J.Jill, Inc. Announces Fourth Quarter and Full Year 2024 Results; Increases Quarterly Dividend by 14.3%

Published: 2025-03-19 06:46:05 ET JILL

Q4 FY24 Net Sales of $142.8 Million and FY24 Net Sales of $610.9 Million Q4 FY24 Gross Margin of 66.3% and FY24 Gross Margin of 70.4% Q4 FY24 Operating Income of $5.1 Million and FY24 Operating Income of $75.7 Million

J.Jill, Inc. (NYSE:JILL) today announced financial results for the fourth quarter and fiscal year ended February 1, 2025 and that the Board declared a cash dividend of $0.08 per share payable on April 16, 2025 to stockholders of record of issued and outstanding shares of the Company's common stock as of April 2, 2025. The quarterly dividend reflects a 14.3% increase over the previous dividend and equates to an annualized dividend rate of $0.32 per common share.

Claire Spofford, President and Chief Executive Officer of J.Jill, Inc. stated, "Fiscal 2024 performance is a testament to our disciplined operating model as we delivered on our objectives while strengthening our balance sheet, implementing robust total shareholder return strategies and investing in new store growth and systems. Although this year was not without challenges as we continued to navigate a dynamic macro environment, I am proud of all that the team has accomplished enabling us to continue to drive strong cash generation supporting the recent increase of the quarterly dividend and ongoing investment in growth strategies and capital priorities. As we enter fiscal 2025, despite the uncertain outlook near-term with the slow start to Q1 and continued price sensitivity from customers, I am confident in the team’s ability to continue to operate with discipline while positioning the brand for long-term success. With the implementation of the new Order Management System underway, a pipeline of new stores building and new leadership with Mary Ellen Coyne joining later this spring, there is much to look forward to as J.Jill enters its next chapter well positioned to lean into growth."

For the fourth quarter ended February 1, 2025:

For year ended February 1, 2025:

Balance Sheet Highlights

*Non-GAAP financial measures. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Income 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 GAAP Cash from Operations to Free Cash Flow” for more information.

Share Repurchase Authorization

On December 6, 2024, J.Jill’s Board of Directors authorized a share repurchase program for up to an aggregate amount of $25.0 million of the Company’s outstanding common stock over the next two years. The program is expected to be funded through the Company’s existing cash and future free cash flow. The timing of any repurchases and the number of shares repurchased are subject to the discretion of Board of Directors and may be affected by various factors, including general market and economic conditions, the market price of the Company’s common stock, the Company’s earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time. Shares may be repurchased from time to time through open market transactions, block trades, or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations under the Securities Exchange Act of 1934 and share repurchase parameters determined by the Board.

In the fourth quarter of fiscal 2024, the Company purchased 19,831 shares of common stock and has $24.5 million of availability remaining under its stock repurchase authorization.

Quarterly Dividend Payment

On December 4, 2024, the Board declared a cash dividend of $0.07 per share, payable on January 9, 2025 to stockholders of record of issued and outstanding shares of the Company’s common stock as of December 26, 2024.

Outlook

For the first quarter of fiscal 2025, the Company expects:

The above outlook reflects the most difficult quarterly comparison and contemplates the negative revenue impacts from adverse weather in February and approximately $1.5 million related to the initial phase of OMS implementation.

For the full year fiscal 2025, the Company expects:

The above outlook contemplates factors described above in Q1 fiscal 2025 as well as the expected benefit from new store openings and new omni-channel capabilities from the OMS implementation in the second half of fiscal 2025.

Conference Call Information

A conference call to discuss fourth quarter 2024 results is scheduled for today, March 19, 2025, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (888) 596-4144 or (646) 968-2525 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 7311773 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 7311773. The telephone replay will be available until March 26, 2025.

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 250 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:

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 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 GAAP 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 Net Income per Diluted Share, Free Cash Flow 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.” 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, other health crises or natural disasters 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) the fact that we are no longer a controlled company; (15) the impact of any new or increased tariffs; (16) our management succession plan; and (17) 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 and our Quarterly Report on Form 10-Q for the quarter ended August 28, 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)

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 1, 2025

February 3, 2024

Net sales (a)

142,842

150,257

Costs of goods sold (exclusive of depreciation and amortization)

48,092

48,838

Gross profit

94,750

101,419

Selling, general and administrative expenses (a)

89,311

90,810

Impairment of long-lived assets

359

123

Operating income

5,080

10,486

Interest expense (b)

2,692

6,941

Interest income (b)

(530

)

(1,040

)

Income before provision for income taxes

2,918

4,585

Income tax provision

670

(182

)

Net income and total comprehensive income

2,248

4,767

Net income per common share:

Basic

0.15

0.34

Diluted

0.14

0.33

Weighted average common shares:

Basic

15,329,437

14,176,459

Diluted

15,563,041

14,475,445

Cash dividends declared per common share

0.07

—

(a)

For the fourth quarter of fiscal 2023, Net sales includes $0.8 million of processing fee income related to customer sales returns that was previously included in Selling, general and administrative expenses.

