Continued Disciplined Execution of Operating Model Drives Strong Profitability
Net Sales Growth of 0.7% and Comparable Sales Growth of 0.8% vs. Q2 FY2021
Gross Profit Growth of 2.9% and Gross Margin increase of 150bps vs. Q2 FY2021
Income from Operations grew 19.9% to $28.2M vs. Q2 FY2021
QUINCY, Mass.--(BUSINESS WIRE)--J.Jill, Inc. (NYSE:JILL) today announced financial results for the second quarter ended July 30, 2022.
Claire Spofford, President and Chief Executive Officer of J.Jill, Inc. stated, "We are pleased to have delivered a record quarter of Adjusted EBITDA while navigating a volatile consumer environment. Our results reflect the disciplined execution of our operating model focused on driving full price sales, regularly flowing newness, and managing expenses."
Ms. Spofford, continued, "As we look to the remainder of the year, we plan to continue to execute against our initiatives including investing in our plans for long-term profitable growth while remaining prudent with our expectations related to the consumer. As part of our growth strategy, we are focused on modernizing the J.Jill brand to increase relevance with both new and loyal customers. We recently announced our 'Welcome Everybody' campaign focused on delivering an elevated shopping experience online and in stores, that celebrates the totality of all women. We remain confident in our ability to deliver against our objectives and expect to leverage the operating disciplines and stronger foundation we now have in place to continue to drive results."
For the second quarter ended July 30, 2022:
- Total net sales for the thirteen weeks ended July 30, 2022 were up 0.7% to $160.3 million compared to $159.2 million for the thirteen weeks ended July 31, 2021.
- Total company comparable sales, which includes comparable store and direct to consumer sales, increased by 0.8% for the second quarter of fiscal 2022.
- Direct to consumer net sales were down 0.7% compared to the second quarter of fiscal 2021 and represented 45.7% of sales.
- Gross profit was $112.5 million compared to $109.4 million in the second quarter of fiscal 2021. Gross margin was 70.1% compared to 68.7% in the second quarter of fiscal 2021. The year over year gross margin increase was driven by strong full price selling and reduced promotions which more than offset approximately 140bps of freight expense due to supply chain disruption which began in the third quarter of fiscal 2021.
- SG&A was $84.3 million compared to $85.8 million in the second quarter of fiscal 2021. In comparing the second quarter of fiscal 2022 to fiscal 2021, SG&A benefited from $0.6 million of lower non-recurring and other one-time expenses. Excluding the non-recurring and other one-time costs from both periods, SG&A as a percentage of total net sales was 52.6% compared to 53.5% in the second quarter of fiscal 2021.
- Income from Operations was $28.2 million compared to $23.5 million in the second quarter of fiscal 2021. Adjusted Income from Operations*, which excludes non-recurring items and adjustments for costs to exit retail stores was $28.2 million compared to $24.1 million in the second quarter of fiscal 2021.
- Interest expense was $4.5 million compared to $4.7 million in the second quarter of fiscal 2021.
- During the second quarter of fiscal 2022, the Company recorded an income tax provision of $5.9 million compared to $4.4 million in the second quarter of fiscal 2021 and the effective tax rate was 24.9% compared to (22.0%) in the second quarter of fiscal 2021.
- Net Income was $17.8 million compared to Net Loss of $24.6 million in the second quarter of fiscal 2021 which included $39.0 million related to the fair value adjustment of the warrants and the Priming Loan embedded derivative for the thirteen weeks ended July 31, 2021.
- Net Income per Diluted Share was $1.25 compared to a Net Loss of $1.98 in the second quarter of fiscal 2021 including the impact of non-recurring items. Excluding the impact of these items, Adjusted Net Income per Diluted Share* in the second quarter of fiscal 2022 was $1.24 compared to $0.93 in the second quarter of fiscal 2021.
- Adjusted EBITDA* for the second quarter of fiscal 2022 was $35.6 million compared to $32.7 million in the second quarter of fiscal 2021. Adjusted EBITDA margin* for the second quarter of fiscal 2022 was 22.2% compared to 20.5% in the second quarter of fiscal 2021.
- The Company closed 2 stores in the second quarter of fiscal 2022 and ended the quarter with 247 stores.
For the twenty-six weeks ended July 30, 2022:
- Total net sales were up 10.1% to $317.4 million compared to $288.3 million for the twenty-six weeks ended July 31, 2021. Sales for the twenty-six weeks ended July 30, 2022 benefited from an increase in Retail customer traffic as well as strong full-price sales and lower levels of promotions.
- Total company comparable sales, which includes comparable store and direct to consumer sales, increased by 11.1% for the twenty-six weeks ended July 30, 2022.
- Direct to consumer net sales were down 1.3% over 2021 and represented 46.0% of total net sales, compared to 51.3% in the twenty-six weeks ended July 31, 2021.
- Gross profit was $221.9 million compared to $197.2 million in the twenty-six weeks ended July 31, 2021. Gross margin was 69.9% compared to 68.4% in the twenty-six weeks ended July 31, 2021. The year over year gross margin increase was driven by strong full price selling.
- SG&A was $169.9 million compared to $165.0 million for the twenty-six weeks ended July 31, 2021 . In comparing the twenty-six weeks ended July 30, 2022 to the twenty-six weeks ended July 31, 2021, SG&A benefited from $0.9 million of lower non-recurring and other one-time expenses. Excluding the non-recurring and other one-time costs from both periods, SG&A as a percentage of total net sales was 53.6% compared to 57.0% in the twenty-six weeks ended July 31, 2021.
- Income from Operations was $52.1 million compared to $32.2 million in the twenty-six weeks ended July 31, 2021. Adjusted Income from Operations*, which excludes the non-recurring items and impairment charges, was $51.9 million compared to Adjusted Income from Operations* of $33.0 million in the twenty-six weeks ended July 31, 2021. For the twenty-six weeks ended July 30, 2022 the Company incurred $0.1 million of impairment charges.
