J Jill : Fourth Quarter 2024 Press Release
JILL
NEWS RELEASE
J.Jill, Inc. Announces Fourth Quarter and Full Year
2024 Results; Increases Quarterly Dividend by 14.3%
2025-03-19
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
QUINCY, Mass.--(BUSINESS WIRE)-- J.Jill, Inc. (NYSE:JILL) today announced
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 re
dividend rate of $0.32 per common share.
Claire Spo
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
customers, I am con
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:
Net sales for the fourth quarter of
for the fourth quarter of
week of
53rdweek in
Total company comparable sales, which includes comparable store and direct to consumer sales, increased
by 1.9% for the fourth quarter of
Direct to consumer net sales, which represented 50.5% of net sales, were down 6.8% compared to the fourth
quarter of
Gross pro
was 66.3% compared to 67.5% in the fourth quarter of
SG&A was $89.3 million compared to $90.8 million in the fourth quarter of
of total net sales was 62.5% compared to 60.4% for the fourth quarter of
Operating income was $5.1 million compared to $10.5 million in the fourth quarter of
income margin for the fourth quarter of
2023. Adjusted Income from Operations* was $9.0 million compared to $11.5 million in the fourth quarter of
in the fourth quarter of
Interest expense was $2.7 million compared to $6.9 million in the fourth quarter of
income was $0.5 million in the fourth quarter of
During the fourth quarter of
compared to an income tax bene
rate was 23.0% compared to (4.0%) in the fourth quarter of
Net Income was $2.2 million compared to $4.8 million in the fourth quarter of
Net Income per Diluted Share was $0.14 for the fourth quarter of
fourth quarter of
$0.32 compared to $0.28 in the fourth quarter of
Adjusted EBITDA* for the fourth quarter of
fourth quarter of
compared to 11.8% in the fourth quarter of
Adjusted EBITDA from the 53rd week of
The Company opened
fourth quarter is 252 stores.
For year ended February 1, 2025:
Net sales for year ended February 1, 2025 increased 0.5% to $610.9 million compared to $608.0 million for
year ended February 3, 2024. The 53rd week in
the 52 week
Total company comparable sales, which includes comparable store and direct to consumer sales, increased
by 1.5% for year ended February 1, 2025 compared to the year ended February 3, 2024.
Direct to consumer net sales, which represented 47.5% of net sales, were up 1.9% compared to year ended
February 3, 2024.
Gross pro
was 70.4% compared to 70.8% for year ended February 3, 2024.
SG&A was $353.4 million compared to $344.5 million for year ended February 3, 2024. SG&A as a percentage
of total net sales was 57.9% compared to 56.7% for year ended February 3, 2024.
Operating income was $75.7 million compared to $86.1 million for year ended February 3, 2024. Operating
income margin for year ended February 1, 2025 was 12.4% compared to 14.2% for year ended February 3,
2024. Adjusted Income from Operations* was $84.9 million compared to $89.3 million for year ended
February 3, 2024. Adjusted Income from Operations as a percentage of total net sales was 13.9% compared to
14.7% for year ended February 3, 2024.
Interest expense was $15.7 million compared to $26.8 million for year ended February 3, 2024. Interest
income was $2.6 million compared to $2.8 million for year ended February 3, 2024.
During year ended February 1, 2025, the Company recorded an income tax provision of $14.5 million
compared to $13.2 million for year ended February 3, 2024 and the e
26.7% for year ended February 3, 2024.
Net Income was $39.5 million compared to $36.2 million for year ended February 3, 2024.
Net Income per Diluted Share was $2.61 compared to $2.51 for year ended February 3, 2024. Adjusted Net
Income per Diluted Share* for year ended February 1, 2025 was $3.47 compared to $3.32 for year ended
February 3, 2024.
Adjusted EBITDA* for year ended February 1, 2025 was $107.1 million compared to $112.9 million for year
ended February 3, 2024. Adjusted EBITDA margin* for year ended February 1, 2025 was 17.5% compared to
18.6% for year ended February 3, 2024. The 53rd week in
EBITDA compared to the 52 week
The Company opened nine new stores for year ended February 1, 2025 and temporarily closed one store due
to hurricane damage, which has an uncertain reopening date. The store count at the end of year ended
February 1, 2025 is 252 stores.
Balance Sheet Highlights
Net Cash provided by Operating Activities for year ended February 1, 2025, was $65.0 million compared to
$63.3 million for year ended February 3, 2024. Free cash
for year ended February 3, 2024. The Company ended the fourth quarter of
$35.8 million which includes $0.4 million in restricted cash for the year ended February 1, 2025.
