparable sales, which includes comparable store and
direct to consumer sales, increased by 1.8%.
-
Direct to consumer net sales represented 40.4% of total net sales,
compared to 41.8% in the thirty-nine weeks ended October 28, 2017.
-
Gross profit increased to $352.5 million from $346.8 million in the
thirty-nine weeks ended October 28, 2017. Gross margin was 65.8%
compared to 68.1% in the thirty-nine weeks ended October 28, 2017.
-
SG&A was $299.2 million compared to $289.3 million in the thirty-nine
weeks ended October 28, 2017. For the thirty-nine weeks ended November
3, 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. For the thirty-nine weeks ended October 28, 2017, SG&A
included $5.0 million of non-recurring expenses related to the IPO and
subsequent transition to a public company. Excluding these one-time
expenses from both this year’s and last year’s figures, SG&A as a
percentage of total net sales was 55.6% compared to 55.8% in the
thirty-nine weeks ended October 28, 2017.
-
Income from operations, inclusive of non-recurring SG&A expenses,
decreased to $53.2 million from $57.5 million in the thirty-nine weeks
ended October 28, 2017.
-
Adjusted EBITDA* for the thirty-nine weeks ended November
3, 2018 decreased by 4.8% to $85.0 million from $89.3 million in the
thirty-nine weeks ended October 28, 2017. As a percentage of total net
sales, Adjusted EBITDA was 15.9% compared to 17.5% in the thirty-nine
weeks ended October 28, 2017.
-
Interest expense decreased to $14.4 million from $14.5 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 thirty-nine weeks ended October 28, 2017.
-
Income tax expense was $10.4 million compared to $16.9 million in the
thirty-nine weeks ended October 28, 2017, and the effective tax rate
was 26.8% compared to 39.4% in the thirty-nine weeks ended October 28,
2017.
-
Diluted earnings per share was $0.64 including the impact of one-time
expenses, compared to $0.60 in the thirty-nine weeks ended October 28,
2017. For the thirty-nine weeks ended November 3, 2018, diluted
earnings per share included approximately $0.03 per share benefit due
to the calendar shift created by the fifty-third week in fiscal 2017
and included a $0.11 benefit from the lower effective of 26.8%
compared to 39.4% in the thirty-nine weeks ended October 28, 2017.
-
Adjusted diluted earnings per share* for the thirty-nine
weeks ended November 3, 2018, which excludes non-recurring expenses
and other one-time items, including CEO transition expenses, affecting
diluted earnings per share, was $0.68 compared to $0.66 in the
thirty-nine weeks ended October 28, 2017. Adjusted diluted earnings
per share uses 26% and 40% tax rate assumptions in fiscal 2018 and
2017 respectively. Change in the assumed tax rate between fiscal 2018
and 2017, resulting from the U.S. Tax Cuts and Jobs Act enacted in
December 2017, resulted in a benefit to adjusted diluted earnings per
share of $0.13 in the thirty-nine weeks ended November 3, 2018.
The Company ended the third quarter fiscal 2018 with $59.9 million in
cash. Inventory at the end of the third quarter fiscal 2018 decreased to
$78.8 million compared to $85.4 million at the end of the third quarter
of fiscal 2017. The Company opened two stores in the third quarter and
ended the quarter with 275 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
The fourth quarter of fiscal 2017 included an extra week (the
fifty-third week) as compared to the fourth quarter of fiscal 2018. The
fifty-third week in fiscal 2017 generated approximately $9.2 million in
sales and $0.02 in diluted earnings per share.
For the fourth quarter of fiscal 2018, the Company expects total
comparable sales to decrease 2% to 4%, on a 13-week to 13-week basis
consistent with the National Retail Federation’s restated 2017 calendar.
Last year’s fourth quarter comparable sales growth was 8.9%, and
included elevated levels of clearance sales. Total net sales are
expected to decrease 10% to 12%, driven by the shorter fiscal period and
the calendar shift created by the fifty-third week in fiscal 2017 which
shifted sales from the fourth quarter to the third quarter in fiscal
2018. GAAP diluted earnings per share are expected to be in the range of
$0.00 to $0.02, including a $0.03 negative impact related to the
calendar shift. This is compared to $0.67 in the fourth quarter of
fiscal 2017 which included the $0.02 benefit from the fifty-third week
and a $0.55 benefit resulting from the U.S. Tax Cuts and Jobs Act.
Conference Call Information
A conference call to discuss third quarter fiscal 2018 results is
scheduled for today, November 28, 2018, 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 4648839 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 4648839. The telephone replay will be available
until Wednesday, December 05, 2018.
