J Jill 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR IMMEDIATE RELEASE

THE J. JILL GROUP REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS

Quincy, MA, March 9, 2006 – The J. Jill Group, Inc. (Nasdaq: JILL) today reported financial results for the fourth quarter and fiscal year ended December 31, 2005. The fourth quarter and fiscal year ended December 31, 2005 were 14-week and 53-week periods, respectively. Net sales for the fourth quarter increased by 9.6% to $131.0 million from $119.4 million reported in the prior year. Operating income for the quarter totaled $5.4 million or 4.1% of net sales compared to $4.5 million or 3.7% of net sales in the previous year. The company generated net income for the quarter of $3.0 million or $0.15 per diluted share versus $2.6 million or $0.13 per diluted share in the prior year.

Fourth quarter sales productivity improved in both segments as compared to the prior year. Retail segment net sales per weighted average square foot increased by 1.0% and direct segment net sales per 1,000 square inches circulated increased by 3.0%. On the other hand, comparable store sales for stores open at least one full fiscal year decreased by 3.0% for the fourth quarter of fiscal 2005 as compared to the fourth quarter of fiscal 2004. This fourth quarter comparable store sales calculation compares the 14 weeks ended December 31, 2005 to the 14 weeks ended January 1, 2005.

For the fiscal year ended December 31, 2005, the company recorded net sales of $449.7 million compared to $434.9 million in the prior year. Operating income for the fiscal year totaled $2.6 million or 0.6% of net sales compared to $15.3 million or 3.5% of net sales in the previous year. The company generated net income for the fiscal year of $1.5 million or $0.07 per diluted share versus $8.7 million or $0.42 per diluted share in the prior year.

Fiscal 2005 retail segment net sales productivity per weighted average square foot declined by 0.3% to $401 per square foot while direct segment net sales productivity improved by 2.6% to $0.46 per 1,000 square inches circulated. Comparable store sales declined by 1.2% in fiscal 2005 as compared to fiscal 2004. This fiscal year comparable store sales calculation compares the 53 weeks ended December 31, 2005 to the 53 weeks ended January 1, 2005.

Gordon R. Cooke, President and Chief Executive Officer, commented, “Fiscal 2005 was a challenging year for J. Jill. We attribute our disappointing results primarily to customer dissatisfaction with our merchandise offerings. Over the past couple of years we have endeavored to broaden the appeal of the J. Jill brand by standardizing our fits, improving the quality of our apparel, increasing the penetration of color and novelty in our assortment and becoming more contemporary in our design elements. While we believe we have achieved success with respect to improving the quality and fit of our apparel, some of the changes we made with respect to color, novelty and silhouette were not well received by our customer.”

 “We are taking several steps in the merchandising and design areas to modify our strategy and adjust our merchandise offerings in the future, the most important of which is refocusing our attention on our core customer. In this regard, we intend to return to neutral, subtle, wardrobe-building colors and relaxed, forgiving styling. While we remain optimistic about our opportunities for success in

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2006, achieving our goals will ultimately depend on our ability to produce a merchandise assortment that resonates with our target customer,” concluded Mr. Cooke.

The J. Jill Group is a multi-channel specialty retailer of women’s apparel, including accessories and footwear. The company currently markets its products through its retail stores, catalogs and website jjill.com. J. Jill is designed to appeal to active, affluent women age 35 and older. The company has entered into a definitive merger agreement with The Talbots, Inc. whereby Talbots will acquire all of the outstanding shares of J. Jill for $24.05 per share in cash. The merger is expected to close in the second quarter of 2006 and is subject to approval by the stockholders of J. Jill, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary closing conditions.

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which reflect management’s expectations regarding future events and speak only as of the date hereof. Our actual results, performance or achievements may differ significantly from the results, performance or achievements discussed in or implied by the forward-looking statements. Factors that could cause such a difference include a significant delay in consummating or a failure to consummate the proposed merger with The Talbots, Inc.; the significant expenses we are incurring in connection with the proposed merger; restrictions on the conduct of our business prior to the completion of the proposed merger; our ability to produce a merchandise assortment that resonates with our target customer; our ability to successfully grow our retail business while, at the same time, stabilizing and improving our direct segment’s performance; our ability to build brand awareness and the effectiveness of our brand development and marketing programs; the customary risks associated with purchasing inventory abroad including any event causing a disruption in manufacturing or imports from countries from which we currently source goods, or the imposition of additional import restrictions (particularly with respect to China); the loss of either of our two primary buying agents; changes in competition in the women’s apparel market; our ability to respond to changes in consumer demand and fashion trends in a timely manner; and other factors, many of which are beyond our control, that are 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 25, 2004. J. Jill disclaims any intent or obligation to update any forward-looking statements.

