J Jill 8-K Financial statements and exhibits

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Exhibit 99.1

FOR IMMEDIATE RELEASE	Approved by:	Olga L. Conley Chief Financial Officer (617) 376-4300 URL: http://www.jjill.com
	Investor Relations:	Chad Jacobs Integrated Corporate Relations, Inc. (203) 222-9013

THE J. JILL GROUP REPORTS FIRST QUARTER RESULTS

Quincy, MA, May 4, 2004—The J. Jill Group, Inc. (Nasdaq: JILL) today reported financial results for the first quarter ended March 27, 2004. Net sales for the first quarter increased by 21.3% to $99.9 million from $82.4 million reported in the prior year. Operating income for the quarter totaled $3.9 million, or 3.9% of net sales compared to $1.5 million, or 1.8% of net sales in the prior year. The Company posted net income for the quarter of $2.2 million, or $0.11 per diluted share versus $768,000, or $0.04 per diluted share in the first quarter of the previous year.

Regarding first quarter sales productivity, direct segment net sales per 1,000 square inches circulated declined by 4% while retail net sales per square foot increased by 20% as compared to last year. Comparable store sales for stores open at least one full fiscal year—87 in total—increased by 23.5% in the first quarter of 2004 as compared to the first quarter of 2003.

Gordon R. Cooke, President and Chief Executive Officer, commented, "As we announced on March 15, 2004, since early February, we have experienced an extremely positive response to our regular price spring merchandise. We attribute our current success to a series of factors including our emphasis on color, our multi-channel marketing campaigns, the rollout of our cross-channel customer database, our new visual in-store presentation, some relatively minor adjustments to our merchandise silhouettes and fit along with an improving overall economic environment. Our performance during March was particularly strong in retail, with robust consumer demand for our full price merchandise resulting in better than expected gross margins and a significant increase in profitability."

Looking forward, the Company's current outlook for the second quarter of fiscal 2004 is for net sales to be between $118.0 and $120.0 million, with diluted earnings per share in the range of $0.26 to $0.30. The Company is now targeting net sales for fiscal 2004 to be between $435.0 and $440.0 million and diluted earnings per share to be between $0.65 and $0.70. The sales and earnings targets contained in this release are not guarantees of actual performance. Historically, J. Jill's actual performance has deviated, often materially, from its targets. These statements do not include the potential of any business risks, opportunities or developments that may occur after May 4, 2004.

"Obviously, we are extremely pleased with our performance this spring. More than anything these results indicate that the J. Jill brand is vibrant and resonating with the consumer. That being said, our full-year targets do not extrapolate our successful spring season into the fall. As we have said on many occasions, our fall collections are the first that will be significantly influenced by most of the merchandising and product development initiatives that have been underway, making the fall season a critical transition period for J. Jill. For that reason, at this point in time we continue to feel that the most prudent approach is to maintain our original outlook for the second half of the year," continued Mr. Cooke.

The Company also announced the appointment of Amy C. Leonard to the position of Vice President of Production and Product Integrity. In this newly created position Amy will be responsible for all areas related to product engineering, execution and quality, including oversight of technical design, color management, product standards and testing, production management and quality assurance. She will report to Steve Pearson, Executive Vice President/Merchandising and Product Development.

Ms. Leonard comes to J. Jill with more than 16 years of experience in product integrity and sourcing. Most recently, Ms. Leonard held the position of Vice President of Sourcing Services for The Gap, Inc., where her responsibilities included overseeing the development and execution of all specifications, patterns, color standards and global and regulatory compliance for all corporate brands in all product categories. From 1990 to 2001 Ms. Leonard held various other positions within The Gap, Inc. including Vice President Global Production for Gapkids and babyGap, Senior Director of Production for Gap International and Production Manager Women's Items for Banana Republic.

Mr. Cooke commented, "We are thrilled to have someone of Amy's talent and experience join our team to lead this very important initiative. We are confident that she will significantly enhance our efforts to improve the overall quality, fit and consistency of our merchandise. Additionally, we believe that our ability to continue to attract first tier talent such as Amy provides further evidence of the J. Jill brand's strength in the marketplace."

