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J.Jill Q4 net sales decreased $2.8 million

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Christian Fernsby ▼ | March 4, 2020
J.Jill today announced financial results for the fourth quarter ended February 1, 2020.
J.Jill
J.Jill   Total company comparable sales decreased 2.8%
Total net sales decreased $2.8 million to $168.1 million versus $170.9 million for the thirteen weeks ended February 2, 2019.

Topics: J.Jill

Total company comparable sales, which includes comparable store and direct to consumer sales, decreased 2.8%.

Direct to consumer net sales represented 47.3% of total net sales, compared to 45.3% in the fourth quarter of fiscal 2018.

Gross profit decreased to $100.0 million from $107.8 million in the fourth quarter of fiscal 2018. Gross margin was 59.5% compared to 63.1% in the fourth quarter of fiscal 2018.

SG and A was $101.0 million compared to $99.8 million in the fourth quarter of fiscal 2018. In the fourth quarter of fiscal 2019, SG&A included $2.6 million of expenses of which $0.3 million related to the impairment of long-lived assets, $1.9 million related to other non-recurring expenses and $0.4 million of accelerated stock based compensation. Excluding non-recurring expenses in fiscal 2019 and 2018, SG and A as a percentage of total net sales was 58.5% compared to 58.4% in the fourth quarter of fiscal 2018.

Income from operations decreased to a loss of $37.0 million from income of $8.0 million in the fourth quarter of fiscal 2018. Adjusted Income from Operations* was $1.7 million compared to Adjusted Income from Operations* of $8.0 million in the fourth quarter of fiscal 2018.

Interest expense remained the same at $4.7 million in the fourth quarter of fiscal 2019 and 2018.

Income tax benefit was $3.2 million compared to an expense of $1.2 million in the fourth quarter of fiscal 2018, and the effective tax rate was 7.6% compared to 37.1% in the fourth quarter of 2018.

Net income decreased to a loss of $38.6 million compared to an income of $2.1 million in the fourth quarter of fiscal 2018.

Diluted earnings per share was a loss of $0.88 compared to income of $0.05 in the fourth quarter of fiscal 2018, including the impact of one-time expenses. Excluding these impacts, Adjusted Diluted Earnings per Share* in the fourth quarter of fiscal 2019 was a loss of $0.05 compared to income of $0.05 in the fourth quarter of 2018.

Adjusted EBITDA for the fourth quarter of fiscal 2019 decreased 36.2% to $11.8 million from $18.5 million in the fourth quarter of fiscal 2018. As a percentage of total net sales, Adjusted EBITDA* was 7.0% compared to 10.8% in the fourth quarter of fiscal 2018.


 

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