(b)

Beginning fiscal 2024, Interest income is presented separately from Interest expense. The prior period has been conformed with the current period presentation

J.Jill, Inc.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Net sales (a)

610,857

608,043

Costs of goods sold (exclusive of depreciation and amortization)

181,001

177,261

Gross profit

429,856

430,782

Selling, general and administrative expenses (a)

353,382

344,543

Impairment of long-lived assets

772

189

Operating income

75,702

86,050

Loss on extinguishment of debt

8,570

—

Loss on debt refinancing

—

12,702

Interest expense (b)

15,701

25,699

Interest expense - related party

—

1,074

Interest income (b)

(2,550

)

(2,790

)

Income before provision for income taxes

53,981

49,365

Income tax provision

14,498

13,164

Net income and total comprehensive income

39,483

36,201

Net income per common share:

Basic

2.64

2.56

Diluted

2.61

2.51

Weighted average common shares:

Basic

14,956,165

14,143,127

Diluted

15,136,833

14,404,470

Cash dividends declared per common share

0.21

—

(a)

For year ended February 3 2024, Net sales includes $3.4 million of processing fee income related to customer sales returns that was previously included in Selling, general and administrative expenses.

(b)

Beginning fiscal 2024, Interest income is presented separately from Interest expense. The prior period has been conformed with the current period presentation.

J.Jill, Inc.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except common share data)

February 1, 2025

February 3, 2024

Assets

Current assets:

Cash and cash equivalents

35,427

62,172

Accounts receivable

5,017

5,042

Inventories, net

61,295

53,259

Prepaid expenses and other current assets

20,291

17,656

Total current assets

122,030

138,129

Property and equipment, net

55,325

54,118

Intangible assets, net

61,015

66,246

Goodwill

59,697

Operating lease assets, net

112,303

108,203

Other assets

7,329

1,787

Total assets

417,699

428,180

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

51,980

41,112

Accrued expenses and other current liabilities

40,479

42,283

Current portion of long-term debt

—

35,353

Current portion of operating lease liabilities

34,649

36,204

Total current liabilities

127,108

154,952

Long-term debt, net of discount and current portion

69,419

120,595

Deferred income taxes

9,389

10,967

Operating lease liabilities, net of current portion

104,751

103,070

Other liabilities

1,263

1,378

Total liabilities

311,930

390,962

Commitments and contingencies

Shareholders’ Equity

Common stock, par value $0.01 per share; 50,000,000 shares authorized; 15,344,053 issued and 15,324,222 outstanding at February 1, 2025 and 10,614,454 issued and outstanding at February 3, 2024

153

107

Additional paid-in capital

242,781

213,236

Treasury stock, at cost, 19,831 shares at February 1, 2025 and none at February 3, 2024

(523

)

—

Accumulated deficit

(136,642

)

(176,125

)

Total shareholders’ equity

105,769

37,218

Total liabilities and shareholders’ equity

417,699

428,180

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 1, 2025

February 3, 2024

Net income

2,248

4,767

Add (Less):

Depreciation and amortization

5,245

6,077

Income tax provision

670

(182

)

Interest expense (a)

2,692

6,941

Interest income (a)

(530

)

(1,040

)

Adjustments:

Equity-based compensation expense (b)

1,836

1,005

Write-off of property and equipment (c)

Amortization of cloud-based software implementation costs (d)

237

221

Adjustment for exited retail stores (e)

(227

)

(135

)

Impairment of long-lived assets (f)

359

123

Gain due to hurricane (g)

(250

)

—

Other non-recurring items (h)

2,190

—

Adjusted EBITDA

14,501

17,782

Net sales (i)

142,842

150,257

Adjusted EBITDA margin

10.2

11.8

(a)

Beginning fiscal 2024, Interest income is presented separately from Interest expense. The prior period has been conformed with the current period presentation.

(b)

(c)

Represents net gain or loss on the disposal of fixed assets.

(d)

Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses. Adjusted EBITDA for the fourth quarter fiscal year 2023 has been restated to include such adjustments to Net income.

(e)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(f)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(g)

Represents an insurance recovery related to a prior quarter loss on write-off of property and equipment and inventory at one store location due to hurricane damage.

(h)

Represents items management believes are not indicative of ongoing operating performance, including non-ordinary course professional fees, non-employee share-based payments, and legal settlements and fees.

(i)

For the fourth quarter of fiscal 2023, Net sales includes $0.8 million of processing fee income that was previously included in Selling, general and administrative expenses.