- Interest expense was $8.9 million compared to $9.6 million in the twenty-six weeks ended July 31, 2021.
- During the twenty-six weeks ended July 30, 2022, the Company recorded an income tax provision of $10.9 million compared to $5.8 million in the twenty-six weeks ended July 31, 2021, and the effective tax rate was 25.3% compared to (15.7%) in the twenty-six weeks ended July 31, 2021.
- Net Income was $32.2 million compared to a Net Loss of $43.0 million which included $59.8 million related to the fair value adjustment of the warrants and the Priming Loan embedded derivative for the twenty-six weeks ended July 31, 2021.
- Net Income per Diluted Share was $2.27 compared to a Net Loss of $3.88 in the twenty-six weeks ended July 31, 2021 including the impact of non-recurring items. Excluding the impact of these items, Adjusted Net Income per Diluted Share* in the twenty-six weeks ended July 30, 2022 was $2.26 compared to $1.17 in the twenty-six weeks ended July 31, 2021.
- Adjusted EBITDA* for the twenty-six weeks ended July 30, 2022 was $66.9 million compared to $49.6 million in the twenty-six weeks ended July 31, 2021.
- The Company closed 6 stores in the twenty-six weeks ended July 30, 2022 and ended the period with 247 stores.
Balance Sheet Highlights
- Cash flow from operations for the twenty-six weeks ended July 30, 2022 was $35.5 million compared to $27.9 million in the twenty-six weeks ended July 31, 2021. The Company ended the second quarter of fiscal 2022 with a cash balance of $61.9 million.
- Inventory at the end of the second quarter of fiscal 2022 was $54.4 million compared to $48.5 million at the end of the second quarter of fiscal 2021. The 12.2% increase compared to the prior year was primarily driven by elevated levels of in-transit to improve on-time deliveries of product despite continuing supply chain disruption.
- The company continues to explore options to refinance its existing term loan credit facility.
*Non-GAAP financial measures. Please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP Net Income to Adjusted EBITDA, Adjusted Income from Operations and Adjusted Net Income" for more information.
Outlook
For the third quarter of fiscal 2022, the Company expects revenues to be flat to down 3.0% compared to the third quarter of fiscal 2021, and for Adjusted EBITDA to be in the range of $21.0 million and $23.0 million.
For fiscal 2022, the Company now expects total capital expenditures of about $15.0 million and to close net 10 to 14 stores, including the opening of up to 2 new stores late in the fourth quarter.
Conference Call Information
A conference call to discuss second quarter 2022 results is scheduled for today, September 1, 2022, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (888) 330-3391 or (646) 960-0845 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 2289963 when prompted. A live audio webcast of the conference call will be available online at
A taped replay of the conference call will be available approximately two hours following the call and can be accessed both online and by dialing (800) 770-2030 or (647) 362-9199. The pin number to access the telephone replay is 2289963. The telephone replay will be available until Thursday, September 08, 2022.
About J.Jill, Inc.
J.Jill is a premier omnichannel retailer and nationally recognized women's apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, thoughtful and inspired style that reflects the confidence of remarkable women who live life with joy, passion and purpose. J.Jill offers a guiding customer experience through 247 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. For more information, please visit or The information included on our websites is not incorporated by reference herein.
Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:
- Adjusted EBITDA, which represents net income (loss) plus interest expense, provision (benefit) for income taxes, depreciation and amortization, equity-based compensation expense, impairments of goodwill, intangible assets and other long-lived assets, fair value adjustments of warrants and derivatives and other non-recurring expenses and one-time items. We present Adjusted EBITDA on a consolidated basis because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and as such, use it internally to report results.
- Adjusted Income (Loss) from Operations, which represents operating income (loss) plus impairments of goodwill, intangible assets and other long-lived assets and other non-recurring expense and one-time items. We present Adjusted Income (Loss) from Operations because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts, and other interested parties as a measure of our comparative operating performance from period to period.
- Adjusted Net Income (Loss), which represents net income (loss) plus impairments of goodwill, intangible assets and other long-lived assets, fair value adjustments of warrants and derivatives and other non-recurring expenses and one-time items. We present Adjusted Net Income (Loss) because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.
- Adjusted Net Income per Diluted Share ("Adjusted Diluted EPS") represents Adjusted Net Income (Loss) divided by the number of fully diluted shares outstanding. Adjusted Diluted EPS is presented as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period.
While we believe that Adjusted EBITDA, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss) and Adjusted Diluted EPS are useful in evaluating our business, they are non-GAAP financial measures that have limitations as analytical tools. Adjusted EBITDA, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss) and Adjusted Diluted EPS should not be considered alternatives to, or substitutes for, Net Income (Loss) or EPS, which are calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss) and Adjusted Diluted EPS differently or not at all, which reduces the usefulness of such non-GAAP financial measures as tools for comparison. We recommend that you review the reconciliation and calculation of Adjusted EBITDA, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss) and Adjusted Diluted EPS to Net Income (Loss) and EPS, the most directly comparable GAAP financial measures, under "Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA and Adjusted Net Income (Loss) as well as Reconciliation of GAAP Operating Income (Loss) to Adjusted Income (Loss) from Operations" and not rely solely on Adjusted EBITDA, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss), Adjusted Diluted EPS or any single financial measure to evaluate our business.