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, 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 e-commerce platform. J.Jill is
headquartered outside Boston. For more information, please visit www.jjill.com
orhttp://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 (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 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” 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)
|
|
|
|
|
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
|
|
|
|
|
November 3, 2018
|
|
|
|
|
October 28, 2017
|
Net sales
|
|
|
|
$
|
174,106
|
|
|
|
|
$
|
161,975
|
Cost of goods sold
|
|
|
|
|
58,643
|
|
|
|
|
|
53,479
|
Gross profit
|
|
|
|
|
115,463
|
|
|
|
|
|
108,496
|
Selling, general and administrative expenses
|
|
|
|
|
101,589
|
|
|
|
|
|
95,240
|
Operating income
|
|
|
|
|
13,874
|
|
|
|
|
|
13,256
|
Interest expense
|
|
|
|
|
4,698
|
|
|
|
|
|
4,496
|
Income before provision for income taxes
|
|
|
|
|
9,176
|
|
|
|
|
|
8,760
|
Provision for income taxes
|
|
|
|
|
2,488
|
|
|
|
|
|
2,766
|
Net income and total comprehensive income
|
|
|
|
$
|
6,688
|
|
|
|
|
$
|
5,994
|
Net income per common share attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.16
|
|
|
|
|
$
|
0.14
|
Diluted
|
|
|
|
$
|
0.15
|
|
|
|
|
$
|
0.14
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,953,173
|
|
|
|
|
|
41,731,765
|
Diluted
|
|
|
|
|
44,475,793
|
|
|
|
|
|
43,554,000
|
|
|
|
|
|
|
|
|
|
For the Thirty-Nine Weeks Ended
|
|
|
|
|
November 3, 2018
|
|
|
|
|
October 28, 2017
|
Net sales
|
|
|
|
$
|
535,360
|
|
|
|
$
|
509,473
|
Cost of goods sold
|
|
|
|
|
182,901
|
|
|
|
|
162,721
|
Gross profit
|
|
|
|
|
352,459
|
|
|
|
|
346,752
|
Selling, general and administrative expenses
|
|
|
|
|
299,248
|
|
|
|
|
289,284
|
Operating income
|
|
|
|
|
53,211
|
|
|
|
|
57,468
|
Interest expense
|
|
|
|
|
14,368
|
|
|
|
|
14,525
|
Income before provision for income taxes
|
|
|
|
|
38,843
|
|
|
|
|
42,943
|
Provision for income taxes
|
|
|
|
|
10,412
|
|
|
|
|
16,926
|
Net income and total comprehensive income
|
|
|
|
$
|
28,431
|
|
|
|
$
|
26,017
|
Net income per common share attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.67
|
|
|
|
$
|
0.62
|
Diluted
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.60
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
42,674,957
|
|
|
|
|
41,933,244
|
Diluted
|
|
|
|
|
44,199,800
|
|
|
|
|
43,468,846
|
|
|
|
|
|
|
|
J.Jill, Inc.
|
Consolidated Balance Sheets
|
(Unaudited)
|
(Amounts in thousands, except common share data)
|
|
|
|
|
|
|
|
|
|
|
November 3, 2018
|
|
|
February 3, 2018
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
59,890
|
|
|
$
|
25,978
|
Accounts receivable
|
|
|
|
7,509
|
|
|
|
4,733
|
Inventories, net
|
|
|
|
78,844
|
|
|
|
80,591
|
Prepaid expenses and other current assets
|
|
|
|
25,053
|
|
|
|
21,166
|
Total current assets
|
|
|
|
171,296
|
|
|
|
132,468
|
Property and equipment, net
|
|
|
|
113,932
|
|
|
|
118,420
|
Intangible assets, net
|
|
|
|
139,373
|
|
|
|
148,961
|
Goodwill
|
|
|
|
197,026
|
|
|
|
197,026
|
Other assets
|
|
|
|
501
|
|
|
|
682
|
Total assets
|
|
|
$
|
622,128
|
|
|
$
|
597,557
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
51,648
|
|
|
$
|
53,962
|
Accrued expenses and other current liabilities
|
|
|
|
47,099
|
|
|
|
48,759
|
Current portion of long-term debt
|
|
|
|
2,799
|
|
|
|
2,799
|
Total current liabilities
|
|
|
|
101,546
|
|
|
|
105,520
|
Long-term debt, net of discount and current portion
|
|
|
|
237,813
|
|
|
|
238,881
|
Deferred income taxes
|
|
|
|
42,348
|
|
|
|
46,263
|
Other liabilities
|
|
|
|
30,008
|
|
|
|
27,577
|
Total liabilities
|
|
|
|
411,715
|
|
|
|
418,241
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share; 250,000,000 shares
authorized;
|
|
|
|
|
|
|
|
|
43,747,757 and 43,752,790 shares issued and outstanding at
|
|
|
|
|
|
|
|
|
November 3, 2018 and February 3, 2018, respectively
|
|
|
|
437
|
|
|
|
437
|
Additional paid-in capital
|
|
|
|
120,347
|
|
|
|
117,393
|
Accumulated earnings
|
|
|
|
89,629
|
|
|
|
61,486
|
Total shareholders’ equity
|
|
|
|
210,413
|
|
|
|
179,316
|
Total liabilities and shareholders’ equity
|
|
|
$
|
622,128
|
|
|
$
|
597,557
|
|
|
|
|
|
|
J.Jill, Inc.
