J.Jill, Inc. Increases Fourth Quarter 2019 Guidance
January 13 2020 - 07:30AM
Business Wire
J.Jill, Inc. (NYSE:JILL) today announced that the Company is
updating its sales and earnings guidance for the fourth quarter of
fiscal 2019 ending February 1, 2020, in advance of management’s
meetings at the ICR Conference.
For the fourth quarter of fiscal 2019, the Company now expects
total comparable sales to decrease 6% to 8% with total net sales
expected to decrease 3% to 5%. This compares to the previous
guidance for total comparable sales to decrease 8% to 10% with
total net sales expected to decrease 5% to 7%.
The Company now expects earnings per share to be a loss of $0.10
to $0.12. This compares to the previous guidance for earnings per
share to be a loss of $0.14 to $0.16.
Similar to prior guidance, this update for the fourth quarter
outlook does not include any costs associated with the CEO
transition announced December 5, 2019.
Mark Webb, Chief Financial Officer, commented, “We are updating
our outlook for the fourth quarter following better than expected
quarter to date sales results and progress clearing excess
inventory while balancing earnings performance.”
Mr. Webb and Interim Chief Executive Officer, Jim Scully, will
be meeting with analysts and investors at the ICR Conference in
Orlando, Florida on January 13 and January 14, 2020.
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 Income from Operations, which represents net income
(loss) plus interest expense, provision (benefit) for income taxes,
and other non-recurring expense and one-time items. We present
Adjusted Income from Operations 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 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 Income from
Operations, 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 Income from Operations, 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
Income from Operations, 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 Income from Operations, 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 as
well as Reconciliation of GAAP Operating Income to Adjusted Income
from Operations” and not rely solely on Adjusted EBITDA, Adjusted
Income from Operations, 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
regarding our updated guidance 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 our Annual Report
on Form 10-K for the fiscal year ended February 2, 2019. 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: https://www.businesswire.com/news/home/20200113005468/en/
Investors: Caitlin Churchill ICR, Inc.
investors@jjill.com 203-682-8200
Media: Chris Gayton J.Jill, Inc. media@jjill.com
617-689-7916
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