CONTACT:	Judith Wilkinson/Eden Abrahams
	Joele Frank, Wilkinson Brimmer Katcher
	212-355-4449
	Chad Jacobs/Brendon Frey
	Integrated Corporate Relations
	203-682-8220

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THE J. JILL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended						Twelve Months Ended
	Dec. 31,			Dec. 25,			Dec. 31,			Dec. 25,
In thousands, except per share data — unaudited	2005			2004			2005			2004
	(14 weeks)			(13 weeks)			(53 weeks)			(52 weeks)
Net sales	$	130,957		$	119,444		$	449,712		$	434,867
Cost of products and merchandising	81,587			75,320			297,971			278,410
Gross margin	49,370			44,124			151,741			156,457
Selling, general and administrative expenses	43,992			39,645			149,125			141,121
Operating income	5,378			4,479			2,616			15,336
Interest (income) expense, net	(8		)	(1		)	(113		)	334
Income tax provision	2,346			1,880			1,215			6,296
Net income	$	3,040		$	2,600		$	1,514		$	8,706
Income per share:
Basic	$	0.15		$	0.13		$	0.07		$	0.43
Diluted	$	0.15		$	0.13		$	0.07		$	0.42
Weighted average shares outstanding:
Basic	20,325			20,107			20,241			20,019
Diluted	20,663			20,551			20,536			20,546

THE J. JILL GROUP, INC.

NET SALES SUMMARY

	Three Months Ended				Twelve Months Ended
	Dec. 31,		Dec. 25,		Dec. 31,		Dec. 25,
In thousands — unaudited	2005		2004		2005		2004
	(14 weeks)		(13 weeks)		(53 weeks)		(52 weeks)
Retail	$	87,315	$	72,051	$	282,751	$	238,776
Catalog	20,196		24,771		78,123		110,514
Internet	21,143		21,183		81,855		80,560
Direct total	41,339		45,954		159,978		191,074
Other	2,303		1,439		6,983		5,017
Net sales	$	130,957	$	119,444	$	449,712	$	434,867

THE J. JILL GROUP, INC.

OPERATING INCOME RECONCILIATION

	Three Months Ended						Twelve Months Ended
	Dec. 31,			Dec. 25,			Dec. 31,			Dec. 25,
In thousands — unaudited	2005			2004			2005			2004
	(14 weeks)			(13 weeks)			(53 weeks)			(52 weeks)
Retail segment contribution	$	10,235		$	8,443		$	16,398		$	19,736
Direct segment contribution	9,715			8,468			36,915			44,059
Other	(4,834		)	(3,663		)	(17,935		)	(16,040		)
General and administrative expenses	(9,738		)	(8,769		)	(32,762		)	(32,419		)
Operating income	$	5,378		$	4,479		$	2,616		$	15,336

THE J. JILL GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	Dec. 31,			Dec. 25,
In thousands — unaudited	2005			2004
Assets:
Cash and cash equivalents	$	35,700		$	31,966
Marketable securities	24,228			34,062
Accounts receivable, net	14,595			18,579
Inventory	34,562			36,212
Prepaid catalog expenses	4,306			3,894
Deferred income taxes	10,312			9,761
Other current assets	8,828			9,109
Total current assets	132,531			143,583
Property and equipment, net	148,100			133,972
Other non-current assets	6,844			5,141
Total assets	$	287,475		$	282,696
Liabilities and stockholders’ equity:
Accounts payable and accrued expenses	$	45,937		$	52,175
Current portion of long-term debt	1,036			1,805
Total current liabilities	46,973			53,980
Long-term debt, less current portion	9,395			10,431
Deferred credits from landlords and other	58,223			47,387
Deferred income taxes	4,763			6,841
Total liabilities	119,354			118,639
Capital stock	115,286			112,709
Accumulated other comprehensive loss	(116		)	(89		)
Retained earnings	52,951			51,437
Total liabilities and stockholders’ equity	$	287,475		$	282,696

THE J. JILL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Dec. 31,			Dec. 25,
In thousands — unaudited	2005			2004
	(53 weeks)			(52 weeks)
Cash flows provided by operating activities:
Net income	$	1,514		$	8,706
Depreciation and amortization	22,755			18,663
Deferred income taxes	(2,555		)	1,396
Gain on trust assets	(477		)	(388		)
Loss on disposal of property and equipment	567			388
Changes in assets and liabilities	10,146			6,696
Net cash provided by operating activities	31,950			35,461
Cash flows used in investing activities:
Additions to property and equipment	(36,020		)	(28,784		)
Purchases of marketable securities	(31,875		)	(34,246		)
Sales of marketable securities	8,701			—
Maturities of marketable securities	32,436			—
Investment in trust assets	(1,356		)	(1,099		)
Increase in cash held in escrow	(470		)	(89		)
Net cash used in investing activities	(28,584		)	(64,218		)
Cash flows provided by financing activities:
Proceeds from stock transactions	2,173			3,142
Payments of debt borrowings	(1,805		)	(1,706		)
Net cash provided by financing activities	368			1,436
Net increase (decrease) in cash and cash equivalents	3,734			(27,321		)
Cash and cash equivalents at:
Beginning of period	31,966			59,287
End of period	$	35,700		$	31,966