EXHIBIT 99.1

J.JILL, INC. ANNOUNCES FIRST QUARTER 2019 RESULTS

 

Quincy, MA – May 30, 2019

– J.Jill, Inc. (NYSE:JILL) today announced financial results for the first quarter ended May 4, 2019.

 

Linda Heasley, President and CEO of J.Jill, Inc. stated, “We are disappointed with our first quarter performance and are taking immediate actions to clear excess inventory and position the business for improved results in the second half of the year. We are early in the process of executing against our updated long-term strategies, and our new leadership team across key areas of the business is now in place and will begin to have greater impacts on the business. We are incorporating key learnings from the first quarter and will continue to assess investments in technology and process improvements to ensure the team has the tools to satisfy our core customers and capture the opportunities we see ahead for the J.Jill brand.”

 

 

For the first quarter ended May 4, 2019:

 

Total net sales for the thirteen weeks ended May 4, 2019 were $176.5 million versus $181.5 million for the thirteen weeks ended May 5, 2018.

 

Total company comparable sales, which includes comparable store and direct to consumer sales, decreased by 3.3%.

 

Direct to consumer net sales represented 41.9% of total net sales, compared to 40.5% in the first quarter of fiscal 2018.

 

Gross profit decreased to $116.3 million from $120.3 million in the first quarter of fiscal 2018. Gross margin was 65.9% compared to first quarter gross margin of 66.3% in fiscal 2018.

 

SG&A was $105.4 million compared to $100.3 million in the first quarter of fiscal 2018. First quarter 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. Excluding these non-recurring expenses, SG&A as a percentage of total net sales was 59.8% compared to 54.4% in the first quarter of fiscal 2018.

 

Income from operations decreased to $10.8 million from $20.0 million in the first quarter of fiscal 2018, which is inclusive of non-recurring SG&A expenses.

 

Interest expense increased to $5.0 million from $4.8 million in the first quarter of fiscal 2018.

 

Income tax expense was $1.4 million compared to $4.0 million in the first quarter of fiscal 2018, and the effective tax rate was 24.8% compared to 26.1% in the first quarter of 2018.

 

Net income decreased to $4.4 million from $11.3 million in the first quarter of fiscal 2018, which is inclusive of non-recurring SG&A expenses.

 

Diluted earnings per share was $0.10 compared to $0.26 in the first quarter of fiscal 2018, which included the impact of one-time expenses. Excluding these impacts, Adjusted Diluted Earnings per Share* for the first quarter of fiscal 2018 was $0.29.

 

Adjusted EBITDA* for the first quarter of fiscal 2019 decreased by 31.9% to $21.5 million from $31.5 million in the first quarter of fiscal 2018. As a percentage of total net sales, Adjusted EBITDA was 12.2% compared to 17.4% in the first quarter of fiscal 2018.

The Company ended the first quarter fiscal 2019 with $14.3 million in cash. Inventory at the end of the first quarter fiscal 2019 increased to $85.4 million compared to $77.5 million at the end of the first quarter of fiscal 2018. The Company opened two stores and closed one in the first quarter and ended the quarter with 283 stores.

1


The following information was filed by J.Jill, Inc. (JILL) on Thursday, May 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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