While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they ...

In addition to JILL, there are several other stocks that currently pass through our "Recent Price Strength" screen. You may consider investing in them and start looking for the newest stocks that fit these criteria. This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market. Often, the direction of a stock's price movement reverses quickly after ...

J.Jill (JILL) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may ...

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits. On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks a ...

However, it's not enough to look at the price change for around three months, as it doesn't reflect any trend reversal that might have happened in a shorter time frame. It's important for a potential winner to maintain the price trend. A price increase of 26.7% over the past four weeks ensures that the trend is still in place for the stock of this retailer of women's clothes, shoes and accessories. Moreover, JILL is currently trading at 91.6% of its 52-week High-Low Range, hinting that it can be on the verg ...

J.Jill (JILL) shares soared 11.6% in the last trading session to close at $31.70. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.7% gain over the past four weeks. J.Jill has taken significant steps to fortify its financial position, culminating in the repayment of $60.4 million in debt and the initiation of a quarterly dividend program. These measures reflect the company's commitment to enhancing shareholder value through dis ...

J.Jill (JILL) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changing earnings ...

Shares of J.Jill (JILL) have gained 9.6% over the past four weeks to close the last trading session at $28.30, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $36 indicates a potential upside of 27.2%.The average comprises three short-term price targets ranging from a low of $32 to a high of $38, with a standard deviation of $3.46. While the lowest estimate indicates an increase ...