Forward-Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, "forward-looking statements." Forward-looking statements include statements under "Outlook" and other statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks regarding our ability to manage inventory or anticipate consumer demand; changes in consumer confidence and spending; our competitive environment; our failure to open new profitable stores or successfully enter new markets; the impact of the COVID-19 epidemic on the Company and the economy as a whole; post-pandemic changes in customer behavior and the timeline of economic recovery; and other factors set forth under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022. Any forward-looking statement made in this press release speaks only as of the date on which it is made. J.Jill undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
(Tables Follow)
J.Jill, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Amounts in thousands, except share and per share data) |
| | | For the Thirteen Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Net sales | | $ | 160,343 | | | $ | 159,236 | |
Costs of goods sold | | | 47,869 | | | | 49,883 | |
Gross profit | | | 112,474 | | | | 109,353 | |
Selling, general and administrative expenses | | | 84,281 | | | | 85,846 | |
Operating income | | | 28,193 | | | | 23,507 | |
Fair value adjustment of derivative | | | — | | | | 625 | |
Fair value adjustment of warrants - related party (a) | | | — | | | | 38,338 | |
Interest expense | | | 3,547 | | | | 4,217 | |
Interest expense, net - related party | | | 929 | | | | 529 | |
Income (loss) before provision for income taxes | | | 23,717 | | | | (20,202 | ) |
Income tax provision | | | 5,912 | | | | 4,446 | |
Net income (loss) and total comprehensive income (loss) | | $ | 17,805 | | | $ | (24,648 | ) |
Net income (loss) per common share attributable to common shareholders | | | | | | |
Basic | | $ | 1.28 | | | $ | (1.98 | ) |
Diluted | | $ | 1.25 | | | $ | (1.98 | ) |
Weighted average number of common shares outstanding | | | | | | |
Basic | | | 13,930,366 | | | | 12,450,351 | |
Diluted | | | 14,252,429 | | | | 12,450,351 | |
- The fair value adjustment of warrants due to the increase in J.Jill's stock price from January 30, 2021 to May 31,2021.
| |
J.Jill, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Amounts in thousands, except share and per share data) |
| | | For the Twenty-Six Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Net sales | | $ | 317,412 | | | $ | 288,322 | |
Costs of goods sold | | | 95,475 | | | | 91,143 | |
Gross profit | | | 221,937 | | | | 197,179 | |
Selling, general and administrative expenses | | | 169,859 | | | | 164,985 | |
Operating income | | | 52,078 | | | | 32,194 | |
Fair value adjustment of derivative | | | — | | | | 2,775 | |
Fair value adjustment of warrants - related party (a) | | | — | | | | 56,984 | |
Interest expense, net | | | 7,205 | | | | 8,563 | |
Interest expense, net - related party | | | 1,731 | | | | 990 | |
Income (loss) before provision for income taxes | | | 43,142 | | | | (37,118 | ) |
Income tax provision | | | 10,922 | | | | 5,838 | |
Net income (loss) and total comprehensive income (loss) | | $ | 32,220 | | | $ | (42,956 | ) |
Net loss per common share attributable to common shareholders: | | | | | | |
Basic | | $ | 2.32 | | | $ | (3.88 | ) |
Diluted | | $ | 2.27 | | | $ | (3.88 | ) |
Weighted average number of common shares outstanding: | | | | | | |
Basic | | | 13,902,457 | | | | 11,058,351 | |
Diluted | | | 14,211,768 | | | | 11,058,351 | |
- The fair value adjustment of warrants due to the increase in J.Jill's stock price from January 30, 2021 to May 31,2021.
| |
J.Jill, Inc. Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except common share data) |