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted EBITDA

(Unaudited)

(Amounts in thousands)

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Net income

39,483

36,201

Add (Less):

Depreciation and amortization

21,337

22,931

Income tax provision

14,498

13,164

Interest expense (a)

15,701

25,699

Interest expense - related party

—

1,074

Interest income (a)

(2,550

)

(2,790

)

Adjustments:

Equity-based compensation expense (b)

6,510

3,762

Write-off of property and equipment (c)

105

Amortization of cloud-based software implementation costs (d)

882

620

Loss on extinguishment of debt (e)

8,570

—

Loss on debt refinancing (f)

—

12,702

Adjustment for exited retail stores (g)

(843

)

(767

)

Impairment of long-lived assets (h)

772

189

Loss due to hurricane (i)

—

Other non-recurring items (j)

2,673

Adjusted EBITDA

107,140

112,857

Net sales (k)

610,857

608,043

Adjusted EBITDA margin

17.5

18.6

(a)

Beginning fiscal 2024, Interest income is presented separately from Interest expense. The prior period has been conformed with the current period presentation.

(b)

(c)

Represents the net gain or loss on the disposal of fixed assets.

(d)

Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses. Adjusted EBITDA for fiscal year ended February 3, 2024 has been restated to include such adjustments to Net income.

(e)

Represents loss on the prepayment of a portion of the term loan (the “Term Loan Credit Agreement” and, such facility, the “Term Loan Facility”).

(f)

Represents loss on the repayment of Priming Term Loan Credit Agreement (the “Priming Credit Agreement”) and the Subordinated Term Loan Credit Agreement (the “Subordinated Credit Agreement”).

(g)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(h)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(i)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane and insurance recovery received to date.

(j)

(k)

For year ended February 3, 2024, Net sales includes $3.4 million of processing fee income that was previously included in Selling, general and administrative expenses.

J.Jill, Inc.

Reconciliation of GAAP Operating Income to Adjusted Income from Operations

(Unaudited)

(Amounts in thousands)

For the Thirteen Weeks Ended

For the Fourteen Weeks Ended

February 1, 2025

February 3, 2024

Operating income

5,080

10,486

Add (Less):

Equity-based compensation expense (a)

1,836

1,005

Write-off of property and equipment (b)

Adjustment for exited retail stores (c)

(227

)

(135

)

Impairment of long-lived assets (d)

359

123

Gain due to hurricane (e)

(250

)

—

Other non-recurring items (f)

2,190

—

Adjusted income from operations

9,019

11,484

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Operating income

75,702

86,050

Add (Less):

Equity-based compensation expense (a)

6,510

3,762

Write-off of property and equipment (b)

105

Adjustment for exited retail stores (c)

(843

)

(767

)

Impairment of long-lived assets (d)

772

189

Loss due to hurricane (e)

—

Other non-recurring items (f)

2,673

Adjusted income from operations

84,921

89,306

(a)

Represents expenses associated with equity incentive instruments granted to our management and board of directors (the “Board”). Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant. Adjusted income from operations for the fourth quarter of fiscal 2023 and for year ended February 3, 2024 has been restated to include such adjustments to Operating income. Beginning fiscal 2024, equity-based compensation expense is included as an adjustment. The prior period has been conformed with the current period presentation.

(b)

Represents net gain or loss on the disposal of fixed assets. Adjusted income from operations for the fourth quarter of fiscal 2023 and for year ended February 3, 2024 has been restated to include such adjustments to Operating income. Beginning fiscal 2024, write-off of property and equipment is included as an adjustment. The prior period has been conformed with the current period presentation.

(c)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(d)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(e)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane and insurance recovery received to date.

(f)

Represents items management believes are not indicative of ongoing operating performance, including non-ordinary course legal settlements and fees, professional fees, and non-employee share-based payments.

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 1, 2025

February 3, 2024

Net income

2,248

4,767

Add: Income tax provision

670

(182

)

Income before provision for income tax

2,918

4,585

Adjustments:

Equity-based compensation expense (a)

1,836

1,005

Write-off of property and equipment (b)

Adjustment for exited retail stores (c)

(227

)

(135

)

Impairment of long-lived assets (d)

359

123

Gain due to hurricane (e)

(250

)

—

Other non-recurring items (f)

2,190

—

Adjusted income before income tax provision

6,857

5,583

Less: Adjusted tax provision (g)

1,845

1,491

Adjusted net income

5,012

4,092

Adjusted net income per share:

Basic

0.33

0.29

Diluted

0.32

0.28

Weighted average number of common shares:

Basic

15,329,437

14,176,459

Diluted

15,563,041

14,475,445

(a)

(b)

Represents net gain or loss on the disposal of fixed assets. Adjusted net income for the fourth quarter of fiscal 2023 has been restated to include such adjustments to Net income. Beginning fiscal 2024, write-off of property and equipment is included as an adjustment. The prior period has been conformed with the current period presentation.

