UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 20, 2024
J.JILL, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
001-38026 |
45-1459825 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
4 Batterymarch Park
Quincy, MA 02169
(Address of Principal Executive Offices) (Zip Code)
(617) 376-4300
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.01 par value |
JILL |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Conditions.
On March 20, 2024, J.Jill, Inc. issued a press release to announce its financial results for the year ended February 3, 2024. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
The information in this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
|
Description |
99.1 |
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: March 20, 2024
|
J.JILL, INC. |
|
|
|
|
|
By: |
/s/ Mark Webb |
|
Name: |
Mark Webb |
|
Title: |
Executive Vice President, Chief Financial Officer/Chief Operating Officer |
EXHIBIT 99.1
J.JILL, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS
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
Quincy, MA – March 20, 2024 – 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:
1
For the year ended February 3, 2024:
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
2
*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:
3
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.
4
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)
5
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 |
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||
|
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February 3, 2024 |
|
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January 28, 2023 |
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||
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 |
|
6
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 |
|
7
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”.
8
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 |
% |
9
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 |
|
10
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 |
|
11
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.
12
Contacts:
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
13