|
Reconciliation of GAAP Net Income to Adjusted EBITDA
|
(Unaudited)
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirteen Weeks Ended
|
|
|
|
|
|
November 3, 2018
|
|
|
|
October 28, 2017
|
Net income
|
|
|
|
|
$
|
6,688
|
|
|
|
$
|
5,994
|
Interest expense, net
|
|
|
|
|
|
4,698
|
|
|
|
|
4,496
|
Provision for income taxes
|
|
|
|
|
|
2,488
|
|
|
|
|
2,766
|
Depreciation and amortization
|
|
|
|
|
|
9,149
|
|
|
|
|
8,628
|
Equity-based compensation expense (a) |
|
|
|
|
|
1,111
|
|
|
|
|
278
|
Write-off of property and equipment (b) |
|
|
|
|
|
59
|
|
|
|
|
229
|
Other non-recurring expenses (c) |
|
|
|
|
|
—
|
|
|
|
|
658
|
Adjusted EBITDA
|
|
|
|
|
$
|
24,193
|
|
|
|
$
|
23,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Thirty-Nine Weeks Ended
|
|
|
|
|
|
November 3, 2018
|
|
|
|
October 28, 2017
|
Net income
|
|
|
|
|
$
|
28,431
|
|
|
|
$
|
26,017
|
Interest expense, net
|
|
|
|
|
|
14,368
|
|
|
|
|
14,525
|
Provision for income taxes
|
|
|
|
|
|
10,412
|
|
|
|
|
16,926
|
Depreciation and amortization
|
|
|
|
|
|
27,398
|
|
|
|
|
25,768
|
Equity-based compensation expense (a) |
|
|
|
|
|
2,954
|
|
|
|
|
539
|
Write-off of property and equipment (b) |
|
|
|
|
|
87
|
|
|
|
|
569
|
Other non-recurring expenses (c) |
|
|
|
|
|
1,346
|
|
|
|
|
4,964
|
Adjusted EBITDA
|
|
|
|
|
$
|
84,996
|
|
|
|
$
|
89,308
|
(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. For the thirteen and thirty-nine week periods
ended October 28, 2017, 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 thirty-nine weeks ended November 3, 2018,
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
|
|
|
|
November 3, 2018
|
|
|
|
October 28, 2017
|
Net income and total comprehensive income
|
|
|
$
|
6,688
|
|
|
|
$
|
5,994
|
Add: Provision for income taxes
|
|
|
|
2,488
|
|
|
|
|
2,766
|
Income before provision for income taxes
|
|
|
|
9,176
|
|
|
|
|
8,760
|
Add: Other non-recurring expenses(a) |
|
|
|
—
|
|
|
|
|
658
|
Adjusted Income before provision for income taxes
|
|
|
|
9,176
|
|
|
|
|
9,418
|
Less: Adjusted Tax Provision(b) |
|
|
|
2,386
|
|
|
|
|
3,767
|
Adjusted net income
|
|
|
$
|
6,790
|
|
|
|
$
|
5,651
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.16
|
|
|
|
$
|
0.14
|
Diluted
|
|
|
$
|
0.15
|
|
|
|
$
|
0.13
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
42,953,173
|
|
|
|
|
41,731,765
|
Diluted
|
|
|
|
44,475,793
|
|
|
|
|
43,554,000
|
|
|
|
|
|
|
|
For the Thirty-Nine Weeks Ended
|
|
|
|
November 3, 2018
|
|
|
|
October 28, 2017
|
Net income and total comprehensive income
|
|
|
$
|
28,431
|
|
|
|
$
|
26,017
|
Add: Provision for income taxes
|
|
|
|
10,412
|
|
|
|
|
16,926
|
Income before provision for income taxes
|
|
|
|
38,843
|
|
|
|
|
42,943
|
Add: Other non-recurring expenses(a) |
|
|
|
1,346
|
|
|
|
|
4,964
|
Add: Accelerated equity-based compensation expense
|
|
|
|
244
|
|
|
|
|
—
|
Adjusted Income before provision for income taxes
|
|
|
|
40,433
|
|
|
|
|
47,907
|
Less: Adjusted Tax Provision(b) |
|
|
|
10,513
|
|
|
|
|
19,163
|
Adjusted net income
|
|
|
$
|
29,920
|
|
|
|
$
|
28,744
|
Adjusted net income per common share attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.70
|
|
|
|
$
|
0.69
|
Diluted
|
|
|
$
|
0.68
|
|
|
|
$
|
0.66
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
42,674,957
|
|
|
|
|
41,933,244
|
Diluted
|
|
|
|
44,199,800
|
|
|
|
|
43,468,846
|
(a):
|
|
Represents items management believes are not indicative of ongoing
operating performance. For the thirteen and thirty-nine week periods
ended October 28, 2017, 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 thirty-nine weeks ended November 3, 2018,
these expenses include costs related to a CEO transition.
|
(b):
|
|
The adjusted tax provision for adjusted net income is estimated by
applying a rate of 26% for fiscal 2018 and 40% for fiscal 2017, to
the adjusted income before provision for income taxes.
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181128005178/en/
Investor Contacts:
Caitlin Morahan / Joseph Teklits
ICR,
Inc.
investors@jjill.com
203-682-8200
Media Contact:
Chris Gayton
J.Jill, Inc.
media@jjill.com
617-689-7916
Source: J.Jill, Inc.