Document and Entity Information
Document and Entity Information | Aug. 31, 2023 |
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 31, 2023 |
Entity Registrant Name | J.JILL, INC. |
Entity Central Index Key | 0001687932 |
Entity Emerging Growth Company | false |
Entity File Number | 001-38026 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 45-1459825 |
Entity Address, Address Line One | 4 Batterymarch Park |
Entity Address, City or Town | Quincy |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02169 |
City Area Code | 617 |
Local Phone Number | 376-4300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | JILL |
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 155,669 | $ 160,343 | $ 305,089 | $ 317,412 |
Costs of goods sold | 44,260 | 47,869 | 86,140 | 95,475 |
Gross profit | 111,409 | 112,474 | 218,949 | 221,937 |
Selling, general and administrative expenses | 83,365 | 84,281 | 165,511 | 169,859 |
Operating income | 28,044 | 28,193 | 53,438 | 52,078 |
Loss on debt refinancing | 12,702 | |||
Interest expense, net | 6,157 | 3,547 | 11,214 | 7,205 |
Interest expense, net - related party | 929 | 1,074 | 1,731 | |
Income (loss) before provision for income taxes | 21,887 | 23,717 | 28,448 | 43,142 |
Income tax provision | 6,665 | 5,912 | 8,630 | 10,922 |
Net income (loss) and total comprehensive income (loss) | $ 15,222 | $ 17,805 | $ 19,818 | $ 32,220 |
Net income (loss) per common share attributable to common shareholders | ||||
Basic | $ 1.08 | $ 1.28 | $ 1.40 | $ 2.32 |
Diluted | $ 1.06 | $ 1.25 | $ 1.38 | $ 2.27 |
Weighted average number of common shares outstanding | ||||
Basic | 14,158,837 | 13,930,366 | 14,111,124 | 13,902,457 |
Diluted | 14,367,751 | 14,252,429 | 14,345,179 | 14,211,768 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 48,903 | $ 87,053 |
Accounts receivable | 3,660 | 7,039 |
Inventories, net | 45,689 | 50,585 |
Prepaid expenses and other current assets | 17,920 | 16,143 |
Total current assets | 116,172 | 160,820 |
Property and equipment, net | 53,755 | 53,497 |
Intangible assets, net | 69,717 | 73,188 |
Goodwill | 59,697 | 59,697 |
Operating lease assets, net | 116,979 | 119,118 |
Other assets | 440 | 97 |
Total assets | 416,760 | 466,417 |
Current liabilities: | ||
Accounts payable | 37,162 | 39,306 |
Accrued expenses and other current liabilities | 37,222 | 49,730 |
Current portion of long-term debt | 8,750 | 3,424 |
Current portion of operating lease liabilities | 34,995 | 34,527 |
Total current liabilities | 118,129 | 126,987 |
Long-term debt, net of discount and current portion | 150,296 | 195,517 |
Long-term debt, net of discount and current portion - related party | 9,719 | |
Deferred income taxes | 11,025 | 10,059 |
Operating lease liabilities, net of current portion | 117,264 | 123,101 |
Other liabilities | 933 | 1,253 |
Total liabilities | 397,647 | 466,636 |
Commitments and contingencies | ||
Shareholders' Equity (Deficit) | ||
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 10,602,705 and 10,165,361 shares issued and outstanding at July 29, 2023 and January 28, 2023, respectively | 107 | 102 |
Additional paid-in capital | 211,514 | 212,005 |
Accumulated deficit | (192,508) | (212,326) |
Total shareholders' equity (deficit) | 19,113 | (219) |
Total liabilities and shareholders' equity (deficit) | $ 416,760 | $ 466,417 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 29, 2023 | Jan. 28, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,602,705 | 10,165,361 |
Common stock, shares outstanding | 10,602,705 | 10,165,361 |
Reconciliation of GAAP Net Inco
Reconciliation of GAAP Net Income to Adjusted EBITDA - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Supplemental Income Statement Elements [Abstract] | ||||
Net income (loss) | $ 15,222 | $ 17,805 | $ 19,818 | $ 32,220 |
Interest expense, net | 6,157 | 3,547 | 11,214 | 7,205 |
Interest expense, net - related party | 929 | 1,074 | 1,731 | |
Income tax provision | 6,665 | 5,912 | 8,630 | 10,922 |
Depreciation and amortization | 5,491 | 6,331 | 11,062 | 13,044 |
Equity-based compensation expense | 937 | 976 | 1,815 | 1,718 |
Write-off of property and equipment | 26 | 71 | 46 | 163 |
Loss on debt refinancing | 12,702 | |||
Adjustment for costs to exit retail stores | (3) | (246) | ||
Impairment of long-lived assets | 45 | 45 | 108 | |
Other non-recurring items | 2 | 4 | 2 | 4 |
Adjusted EBITDA | 34,545 | 35,572 | 66,408 | 66,869 |
Net sales | $ 155,669 | $ 160,343 | $ 305,089 | $ 317,412 |
Adjusted EBITDA margin | 22.20% | 22.20% | 21.80% | 21.10% |
Reconciliation of GAAP Operatin
Reconciliation of GAAP Operating Income to Adjusted Income from Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Income Statement [Abstract] | ||||
Operating income | $ 28,044 | $ 28,193 | $ 53,438 | $ 52,078 |
Adjustment for costs to exit retail stores | (3) | (246) | ||
Impairment of long-lived assets | 45 | 45 | 108 | |
Other non-recurring items | 2 | 4 | 2 | 4 |
Adjusted income from operations | $ 28,091 | $ 28,194 | $ 53,485 | $ 51,944 |
Reconciliation of GAAP Net In_2
Reconciliation of GAAP Net Income to Adjusted Net Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income (loss) and total comprehensive income (loss) | $ 15,222 | $ 17,805 | $ 19,818 | $ 32,220 |
Add: Income tax provision | 6,665 | 5,912 | 8,630 | 10,922 |
Income before provision for income tax | 21,887 | 23,717 | 28,448 | 43,142 |
Add: Loss on debt refinancing | 12,702 | |||
Add: Adjustment for costs to exit retail stores | (3) | (246) | ||
Add: Impairment of long-lived assets | 45 | 45 | 108 | |
Add: Other non-recurring items | 2 | 4 | 2 | 4 |
Adjusted income before income tax provision | 21,934 | 23,718 | 41,197 | 43,008 |
Less: Adjusted tax provision | 6,120 | 6,024 | 11,494 | 10,924 |
Adjusted net income | $ 15,814 | $ 17,694 | $ 29,703 | $ 32,084 |
Adjusted net income per share attributable to common shareholders | ||||
Basic | $ 1.12 | $ 1.27 | $ 2.10 | $ 2.31 |
Diluted | $ 1.10 | $ 1.24 | $ 2.07 | $ 2.26 |
Weighted average number of common shares | ||||
Basic | 14,158,837 | 13,930,366 | 14,111,124 | 13,902,457 |
Diluted | 14,367,751 | 14,252,429 | 14,345,179 | 14,211,768 |
Reconciliation of GAAP Net In_3
Reconciliation of GAAP Net Income to Adjusted Net Income (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Income Statement [Abstract] | ||||
Adjusted tax provision for adjusted net income estimated percentage | 27.90% | 25.40% | 27.90% | 25.40% |