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section advises that the report contains forward-looking statements subject to risks and uncertainties, with no obligation to update - This Annual Report contains forward-looking statements, identified by terms like "anticipate," "believe," "expect," etc., primarily in "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations"[13](index=13&type=chunk) - Actual results may differ materially from forward-looking statements due to known and unknown risks, uncertainties, and important factors, including those detailed in "Item 1A. Risk Factors"[13](index=13&type=chunk) - The company undertakes no obligation to update or review publicly any forward-looking statements, except as required by law[13](index=13&type=chunk) [Risk Factor Summary](index=4&type=section&id=RISK%20FACTOR%20SUMMARY) This section summarizes key risks related to business, debt, governance, information security, labor, intellectual property, and compliance [Risks Related to Our Business, Industry and Strategy](index=4&type=section&id=Risks%20Related%20to%20Our%20Business,%20Industry%20and%20Strategy) This section outlines key risks related to J.Jill's business, industry, and strategic operations - The business is sensitive to macroeconomic conditions and consumer discretionary spending, which can be adversely affected by economic downturns, pandemics, and other public health crises[15](index=15&type=chunk)[17](index=17&type=chunk) - Key risks include the ability to identify and respond to new and changing customer preferences, maintain and enhance a strong brand image, and acquire new customers cost-effectively[17](index=17&type=chunk) - Operational challenges involve successfully optimizing omnichannel operations, increasing customer traffic to the website, and profitably managing the opening and closing of retail stores, especially given reductions in mall traffic[17](index=17&type=chunk) [Risks Related to Our Indebtedness](index=5&type=section&id=Risks%20Related%20to%20Our%20Indebtedness) This section highlights risks associated with the company's debt, including restrictions, cash generation, and debt maturity dates - The company's level of indebtedness and the terms of its credit agreements restrict operational and financial flexibility, potentially affecting the ability to respond to business changes and fund obligations[19](index=19&type=chunk) - Dependence on long-term leases, which are subject to future increases in occupancy costs, and the ability to renew leases on favorable terms or at all, pose financial risks[19](index=19&type=chunk) [Risks Related to Our Operations Governance Structure and Common Stock](index=5&type=section&id=Risks%20Related%20to%20Our%20Operations%20Governance%20Structure%20and%20Common%20Stock) This section covers risks related to the company's governance structure and common stock, including NYSE compliance and stock price volatility - Risks include maintaining compliance with NYSE listing requirements, the implications of being a controlled company, and potential conflicts of interest arising from the relationship with TowerBrook Capital Partners LP[19](index=19&type=chunk) - The volatility of the company's stock price and the potential impact of future sales of common stock are significant concerns[19](index=19&type=chunk) [Risks Related to Information Security](index=5&type=section&id=Risks%20Related%20to%20Information%20Security) This section addresses risks concerning information security, including securing personal data and IT system failures - The ability to secure the personal information of customers and employees and comply with applicable security standards is a critical risk[19](index=19&type=chunk) - Privacy breaches at service providers or failure of information technology systems to support the growing business could damage reputation and operations[19](index=19&type=chunk) [Risks Related to Labor Force](index=5&type=section&id=Risks%20Related%20to%20Labor%20Force) This section outlines risks related to the labor force, including dependence on key management, talent retention, and increased labor costs - Dependence upon key executive management and the inability to hire or retain required talent could harm the business[19](index=19&type=chunk) - Labor organizing activities and increased labor costs, including wages, may negatively impact financial results[19](index=19&type=chunk) [Risks Related to Intellectual Property](index=5&type=section&id=Risks%20Related%20to%20Intellectual%20Property) This section details risks associated with intellectual property, including trademark protection and potential infringement - The ability to protect trademarks and other intellectual property rights is crucial for the business[19](index=19&type=chunk) - There is a risk of infringement on the intellectual property of third parties, which could lead to legal challenges[19](index=19&type=chunk) [Risks Related to Legal, Regulatory, Accounting and Compliance Matters](index=5&type=section&id=Risks%20Related%20to%20Legal,%20Regulatory,%20Accounting%20and%20Compliance%20Matters) This section covers risks related to legal, regulatory, accounting, and compliance matters, including impairment charges and internal controls - Potential impairment charges for goodwill, indefinite-lived intangible assets, or other long-lived assets could adversely affect operating results[19](index=19&type=chunk) - Maintaining adequate internal controls over financial and management systems is essential[19](index=19&type=chunk) - The business is impacted by governmental laws and regulations and the outcomes of legal proceedings[19](index=19&type=chunk) [PART I](index=6&type=section&id=PART%20I) [Business Overview](index=6&type=section&id=Item%201.%20Business) J.Jill is a national lifestyle brand offering apparel, footwear, and accessories, primarily targeting women 45 and older - J.Jill is a national lifestyle brand providing apparel, footwear, and accessories, operating on a 52- or 53-week fiscal year; Fiscal Year 2023 comprised **53 weeks**[21](index=21&type=chunk)[22](index=22&type=chunk) - The brand targets women typically **45 years and older**, college-educated, with an approximate median annual household income of **$150,000**, and an industry-leading average tenure of **10+ years**[24](index=24&type=chunk) - Omnichannel customers comprised approximately **23%** of J.Jill's active customer base for Fiscal Year 2023, up from **22%** in Fiscal Years 2022 and 2021, and tend to spend **three times more** than single-channel customers[25](index=25&type=chunk)[196](index=196&type=chunk) - Products are marketed under the J.Jill brand name and sold through its ecommerce platform and catalog ("Direct") and retail stores ("Retail"), available in Regular, Petite, Tall, and extended sizes (XS to 2X in-store, 4X online)[26](index=26&type=chunk) - J.Jill offers three sub-brands: Pure Jill (understated ease, fabric-first), Wearever (refined dressing for work/travel/home), and Fit (performance-inspired apparel for wellness/loungewear)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Substantially all merchandise is designed in-house, with newness introduced through nine separate seasons, different fabrics, colors, patterns, silhouettes, and staggered deliveries from sub-brands[31](index=31&type=chunk) | Channel | % of Total Net Sales (FY2023) | | :------ | :---------------------------- | | Retail | 53% | | Direct | 47% | - As of February 3, 2024, J.Jill operated **244 stores** across **42 states**, with approximately half in lifestyle centers and half in premium malls, averaging **3,700 square feet**[33](index=33&type=chunk) | Store Open Year | Stores Opened | Stores Closed | Total Stores at the End of the Fiscal Year | | :-------------- | :------------ | :------------ | :----------------------------------------- | | Fiscal Year 2019 | 11 | (6) | 287 | | Fiscal Year 2020 | — | (20) | 267 | | Fiscal Year 2021 | — | (14) | 253 | | Fiscal Year 2022 | 1 | (11) | 243 | | Fiscal Year 2023 | 2 | (1) | 244 | - The Direct channel consists of the website (approximately **95% of Direct net sales**) and catalog orders (**5%**), offering a broader range of colors and sizes online[38](index=38&type=chunk)[39](index=39&type=chunk) - Competitive strengths include a distinct, well-recognized brand, an omnichannel business model, a data-centric approach (matching ~**97% of transactions** to identifiable customers), an affluent and loyal customer base, a customer-focused product assortment, and a highly experienced leadership team[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Key growth strategies include growing the value of the customer base (attracting new, reactivating lapsed, retaining existing), increasing Direct sales through website enhancements, profitably expanding the store base (target net **20-25 new stores in 3-5 years**), strengthening omnichannel capabilities, and enhancing product assortment (including sub-brands and inclusive sizing)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - Marketing and advertising leverage print mailings, email, digital ads, and public relations, optimized using a customer database; catalogs remain an integral part of the business[52](index=52&type=chunk)[54](index=54&type=chunk) - A private label credit card program, in agreement with Comenity Capital Bank, drives customer loyalty and encourages shopping, with **46% of gross sales** in Fiscal Year 20