| | | July 30, 2022 | | | January 29, 2022 | |
Assets | | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 61,856 | | | $ | 35,957 | |
Accounts receivable | | | 4,090 | | | | 5,811 | |
Inventories, net | | | 54,383 | | | | 56,024 | |
Prepaid expenses and other current assets | | | 25,608 | | | | 25,456 | |
Total current assets | | | 145,937 | | | | 123,248 | |
Property and equipment, net | | | 50,427 | | | | 57,329 | |
Intangible assets, net | | | 76,949 | | | | 80,711 | |
Goodwill | | | 59,697 | | | | 59,697 | |
Operating lease assets, net | | | 127,165 | | | | 130,744 | |
Other assets | | | 97 | | | | 120 | |
Total assets | | $ | 460,272 | | | $ | 451,849 | |
Liabilities and Shareholders' Deficit | | | | | | |
Current liabilities: | | | | | | |
Accounts payable | | $ | 40,184 | | | $ | 49,924 | |
Accrued expenses and other current liabilities | | | 45,584 | | | | 48,853 | |
Current portion of long-term debt | | | 2,739 | | | | 7,692 | |
Current portion of operating lease liabilities | | | 34,667 | | | | 32,276 | |
Total current liabilities | | | 123,174 | | | | 138,745 | |
Long-term debt, net of discount and current portion | | | 196,009 | | | | 196,511 | |
Long-term debt, net of discount and current portion - related party | | | 7,336 | | | | 5,605 | |
Deferred income taxes | | | 10,704 | | | | 10,704 | |
Operating lease liabilities, net of current portion | | | 133,295 | | | | 143,207 | |
Other liabilities | | | 1,535 | | | | 1,731 | |
Total liabilities | | | 472,053 | | | | 496,503 | |
Commitments and contingencies | | | | | | |
Shareholders' Deficit | | | | | | |
Common stock, par value $0.01 per share; 50,000,000 shares authorized; 10,148,504 and 10,001,422 shares issued and outstanding at July 30, 2022 and January 29, 2022, respectively | | | 102 | | | | 100 | |
Additional paid-in capital | | | 210,398 | | | | 209,747 | |
Accumulated deficit | | | (222,281 | ) | | | (254,501 | ) |
Total shareholders' deficit | | | (11,781 | ) | | | (44,654 | ) |
Total liabilities and shareholders' deficit | | $ | 460,272 | | | $ | 451,849 | |
J.Jill, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Unaudited) (Amounts in thousands) |
| | | For the Thirteen Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Net income (loss) | | $ | 17,805 | | | $ | (24,648 | ) |
Fair value adjustment of derivative | | | — | | | | 625 | |
Fair value adjustment of warrants - related party (a) | | | — | | | | 38,338 | |
Interest expense, net | | | 3,547 | | | | 4,217 | |
Interest expense, net - related party | | | 929 | | | | 529 | |
Income tax provision | | | 5,912 | | | | 4,446 | |
Depreciation and amortization | | | 6,331 | | | | 7,295 | |
Equity-based compensation expense (b) | | | 976 | | | | 649 | |
Write-off of property and equipment (c) | | | 71 | | | | 630 | |
Adjustment for costs to exit retail stores (d) | | | (3 | ) | | | 9 | |
Other non-recurring items (e) | | | 4 | | | | 616 | |
Adjusted EBITDA | | $ | 35,572 | | | $ | 32,706 | |
Net sales | | $ | 160,343 | | | $ | 159,236 | |
Adjusted EBITDA margin | | | 22.2 | % | | | 20.5 | % |
| | | For the Twenty-Six Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Net income (loss) | | $ | 32,220 | | | | (42,956 | ) |
Fair value adjustment of derivative | | | - | | | | 2,775 | |
Fair value adjustment of warrants - related party (a) | | | - | | | | 56,984 | |
Interest expense, net | | | 7,205 | | | | 8,563 | |
Interest expense, net - related party | | | 1,731 | | | | 990 | |
Income tax provision | | | 10,922 | | | | 5,838 | |
Depreciation and amortization | | | 13,044 | | | | 14,871 | |
Equity-based compensation expense (b) | | | 1,718 | | | | 1,092 | |
Write-off of property and equipment (c) | | | 163 | | | | 716 | |
Adjustment for costs to exit retail stores (d) | | | (246 | ) | | | (710 | ) |