Ms. Leonard stated, "J. Jill represents an exciting opportunity for me. I am very pleased to be part of the vision and the future of such a dynamic and growing company. I am looking forward to working with the J. Jill team to help improve the overall look, feel, fit and quality of the merchandise, enabling J. Jill to continue providing its customers with the quality, consistency and service levels they deserve."

Mr. Cooke concluded, "Our business continues to evolve and with over 50% of our revenues this quarter coming from our retail channel we are clearly no longer just a catalog company. Furthermore, with the potential to open 300 to 500 retail stores nationwide and only 123 stores open as of the end of the first quarter our retail expansion provides us with tremendous opportunity for future growth. Importantly, we have made great strides in building the appropriate front-end product development and merchandising infrastructure to support this growth."

On a final note, in January of 2004 the Company changed its internal segment reporting as a result of changes in the way management views the business. Outlet store revenues and expenses and inventory control costs, previously included in the direct and retail segments, have been reclassified to other. Additionally, the Company now allocates certain previously unallocated costs to the direct and retail segments, including certain sales allowances and order fulfillment costs. Please refer to the attached schedule, which presents our segment reporting for all four quarters of fiscal 2003 with these changed classifications.

The J. Jill Group's conference call to discuss its first quarter earnings will be broadcast live today at 4:30 p.m. Eastern Time atwww.jjillgroup.com,and will be archived online within one hour of the completion of the conference call.

The J. Jill Group is a multi-channel specialty retailer of women's apparel, accessories, footwear and gifts. The Company currently markets its products through retail stores, catalogs and its websitejjill.com. J. Jill is designed to appeal to active, affluent women age 35 and older.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of The J. Jill Group to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following: significant changes in customer acceptance of our product offerings; the success or failure of our retail store initiative; our ability to effectively manage our operations and growth in a multi-channel environment; the success or failure of our product development and merchandising initiatives; changes in consumer spending, fashion trends and consumer preferences; the customary risks of purchasing merchandise abroad, including longer lead times, higher initial purchase commitments and foreign currency fluctuations; timeliness of receipts of inventory from vendors; changes in competition in the apparel industry; changes in, or the failure to comply with, federal and state tax and other government regulations; our ability to attract and retain qualified personnel;

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possible future increases in expenses and labor and employee benefit costs; business abilities and judgment of management; the existence or absence of brand awareness; the existence or absence of publicity, advertising and promotional efforts; the success or failure of operating initiatives; the mix of J. Jill's sales between full price and liquidation merchandise; general political, economic and business conditions and other factors, including those detailed from time to time in J. Jill's SEC reports, including its Annual Report on Form 10-K for the fiscal year ended December 27, 2003. J. Jill disclaims any intent or obligation to update any forward-looking statements.

(tables to follow)

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THE J. JILL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended
		Mar. 27, 2004		Mar. 29, 2003
In thousands, except per share data—unaudited
Net sales		$	99,929	$	82,363
Cost of products and merchandising			64,845		56,808
	Gross margin		35,084		25,555
Selling, general and administrative expenses			31,171		24,051
	Operating income		3,913		1,504
Interest, net			142		196
Income tax provision			1,546		540
	Net income	$	2,225	$	768
Earnings per share:
	Basic	$	0.11	$	0.04
	Diluted	$	0.11	$	0.04
Weighted average shares outstanding:
	Basic		19,823		19,567
	Diluted		20,286		19,987

THE J. JILL GROUP, INC.
NET SALES SUMMARY

		Three Months Ended
		Mar. 27, 2004		Mar. 29, 2003
In thousands—unaudited
Catalog		$	29,615	$	32,776
Internet			19,140		17,290
	Direct total		48,755		50,066
Retail			50,223		31,376
Other			951		921
	Net sales	$	99,929	$	82,363