(c)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(d)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(e)

Represents loss on write-off of property and equipment and inventory at one store location due to insurance recovery received to date for hurricane damage.

(f)

(g)

The adjusted tax provision for adjusted net income is estimated by applying a rate of 26.9% for the fourth quarter of fiscal 2024 and 26.7% for the fourth quarter of fiscal 2023.

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted Net Income

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Net income

39,483

36,201

Add: Income tax provision

14,498

13,164

Income before provision for income tax

53,981

49,365

Adjustments:

Equity-based compensation expense (a)

6,510

3,762

Write-off of property and equipment (b)

105

Loss on extinguishment of debt (c)

8,570

—

Loss on debt refinancing(d)

—

12,702

Adjustment for exited retail stores (e)

(843

)

(767

)

Impairment of long-lived assets (f)

772

189

Loss due to hurricane (g)

—

Other non-recurring items (h)

2,673

Adjusted income before income tax provision

71,770

65,323

Less: Adjusted tax provision (i)

19,306

17,441

Adjusted net income

52,464

47,882

Adjusted net income per share:

Basic

3.51

3.39

Diluted

3.47

3.32

Weighted average number of common shares:

Basic

14,956,165

14,143,127

Diluted

15,136,833

14,404,470

(a)

(b)

Represents net gain or loss on the disposal of fixed assets. Adjusted net income for year ended February 3, 2024 has been restated to include such adjustments to Net income. Beginning fiscal 2024, write-off of property and equipment is included as an adjustment. The prior period has been conformed with the current period presentation.

(c)

Represents loss on the prepayment of a portion of the term loan (the “Term Loan Credit Agreement” and, such facility, the “Term Loan Facility”).

(d)

Represents loss on the repayment of Priming Term Loan Credit Agreement (the “Priming Credit Agreement”) and the Subordinated Term Loan Credit Agreement (the “Subordinated Credit Agreement”).

(e)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(f)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(g)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane and insurance recovery received to date.

(h)

(i)

The adjusted tax provision for adjusted net income is estimated by applying a rate of 26.9% for year ended February 1, 2025 and 26.7% for year ended February 3, 2024.

J.Jill, Inc.

Selected Cash Flow Information

(Unaudited)

(Amounts in thousands)

Summary Data from the Statement of Cash Flows

For the Thirteen Weeks Ended

For the Fourteen Weeks Ended

February 1, 2025

February 3, 2024

Net cash provided by operating activities

8,089

6,631

Net cash used in investing activities

(7,708

)

(6,174

)

Net cash used in financing activities

(3,719

)

(2,400

)

Net change in cash and cash equivalents

(3,338

)

(1,943

)

Cash and cash equivalents and restricted cash:

Beginning of Period

39,133

64,483

Increase in restricted cash

)

—

End of Period (a)

35,790

62,540

(a)

Includes $0.4 million of restricted cash for the thirteen weeks ended February 1, 2025 and the fourteen weeks ended February 3, 2024. The Company recorded restricted cash in Prepaid expenses and other current assets as presented in the consolidated balance sheets.

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Net cash provided by operating activities

65,036

63,313

Net cash used in investing activities

(17,755

)

(16,934

)

Net cash used in financing activities

(74,026

)

(71,260

)

Net change in cash and cash equivalents

(26,745

)

(24,881

)

Cash and cash equivalents and restricted cash:

Beginning of Period

62,540

87,421

Decrease in restricted cash

)

—

End of Period (a)

35,790

62,540

(a)

Includes $0.4 million of restricted cash for the fifty-two weeks ended February 1, 2025 and the fifty-three weeks ended February 3, 2024. The Company recorded restricted cash in Prepaid expenses and other current assets as presented in the consolidated balance sheets.

Summary Data from the Statement of Cash Flows

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows:

For the Fiscal Year Ended

February 1, 2025

February 3, 2024

January 28, 2023

Cash and cash equivalents

35,427

62,172

87,053

Restricted cash reported in other current assets

363

368

Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows

35,790

62,540

87,421

Reconciliation of GAAP Cash from Operations to Free Cash Flow

For the Thirteen Weeks Ended

For the Fourteen Weeks Ended

February 1, 2025

February 3, 2024

Net cash provided by operating activities

8,089

6,631

Less: Capital expenditures (a)

(7,708

)

(6,174

)

Free cash flow

381

457

For the Fifty-Two Weeks Ended

For the Fifty-Three Weeks Ended

February 1, 2025

February 3, 2024

Net cash provided by operating activities

65,036

63,313

Less: Capital expenditures (a)

(17,755

)

(16,934

)

Free cash flow

47,281

46,379

(a)

Capital expenditures reflects net cash used in investing activities, which includes capitalized interest and excludes cash received from landlords for tenant allowances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319349649/en/