Impairment of long lived assets (f) | | | 108 | | | | — | |
Other non-recurring items (e) | | | 4 | | | | 1,468 | |
Adjusted EBITDA | | $ | 66,869 | | | $ | 49,631 | |
Net sales | | $ | 317,412 | | | $ | 288,322 | |
Adjusted EBITDA margin | | | 21.1 | % | | | 17.2 | % |
- The fair value adjustment of warrants due to the increase in J.Jill's stock price through May 31, 2021.
- Represents expenses associated with equity incentive instruments granted to our management and board of directors. Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant.
- Represents the net gain or loss on the disposal of fixed assets.
- Represents non-cash adjustments associated with exiting store leases earlier than anticipated.
- Represents items management believes are not indicative of ongoing operating performance, including professional fees, retention expenses and costs related to the COVID-19 pandemic.
- Represents impairment of long-lived assets related to leasehold improvements.
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J.Jill, Inc. Reconciliation of GAAP Operating Income to Adjusted Income from Operations (Unaudited) (Amounts in thousands) |
| | | For the Thirteen Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Operating income | | $ | 28,193 | | | $ | 23,507 | |
Adjustment for costs to exit retail stores (a) | | | (3 | ) | | | 9 | |
Other non-recurring items (c) | | | 4 | | | | 616 | |
Adjusted income from operations | | $ | 28,194 | | | $ | 24,132 | |
| | | For the Twenty-Six Weeks Ended | |
| | | July 30, 2022 | | | July 31, 2021 | |
Operating income | | $ | 52,078 | | | $ | 32,194 | |
Adjustment for costs to exit retail stores (a) | | | (246 | ) | | | (710 | ) |
Impairment of long-lived assets (b) | | | 108 | | | | — | |
Other non-recurring items (c) | | | 4 | | | | 1,468 | |
Adjusted income from operations | | $ | 51,944 | | | $ | 32,952 | |
- Represents non-cash adjustments associated with exiting store leases earlier than anticipated.
- Represents impairment of long-lived assets related to leasehold improvements.
- Represents items management believes are not indicative of ongoing operating performance, including professional fees, retention expenses and costs related to the COVID-19 pandemic.
|
Investor Relations:
Caitlin Churchill
ICR, Inc.
investors@jjill.com
203-682-8200
Business and Financial Media:
Ariel Kouvaras
Sloane & Company
akouvaras@sloanepr.com
973-897-6241
Brand Media:
Meredith Schwenk
J.Jill, Inc.
media@jjill.com
617-376-4399
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運営モデルの持続的な秩序ある実行は強力な収益力を推進した
2021年度第2四半期と比較して、純売上高は0.7%増加し、売上高より0.8%増加した
2021年度第2四半期と比べ、毛利益は2.9%増加し、毛金利は150ベーシスポイント増加した
2021年度第2四半期に比べ、運営収入は19.9%増加し、2820万ドルに達した
アジアネットマサチューセッツ州クイーンシー--J.Jill，Inc.(ニューヨーク証券取引所市場コード：JILL)は本日、2022年7月30日までの第2四半期財務業績を発表した
J.Jill社のクレア·スポフォード最高経営責任者、社長、最高経営責任者は“激動した消費環境に対応しながら、記録的な調整後の利税前利益を実現したことを嬉しく思います。私たちの業績は、全価格販売、定期的な流れの推進に注力している新しいもの、管理費用の運営モデルの秩序ある実行を反映しています”と話している
Spoffordさんは続けて言った：“今年の残りの時間を展望する時、私たちは私たちの長期利益成長計画に投資することを含む、私たちの計画を引き続き実行する予定であり、同時に私たちの消費者に関する期待に慎重になっている。私たちの成長戦略の一部として、私たちはJ.Jillブランドの現代化に焦点を当て、新しい顧客と忠誠な顧客との関連性を増加させる。私たちは最近、私たちの“一人一人を歓迎する”活動を発表し、向上したオンラインショッピング体験を提供し、すべての女性の全体を祝うことに集中した。私たちはまだ私たちの目標を達成する能力があると信じており、私たちが現在持っている運営規律とより強力な基盤を利用して業績を推進していくことを期待しています“
2022年7月30日までの第2四半期：
- 2022年7月30日までの13週間、総純売上高は0.7%増の1兆603億ドルだったが、2021年7月31日までの13週間の純売上高は1億592億ドルだった
- 2022年度第2四半期、企業は店舗売上高と消費者向け直接売上高を含む売上総額より0.8%増加することができる
- 2021年度第2四半期と比較して、直接消費者向けの純売上高は0.7%低下し、売上高の45.7%を占めた
- 毛利益は1.125億ドルであり、2021年度第2四半期は1.094億ドルであった。毛金利は70.1%であったが、2021年度第2四半期は68.7%であった。毛金利の前年比増加は、強力な全価格販売と減少した販売促進活動によって推進され、これは2021年度第3四半期からのサプライチェーン中断による約140ベーシスポイントの運賃支出を相殺した
- SG&Aは8，430万ドルですが、2021年度第2四半期は8，580万ドルです。SG&Aは、2022年度第2四半期を2021年度と比較すると、60万ドルのより低い非日常的費用および他の使い捨て費用から利益を得る。この2時期の非日常性やその他の使い捨てコストを除くと，SG&Aの総純売上高に占める割合は52.6%であったのに対し，2021年度第2四半期は53.5%であった