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THE J. JILL GROUP, INC.
DIRECT CONTRIBUTION RECONCILIATION

		Three Months Ended
		Mar. 27, 2004			Mar. 29, 2003
In thousands—unaudited
Direct		$	12,946		$	14,291
Retail			2,967			(3,356	)
	Total direct contribution		15,913			10,935
Unallocated shared-service costs			(4,831	)		(4,306	)
General and administrative expenses			(7,169	)		(5,125	)
	Operating income	$	3,913		$	1,504

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THE J. JILL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

		Three Months Ended
		Mar. 27, 2004		Mar. 29, 2003
In thousands—unaudited
Assets:
Cash and cash equivalents		$	62,281	$	40,622
Accounts receivable, net			10,601		9,556
Inventory			34,746		40,981
Prepaid catalog expenses			5,465		4,859
Deferred income taxes			6,989		6,114
Other current assets			7,365		5,813
	Total current assets		127,447		107,945
Property and equipment, net			124,422		109,785
Other non-current assets			4,574		3,521
	Total assets	$	256,443	$	221,251
Liabilities and stockholders' equity:
Accounts payable and accrued expenses		$	42,846	$	32,672
Current portion of long-term debt			1,731		1,806
	Total current liabilities		44,577		34,478
Long-term debt, less current portion			11,792		13,345
Deferred credits from landlords and other			37,289		24,977
Deferred income taxes			4,504		2,118
	Total liabilities		98,162		74,918
Capital stock			111,186		107,888
Retained earnings			47,095		38,445
	Total liabilities and stockholders' equity	$	256,443	$	221,251

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THE J. JILL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three Months Ended
		Mar. 27, 2004			Mar. 29, 2003
In thousands—unaudited
Cash flows provided by operating activities:
	Net income	$	2,225		$	768
	Depreciation and amortization		4,411			3,780
	(Gain) loss on trust assets		(19	)		12
	Deferred income taxes		388			297
	Changes in assets and liabilities		(837	)		(2,391	)
Net cash provided by operating activities			6,168			2,466
Cash flows used in investing activities:
	Additions to property and equipment		(3,970	)		(5,822	)
	Investment in trust assets		(724	)		(597	)
	Increase in cash held in escrow		(190	)		(186	)
Net cash used in investing activities			(4,884	)		(6,605	)
Cash flows provided by financing activities:
	Payments of debt borrowings		(419	)		(439	)
	Proceeds from stock transactions		2,129			466
Net cash provided by financing activities			1,710			27
Net increase (decrease) in cash and cash equivalents			2,994			(4,112	)
Cash and cash equivalents at:
	Beginning of period		59,287			44,734
	End of period	$	62,281		$	40,622

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THE J. JILL GROUP, INC.
RECLASSIFIED SEGMENT SALES AND DIRECT CONTRIBUTION RECONCILIATION

		Three Months Ended
		Mar. 29, 2003			June 28, 2003			Sep. 27, 2003			Dec. 27, 2003			Fiscal 2003
		In thousands—unaudited
Net sales summary:
Catalog		$	32,776		$	35,061		$	26,047		$	32,070		$	125,954
Internet			17,290			18,279			14,219			19,251			69,039
	Direct total		50,066			53,340			40,266			51,321			194,993
Retail			31,376			42,910			40,497			61,979			176,762
Other			921			1,115			1,562			1,551			5,149
	Net sales	$	82,363		$	97,365		$	82,325		$	114,851		$	376,904
Direct contribution reconciliation:
Direct		$	14,291		$	14,894		$	7,486		$	9,598		$	46,269
Retail			(3,356	)		4,621			(1,924	)		6,667			6,008
	Total direct contribution		10,935			19,515			5,562			16,265			52,277
Unallocated shared-service costs			(4,306	)		(3,728	)		(4,074	)		(4,715	)		(16,823	)
General and administrative expenses			(5,125	)		(5,196	)		(6,234	)		(5,972	)		(22,527	)
	Operating income	$	1,504		$	10,591		($	4,746	)	$	5,578		$	12,927

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THE J. JILL GROUP REPORTS FIRST QUARTER RESULTS