Inventory at the end of the fourth quarter of
end of the fourth quarter of
*Non-GAAP
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
repurchases and the number of shares repurchased are subject to the discretion of Board of Directors and may be
a
common stock, the Company's earnings,
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
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
Net sales to decline 1% to 4% compared to the
Comparable Sales to decline 2% to 5% compared to the
Adjusted EBITDA to be in the range of $25.0 million to $27.0 million
The above outlook re
from adverse weather in February and approximately $1.5 million related to the initial phase of OMS
implementation.
For the full year
Net Sales to be up 1% to 3% compared to
Comparable Sales to be in the range of
Adjusted EBITDA to be in the range of $101.0 million to $106.0 million
New Net Store Growth of 5 to 10 stores
Total Capital Expenditures of approximately $25.0 million
Free Cash Flow of about $40.0 million.
The above outlook contemplates factors described above in Q1
store openings and new omni-channel capabilities from the OMS implementation in the second half of
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 o
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
accounting principles ("GAAP"), we use the following non-GAAP measures of
Adjusted EBITDA, which represents net income plus depreciation and amortization, income tax provision,
interest expense, interest expense - related party, interest income, equity-based compensation expense,
write-o
extinguishment of debt, loss on debt re
assets, gain/loss due to hurricane, and other non-recurring items, primarily consisting of non-ordinary course
professional fees, non-employee share-based payments, and legal settlements and fees associated with
certain non-recurring transactions and events. 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. We
also use Adjusted EBITDA margin which represents, for any period, Adjusted EBITDA as a percentage of net
sales.
Adjusted Income from Operations, which represents operating income plus equity-based compensation
expense, write-o
assets, gain/loss due to hurricane, and other non-recurring items. We present Adjusted Income from
Operations 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 plus income tax provision, equity-based compensation
expense, write-o
adjustment for exited retail stores, impairment of long-lived assets, gain/loss due to hurricane, and other non-
recurring items. We present Adjusted Net Income 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 per Diluted Share represents Adjusted Net Income divided by the number of fully
diluted shares outstanding. Adjusted Net Income per Diluted Share 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.
Free Cash Flow represents cash
as a supplemental measure in assessing our liquidity, and we believe that it is helpful to investors, securities
analysts and other interested parties as a measure of our comparative liquidity and operating performance
from period to period.
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
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 di
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
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
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
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 identi
"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 di
contemplated by the forward-looking statements. Important factors that could cause actual results to di
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
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 e
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 e
increase existing and new customer tra
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
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
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 tari
other factors that may be described in our
including the factors set forth under "Risk Factors" in our Annual Report on Form 10-K for the
February 3, 2024 and our Quarterly Report on Form 10-Q for the quarter ended August 28, 2024. You are
encouraged to read ourwww.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
For the
Weeks Ended
Fourteen
Weeks Ended
February 3,
February 1, 2025
2024
Net sales(a)
$
142,842
$
150,257
Costs of goods sold (exclusive of depreciation and amortization)
48,092
48,838
Gross pro
94,750
101,419
Selling, general and administrative expenses(a)
89,311
90,810
359
123
Impairment of long-lived assets
Operating income
5,080
10,486
Interest expense(b)
2,692
6,941
(530)
(1,040)
Interest income(b)
Income before provision for income taxes
2,918
4,585
Income tax provision
670
(182)
2,248
4,767
Net income and total comprehensive income
$
$
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
-
J.Jill, Inc.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(Amounts in thousands, except share and per share data)
For the Fifty-
For the Fifty-
Two Weeks
Three Weeks
Ended
Ended
February 1,
February 3,
2025
2024
Net sales(a)
$
610,857
$
608,043
Costs of goods sold (exclusive of depreciation and amortization)
181,001
177,261
Gross pro
429,856
430,782
Selling, general and administrative expenses(a)
353,382
344,543
772
189
Impairment of long-lived assets
Operating income
75,702
86,050
Loss on extinguishment of debt
8,570
-
Loss on debt re
-
12,702
Interest expense(b)
15,701
25,699
Interest expense - related party
-
1,074
(2,550)
(2,790)
Interest income(b)
Income before provision for income taxes
53,981
49,365
14,498
13,164
Income tax provision
39,483
36,201
Net income and total comprehensive income
$
$
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
-
J.Jill, Inc.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except common share data)
February 1,
February 3,
Assets
2025
2024
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
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 de
(136,642)
(176,125)
Total shareholders' equity
105,769
37,218
Total liabilities and shareholders' equity
417,699
428,180
$
$
Disclaimer
J.Jill Inc. published this content on March 19, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 19, 2025 at 10:48:06.745.