- 運営収入は2820万ドルで、2021年度第2四半期は2350万ドルだった。非日常的な項目や小売店からの撤退を除くコスト調整後の運営収入*の調整後の収入は2820万ドルだったのに対し、2021年度第2四半期は2410万ドルだった
- 利息支出は450万ドルで、2021年度第2四半期は470万ドルだった
- 2022年度第2四半期には、同社が記録した所得税の支出は590万ドルだったが、2021年度第2四半期は440万ドル、有効税率は24.9%、2021年度第2四半期は22.0%だった
- 純収益は1，780万ドルであったが、2021年度第2四半期の純損失は2，460万ドルであり、その中には、2021年7月31日までの13週間以内に株式承認証と埋め込み派生ツールの始動融資の公正価値調整に関する3，900万ドルが含まれている
- 希釈後の1株当たり純収益は1.25ドルであったが、2021年度第2四半期の純損失は1.98ドルであり、非日常的なプロジェクトの影響を含む。これらの項目の影響は含まれておらず、2022年度第2四半期調整後の希釈後の1株当たり純収入*は1.24ドルだったのに対し、2021年度第2四半期は0.93ドルだった
- 2022年度第2四半期調整後のEBITDA*は3560万ドル、2021年度第2四半期は3270万ドル。2022年度第2四半期調整後のEBITDA利益率*は22.2%であったが、2021年度第2四半期は20.5%であった
- 同社は2022年度第2四半期に2店舗を閉鎖し、同四半期末に247店舗を閉鎖した
2022年7月30日までの26週間：
- 総純売上高は10.1%増の3億174億ドルだったが、2021年7月31日までの26週間の純売上高は2億883億ドルだった。2022年7月30日までの26週間の売上高は、小売顧客流量の増加と強力な全価格販売と低い販売促進水準のおかげである
- 2022年7月30日までの26週間で、会社は売上高総額より、可比店舗と消費者向け直接売上高を含めて11.1%増加した
- 2021年と比較して、消費者向けの純売上高は1.3%低下し、総純売上高の46.0%を占めたが、2021年7月31日までの26週間で51.3%だった
- 毛利益は2.219億ドルであったが、2021年7月31日現在の26週毛利益は1.972億ドルであった。毛金利は69.9%であったが，2021年7月31日現在の26週毛金利は68.4%であった。毛金利の前年比増加は強力な全価格販売によって推進された
- SG&Aは1.699億ドルであるのに対し，2021年7月31日までの26週は1.65億ドルであった。2022年7月30日までの26週を2021年7月31日までの26週と比較すると，SG&Aは低い非日常性と他の一次性費用90万ドルから利益を得ている。この2時期の非日常性やその他の使い捨てコストを除くと，SG&Aの総純売上高に占める割合は53.6%であったのに対し，2021年7月31日現在の26週は57.0%であった
- 運営収入は5210万ドルだが、2021年7月31日までの26週は3220万ドル。非経常項目や減価費用を含まない営業収入*の調整後収入は5190万ドルであったのに対し、2021年7月31日までの26週間の営業収入調整後収入*は3300万ドルであった。同社は2022年7月30日までの26週間で10万ドルの減価費用を発生させた
- 利息支出は890万ドルだったが、2021年7月31日までの26週は960万ドルだった
- 2022年7月30日までの26週間で、会社は1090万ドルの所得税支出を記録したが、2021年7月31日までの26週は580万ドル、実際の税率は25.3%だったが、2021年7月31日までの26週は15.7%だった
- 純収益は3，220万ドルであったが、純損失は4，300万ドルであり、2021年7月31日までの26週間の権証と融資派生ツールの始動公正価値調整に関する5，980万ドルが含まれている
- 希釈後の1株当たり純収益は2.27ドルだったが、2021年7月31日までの26週の純損失は3.88ドルで、非日常的な項目の影響を含めていた。これらの項目の影響は含まれておらず，2022年7月30日までの26週間の調整後の1株当たり償却純収益は2.26ドルであったのに対し，2021年7月31日までの26週の調整後の1株当たり収益は1.17ドルであった
- 調整後EBITDA*は2022年7月30日までの26週間で6690万ドルであったのに対し，2021年7月31日までの26週は4960万ドルであった
- 同社は2022年7月30日までの26週間で6店舗を閉鎖し、その間に247店舗を閉鎖した
貸借対照表のハイライト
- 2022年7月30日までの26週の運営キャッシュフローは3550万ドルであるのに対し，2021年7月31日までの26週の運営キャッシュフローは2790万ドルである。同社の現金残高は2022年度第2四半期まで6190万ドルだった
- 2022年度第2四半期末の在庫は5440万ドルだったが、2021年度第2四半期末は4850万ドルだった。前年に比べて12.2%増加したのは，主にサプライチェーンが中断し続けているにもかかわらず，製品の定時納入を向上させるために輸送中の製品レベルが向上したためである
- 同社は引き続きその既存の定期融資信用のための再融資の選択を検討している
*公認会計基準財務基準ではありません。詳細については、“非GAAP財務措置”と“GAAP純収入と調整後EBITDA、調整後の営業収入と調整後の純収入の入金”を参照されたい
展望
2022年度第3四半期、同社の収入は2021年度第3四半期と横ばいで3.0%低下し、調整後のEBITDAは2，100万ドル~2，300万ドルになると予想される
2022年度には、同社は現在、総資本支出を約1500万ドルと予想し、第4四半期末に最大2店舗を新設することを含む10~14店舗を閉鎖する
電話会議情報
2022年第2四半期の業績を検討する電話会議は今日、2022年9月1日午前8時に開催される予定だ。東部時間です。電話会議に参加することに興味がある人は、国際電話であれば(888)330-3391または646-960-0845に電話してください。通話開始の約10分前に電話をかけ、ヒントが出たときに会議ID 2289963を参照してください。電話会議のライブ音声ネットワーク中継はオンラインで視聴します。サイトは
電話会議の録音再放送は、電話会議の約2時間後に提供され、オンラインで聴くことができ、770~2030または(647)362~9199に電話して聴くこともできる。電話の再放送を聞くパスワードは2289963です。電話再放送は2022年9月8日(木)まで続く
J·ジル社の概要
J.Jillは随一の全方位小売業者であり、全国公認の婦人服ブランドでもあり、優れた即時着用製品で顧客を喜ばせることに力を入れている。このブランドは、joy、情熱、目標の中で生きている傑出した女性の自信を反映した楽、熟慮、鼓舞のスタイルを代表している。J.Jillは全国247店舗と強力な電子商取引プラットフォームを介して誘導的な顧客体験を提供する。J·ジルの本社はボストン郊外にあります。より多くの情報を知りたい場合は、アクセスしてください。そうでなければ、私たちのサイトに含まれている情報はここに含まれていません
非公認会計基準財務指標
公認会計原則(“GAAP”)によって提出された監査されていない総合財務諸表を補充するために、著者らは以下の非GAAP財務業績測定基準を使用した
- 調整されたEBITDAは、純収益(損失)プラス利息支出、所得税、減価償却と償却準備(利益)、株式補償支出、営業権減価、無形資産とその他の長期資産、権利証とデリバティブの公正価値調整、その他の非日常的支出と一次プロジェクトを含む。我々は調整されたEBITDAを総合的に報告したが，経営陣はこれを我々の経営業績を評価する補完指標として用いているため，投資家，証券アナリスト，その他の関係者に役立つと信じており，異なる時期の比較経営業績を測定することができる。主要な方法の1つとして，調整後のEBITDAを用い，我々の業務の全体的な予想業績を計画·予測し，このような予想に基づいて四半期と年度実績を評価した。また，調整後のEBITDAは業務価値を決定するための常用尺度であることを認識し，内部でこれを用いて業績を報告した
- 調整された営業収入(赤字)、すなわち営業収入(赤字)に営業権、無形資産、その他の長期資産の減価およびその他の非日常的費用と一次項目を加える。我々は調整された営業収入(赤字)を経営陣が私たちの経営業績を評価する補充指標としているため、投資家、証券アナリスト、その他の関係者に役立つと信じており、異なる時期の比較経営業績を評価することができると信じている
- 調整後の純収益(損失)、すなわち純収益(損失)に商誉、無形資産とその他の長期資産の減価、権利証と派生商品の公正価値調整及びその他の非日常的費用と一次項目を加える。調整後の純収益(赤字)は，経営陣が我々の経営業績を評価する補完指標としているためであり，投資家，証券アナリスト，他の関係者が異なる時期の比較経営業績を評価するのに役立つと信じている
- 調整後希釈1株当たり純収益(“調整後希釈後1株当たり収益”)は、調整後の純収益(損失)を発行済み完全希釈後の株式数で割ることを表す。調整希釈した1株当たりの収益は当社の経営表現を評価する補充指標として、著者らは当社の異なる期間の経営表現を評価する比較指標として、この指標は投資家、証券アナリスト及びその他の関係者に役立つと信じている
調整後のEBITDA，調整後の営業収入(赤字)，調整後の純収入(損失)，調整後の希釈1株当たり収益は，我々の業務を評価する際に有用であると考えられるが，非公認会計基準の財務指標であり，分析ツールとして限界がある。調整後のEBITDA，調整後の営業収入(損失)，調整後の純収益(損失)と調整後の希釈1株当たり収益は純収益(損失)や1株当たり収益の代替品と見なすべきではなく，後者は公認会計基準に基づいて計算される。また，他社は，わが業界の会社を含めて，調整後EBITDA，調整後運営収入(損失)，調整後純収入(損失)と調整後希釈1株当たり収益を異なる方式やまったく計算しない可能性があり，このような非GAAP財務測定基準の比較ツールとしての有効性を低下させた。調整後EBITDA、調整後営業収入(損失)、調整後純収益(損失)と調整後希釈1株当たり収益と純収益(損失)と1株当たり収益の台帳と計算を審査することを提案します。これは最も直接比較可能なGAAP財務指標であり、“GAAP純収益(損失)と調整後EBITDAと調整後純収益(損失)の調節及びGAAP営業収入(損失)と営業収入(損失)の調節”の項目で審査し、調整後EBITDA、調整後営業収入(損失)、調整後純収益(損失)、調整後希釈株収益或いは任意の単一財務指標だけに依存して私たちの業務を評価することを提案します
前向きに陳述する
本プレスリリースは、私たちの代表が時々発表する口頭声明に“前向き声明”が含まれている可能性があることを含む。前向き表現は、“展望”内の表現と、“可能”、“予想”、“予定”、“計画”、“求める”、“信じる”、“推定”、“予想”、“継続”、“プロジェクト”と、未来の時期を言及することによって、または予測または予測に入れることによって決定されるような他の表現とを含む。前向きな陳述は、現在の資本市場状況、私たちの業務、経済、その他の未来の状況に対する私たちの期待と仮定に基づいている。展望性陳述は未来と関係があるため、本質的に、それらは内在的な不確定性、リスクと予測困難な状況変化の影響を受ける。したがって、私たちの実際の結果は展望的陳述で予想された結果と大きく違うかもしれない。実際の結果と展望性表現の表現とが大きく異なる可能性のある重要な要素は、地域、国家または世界の政治、経済、商業、競争、市場および規制条件を含むが、在庫または予想消費者の需要を管理する能力に関連するリスクを含むが、消費者自信と支出の変化；私たちの競争環境；新しい利益のある店舗を開設できなかったり、新しい市場への進出に成功した；新冠肺炎の疫病が会社と経済全体に与える影響；大流行後の顧客行動の変化と経済回復のスケジュール；1月29日までの財政年度のForm 10−K年報における“リスク要因”の項に掲げるその他の要因, 2022年本プレスリリースで行われた任意の前向きな陳述は、発表の日に限定される。Jillは、新しい情報、未来の発展、他の理由でも、いかなる前向きな陳述も公開的に更新または修正する義務はない。
(各表は以下の通り)
J.Jill，Inc. 合併経営表と全面損益表(赤字) (未監査) (金額は千単位で、1株当たりおよび1株当たりのデータは含まれていません) |
| | | 終了した13週間で | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
純売上高 | | $ | 160,343 | | | $ | 159,236 | |
販売貨物のコスト | | | 47,869 | | | | 49,883 | |
毛利 | | | 112,474 | | | | 109,353 | |
販売、一般、行政費用 | | | 84,281 | | | | 85,846 | |
営業収入 | | | 28,193 | | | | 23,507 | |
派生ツールの公正価値調整 | | | — | | | | 625 | |
権利証関連側の公正価値調整(a) | | | — | | | | 38,338 | |
利子支出 | | | 3,547 | | | | 4,217 | |
利息支出、純関連側 | | | 929 | | | | 529 | |
所得税未払いの収入 | | | 23,717 | | | | (20,202 | ) |
所得税支給 | | | 5,912 | | | | 4,446 | |
純収益(赤字)と総合収益総額(赤字) | | $ | 17,805 | | | $ | (24,648 | ) |
普通株主は1株当たり純収益(損失)を占めなければならない | | | | | | |
基本的な情報 | | $ | 1.28 | | | $ | (1.98 | ) |
薄めにする | | $ | 1.25 | | | $ | (1.98 | ) |
発行済み普通株式加重平均 | | | | | | |
基本的な情報 | | | 13,930,366 | | | | 12,450,351 | |
薄めにする | | | 14,252,429 | | | | 12,450,351 | |
- 2021年1月30日から2021年5月31日までJ.Jill株価上昇による権証公正価値調整
| |
J.Jill，Inc. 合併経営表と全面損益表(赤字) (未監査) (金額は千単位で、1株当たりおよび1株当たりのデータは含まれていません) |
| | | 終わった26週間以内に | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
純売上高 | | $ | 317,412 | | | $ | 288,322 | |
販売貨物のコスト | | | 95,475 | | | | 91,143 | |
毛利 | | | 221,937 | | | | 197,179 | |
販売、一般、行政費用 | | | 169,859 | | | | 164,985 | |
営業収入 | | | 52,078 | | | | 32,194 | |
派生ツールの公正価値調整 | | | — | | | | 2,775 | |
権利証関連側の公正価値調整(a) | | | — | | | | 56,984 | |
利子支出，純額 | | | 7,205 | | | | 8,563 | |
利息支出、純関連側 | | | 1,731 | | | | 990 | |
所得税未払いの収入 | | | 43,142 | | | | (37,118 | ) |
所得税支給 | | | 10,922 | | | | 5,838 | |
純収益(赤字)と総合収益総額(赤字) | | $ | 32,220 | | | $ | (42,956 | ) |
普通株主は1株当たり普通株純損失を占めるべきである： | | | | | | |
基本的な情報 | | $ | 2.32 | | | $ | (3.88 | ) |
薄めにする | | $ | 2.27 | | | $ | (3.88 | ) |
発行済み普通株式加重平均： | | | | | | |
基本的な情報 | | | 13,902,457 | | | | 11,058,351 | |
薄めにする | | | 14,211,768 | | | | 11,058,351 | |
- 2021年1月30日から2021年5月31日までJ.Jill株価上昇による権証公正価値調整
| |
J.Jill，Inc. 合併貸借対照表 (未監査) (千単位の金額、一般共有データを除く) |
| | | 2022年7月30日 | | | 2022年1月29日 | |
資産 | | | | | | |
流動資産： | | | | | | |
現金と現金等価物 | | $ | 61,856 | | | $ | 35,957 | |
売掛金 | | | 4,090 | | | | 5,811 | |
在庫、純額 | | | 54,383 | | | | 56,024 | |
前払い費用と他の流動資産 | | | 25,608 | | | | 25,456 | |
流動資産総額 | | | 145,937 | | | | 123,248 | |
財産と設備、純額 | | | 50,427 | | | | 57,329 | |
無形資産、純額 | | | 76,949 | | | | 80,711 | |
商誉 | | | 59,697 | | | | 59,697 | |
賃貸資産を経営し，純額 | | | 127,165 | | | | 130,744 | |
その他の資産 | | | 97 | | | | 120 | |
総資産 | | $ | 460,272 | | | $ | 451,849 | |
負債と株主損失 | | | | | | |
流動負債： | | | | | | |
売掛金 | | $ | 40,184 | | | $ | 49,924 | |
費用とその他の流動負債を計算しなければならない | | | 45,584 | | | | 48,853 | |
長期債務の当期部分 | | | 2,739 | | | | 7,692 | |
賃貸負債の当期部分を経営する | | | 34,667 | | | | 32,276 | |
流動負債総額 | | | 123,174 | | | | 138,745 | |
長期債務、割引と現在の部分を差し引いた純額 | | | 196,009 | | | | 196,511 | |
長期債務、割引と当期部分の関連先を差し引く | | | 7,336 | | | | 5,605 | |
所得税を繰延する | | | 10,704 | | | | 10,704 | |
賃貸負債を経営し，当期分を差し引く | | | 133,295 | | | | 143,207 | |
その他負債 | | | 1,535 | | | | 1,731 | |
総負債 | | | 472,053 | | | | 496,503 | |
引受金とその他の事項 | | | | | | |
株主が損失する | | | | | | |
普通株は、1株当たり額面0.01ドル；許可発行50，000，000株；それぞれ2022年7月30日と2022年1月29日に10，148，504株と10，001，422株を発行·発行する | | | 102 | | | | 100 | |
追加実収資本 | | | 210,398 | | | | 209,747 | |
赤字を累計する | | | (222,281 | ) | | | (254,501 | ) |
株主損益総額 | | | (11,781 | ) | | | (44,654 | ) |
総負債と株主赤字 | | $ | 460,272 | | | $ | 451,849 | |
J.Jill，Inc. GAAP純収益(損失)と調整後EBITDAの入金 (未監査) (金額は千単位) |
| | | 終了した13週間で | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
純収益(赤字) | | $ | 17,805 | | | $ | (24,648 | ) |
派生ツールの公正価値調整 | | | — | | | | 625 | |
権利証関連側の公正価値調整(a) | | | — | | | | 38,338 | |
利子支出，純額 | | | 3,547 | | | | 4,217 | |
利息支出、純関連側 | | | 929 | | | | 529 | |
所得税支給 | | | 5,912 | | | | 4,446 | |
減価償却および償却 | | | 6,331 | | | | 7,295 | |
株式ベースの報酬費用(b) | | | 976 | | | | 649 | |
財産と設備の核販売(c) | | | 71 | | | | 630 | |
小売店からの撤退コストを調整する(d) | | | (3 | ) | | | 9 | |
他の非日常的なプロジェクト(e) | | | 4 | | | | 616 | |
調整後EBITDA | | $ | 35,572 | | | $ | 32,706 | |
純売上高 | | $ | 160,343 | | | $ | 159,236 | |
調整後EBITDA利益率 | | | 22.2 | % | | | 20.5 | % |
| | | 終わった26週間以内に | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
純収益(赤字) | | $ | 32,220 | | | | (42,956 | ) |
派生ツールの公正価値調整 | | | - | | | | 2,775 | |
権利証関連側の公正価値調整(a) | | | - | | | | 56,984 | |
利子支出，純額 | | | 7,205 | | | | 8,563 | |
利息支出、純関連側 | | | 1,731 | | | | 990 | |
所得税支給 | | | 10,922 | | | | 5,838 | |
減価償却および償却 | | | 13,044 | | | | 14,871 | |
株式ベースの報酬費用(b) | | | 1,718 | | | | 1,092 | |
財産と設備の核販売(c) | | | 163 | | | | 716 | |
小売店からの撤退コストを調整する(d) | | | (246 | ) | | | (710 | ) |
長期資産減価準備(f) | | | 108 | | | | — | |
他の非日常的なプロジェクト(e) | | | 4 | | | | 1,468 | |
調整後EBITDA | | $ | 66,869 | | | $ | 49,631 | |
純売上高 | | $ | 317,412 | | | $ | 288,322 | |
調整後EBITDA利益率 | | | 21.1 | % | | | 17.2 | % |
- J.Jill株価が2021年5月31日まで上昇したため、株式証の公正価値調整が行われた
- 私たちの経営陣と取締役会に付与された持分インセンティブと関連した費用を代表する。奨励ツールは持分分類によって入金を奨励し、関連補償費用は付与された日の公正価値によって確認する
- 処分固定資産の純収益または純損失を示す
- 事前退出ショップレンタルに関する非現金調整を表示します
- 代表経営陣は、専門費、留任費用、新冠肺炎の大流行に関連するコストを含む持続的な経営業績を反映できない項目としている
- リース改善に関連する長期資産の減価を代表する
|
J.Jill，Inc. 公認会計基準営業収入と調整後営業収入の入金 (未監査) (金額は千単位) |
| | | 終了した13週間で | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
営業収入 | | $ | 28,193 | | | $ | 23,507 | |
小売店からの撤退コストを調整する(a) | | | (3 | ) | | | 9 | |
他の非日常的なプロジェクト(c) | | | 4 | | | | 616 | |
調整後の営業収入 | | $ | 28,194 | | | $ | 24,132 | |
| | | 終わった26週間以内に | |
| | | 2022年7月30日 | | | 2021年7月31日 | |
営業収入 | | $ | 52,078 | | | $ | 32,194 | |
小売店からの撤退コストを調整する(a) | | | (246 | ) | | | (710 | ) |
長期資産減価準備(b) | | | 108 | | | | — | |
他の非日常的なプロジェクト(c) | | | 4 | | | | 1,468 | |
調整後の営業収入 | | $ | 51,944 | | | $ | 32,952 | |
- 事前退出ショップレンタルに関する非現金調整を表示します
- リース改善に関連する長期資産の減価を代表する
- 代表経営陣は、専門費、留任費用、新冠肺炎の大流行に関連するコストを含む持続的な経営業績を反映できない項目としている
|
投資家関係：
ケイトリン·チャーチル
ICR社
メール：Investors@jjill.com
203-682-8200
ビジネスや金融メディア：
アリル·クワラス
スローン会社
メール：akouvaras@sloanepr.com
973-897-6241
ブランドメディア：
メリディス·シュムンク
J.Jill，Inc
メール：media@jjill.com
617-376-4399
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