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) [Overall Performance & Strategic Initiatives](index=1&type=section&id=Overall%20Performance%20%26%20Strategic%20Initiatives) J.Jill, Inc. exceeded expectations in Q4 and full-year FY23, driven by a disciplined operating model supporting healthy margins and strong cash generation, while strategically investing for future profitable growth - Q4 and full-year FY23 results **exceeded expectations**, attributed to a disciplined operating model[2](index=2&type=chunk) - Key strategic advancements in 2023 included successful **debt refinancing**, enhanced omnichannel capabilities, the first net new store openings in three years, and continuous testing of new product concepts for growth[2](index=2&type=chunk) - The company maintains a **cautious outlook** on the macroeconomic environment, planning to execute its operating model and invest in capital and operating expenditures to support profitable sales growth[2](index=2&type=chunk) Key Financial Highlights for Q4 and Full Year Fiscal 2023 | Metric | Q4 FY23 | Q4 FY22 | FY23 | FY22 | | :--------------------- | :------ | :------ | :----- | :----- | | Net Sales (Millions USD) | 149.4 | 147.7 | 604.7 | 615.3 | | Gross Margin (%) | 67.3% | 64.4% | 70.7% | 68.6% | | Operating Margin (%) | 7.0% | 5.3% | 14.2% | 12.8% | [Fourth Quarter Fiscal 2023 Financial Review](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202023%20Financial%20Review) [Q4 FY23 Key Financial Metrics](index=1&type=section&id=Q4%20FY23%20Key%20Financial%20Metrics) J.Jill achieved net sales and gross margin growth in Q4 FY23, with significant improvements in operating and net income, despite a decline in total company comparable sales, driven by strong DTC net sales Q4 FY23 Financial Performance (14 Weeks Ended Feb 3, 2024 vs 13 Weeks Ended Jan 28, 2023) | Metric | Q4 FY23 (Millions USD) | Q4 FY22 (Millions USD) | Change | | :--------------------------------- | :----------------- | :----------------- | :----- | | Total Net Sales | 149.4 | 147.7 | +1.2% | | Total Company Comparable Sales | -3.6% | N/A | -3.6% | | Direct-to-Consumer (DTC) Net Sales as % of Total | 51.2% | N/A | N/A | | Direct-to-Consumer (DTC) Net Sales Growth | +4.0% | N/A | +4.0% | | Gross Profit | 100.6 | 95.1 | +5.8% | | Gross Margin | 67.3% | 64.4% | +2.9pp | | Selling, General & Administrative Expenses (SG&A) | 90.0 | 87.3 | +3.1% | | Operating Income | 10.5 | 7.8 | +34.6% | | Operating Income Margin | 7.0% | 5.3% | +1.7pp | | Net Income | 4.8 | 1.0 | +380% | | Diluted Earnings Per Share | 0.33 | 0.07 | +371% | | Adjusted EBITDA | 17.6 | 15.0 | +17.3% | | Adjusted EBITDA Margin | 11.8% | 10.2% | +1.6pp | - The fourth quarter included an extra 53rd week, contributing approximately **$7.9 million to net sales** and **$2.2 million to Adjusted EBITDA**[6](index=6&type=chunk) [Full Year Fiscal 2023 Financial Review](index=2&type=section&id=Full%20Year%20Fiscal%202023%20Financial%20Review) [FY23 Key Financial Metrics](index=2&type=section&id=FY23%20Key%20Financial%20Metrics) J.Jill's full-year FY23 saw a slight decline in net sales, yet improved gross and operating margins, alongside increased Adjusted EBITDA, reflecting enhanced cost control and robust core business performance Full Year FY23 Financial Performance (53 Weeks Ended Feb 3, 2024 vs 52 Weeks Ended Jan 28, 2023) | Metric | FY23 (Millions USD) | FY22 (Millions USD) | Change | | :--------------------------------- | :-------------- | :-------------- | :----- | | Total Net Sales | 604.7 | 615.3 | -1.7% | | Total Company Comparable Sales | -1.4% | N/A | -1.4% | | Direct-to-Consumer (DTC) Net Sales as % of Total | 46.5% | N/A | N/A | | Direct-to-Consumer (DTC) Net Sales Growth | -2.3% | N/A | -2.3% | | Gross Profit | 427.4 | 422.1 | +1.3% | | Gross Margin | 70.7% | 68.6% | +2.1pp | | Selling, General & Administrative Expenses (SG&A) | 341.2 | 341.9 | -0.2% | | Operating Income | 86.1 | 78.7 | +9.4% | | Operating Income Margin | 14.2% | 12.8% | +1.4pp | | Net Income | 36.2 | 42.2 | -14.2% | | Diluted Earnings Per Share | 2.51 | 2.95 | -14.9% | | Adjusted Diluted Earnings Per Share | 3.13 | 3.01 | +4.0% | | Adjusted EBITDA | 112.2 | 109.4 | +2.6% | | Adjusted EBITDA Margin | 18.6% | 17.8% | +0.8pp | [Balance Sheet and Cash Flow Highlights](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) In FY23, J.Jill experienced a decrease in cash flow from operating activities and free cash flow, while maintaining a cash balance of **$62.2 million** at year-end, with stable store count and a slight increase in inventory Key Balance Sheet and Cash Flow Metrics for FY23 | Metric | FY23 (Millions USD) | FY22 (Millions USD) | | :--------------------- | :-------------- | :-------------- | | Cash Flow from Operating Activities | 63.3 | 74.4 | | Free Cash Flow | 46.4 | 59.4 | | Cash Balance at Period End | 62.2 | 87.1 | | Inventory at Period End | 53.3 | 50.6 | - In FY23, the company opened **2 new stores** and closed **1 store**, ending the year with a total of **244 stores**[7](index=7&type=chunk) [Business Outlook](index=4&type=section&id=Business%20Outlook) [Fiscal Year 2024 Guidance](index=4&type=section&id=Fiscal%20Year%202024%20Guidance) J.Jill anticipates flat to low single-digit net sales growth for FY24, with a mid single-digit decline in Adjusted EBITDA, primarily due to the negative impact of the 53rd week in FY23, alongside planned capital expenditures of approximately **$26 million** and net store growth of up to five locations Full Year FY24 Performance Guidance | Metric | FY24 Outlook | | :--------------------- | :--------------------------------- | | Net Sales | Flat to Low Single-Digit Growth (vs 53-week FY23) | | Adjusted EBITDA | Mid Single-Digit Decline (vs 53-week FY23) | | Capital Expenditures | Approximately $26 Million USD | | Net Store Growth | Up to 5 Stores | - The FY24 guidance reflects the negative impact of **$7.9 million in net sales** and **$2.2 million in Adjusted EBITDA** from the 53rd week in FY23[9](index=9&type=chunk) [First Quarter Fiscal 2024 Guidance](index=4&type=section&id=First%20Quarter%20Fiscal%202024%20Guidance) J.Jill projects low to mid single-digit net sales growth for Q1 FY24, with Adjusted EBITDA expected to range between **$29 million and $33 million** Q1 FY24 Performance Guidance | Metric | Q1 FY24 Outlook | | :--------------------- | :--------------------------------- | | Net Sales | Low to Mid Single-Digit Growth (vs Q1 FY23) | | Adjusted EBITDA | $29 Million to $33 Million USD | [Company Information & Investor Relations](index=4&type=section&id=Company%20Information%20%26%20Investor%20Relations) [About J.Jill, Inc.](index=4&type=section&id=About%20J.Jill%2C%20Inc.) J.Jill is a national lifestyle brand offering apparel, footwear, and accessories designed to help customers navigate life with ease, embodying a "keep it simple, focus on substance" philosophy through over 200 stores and a robust e-commerce platform - J.Jill is a national lifestyle brand offering apparel, footwear, and accessories, designed to help customers navigate life with ease[13](index=13&type=chunk) - The brand's core philosophy is "keep it simple, focus on substance," providing a high-touch customer experience through over **200 stores** and an e-commerce platform[13](index=13&type=chunk) [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) J.Jill hosted a conference call on March 20, 2024, at 8:00 AM ET to discuss its Q4 and full-year FY23 results, with a replay available via phone and the company's investor website - A conference call was held on **March 20, 2024, at 8:00 AM ET** to discuss Q4 and full-year FY23 results[11](index=11&type=chunk) - A replay of the conference call is accessible via phone and the company's investor website, valid until **March 27, 2024**[12](index=12&type=chunk) [Investor Contacts](index=17&type=section&id=Investor%20Contacts) J.Jill provides contact information for investor relations, business and financial media, and brand media for communication and inquiries - Investor Relations contact: Caitlin Churchill (ICR, Inc.), email: investors@jjill.com, phone: **203-682-8200**[44](index=44&type=chunk) - Business and Financial Media contact: Ariel Kouvaras (Sloane & Company), email: akouvaras@sloanepr.com, phone: **973-897-6241**[44](index=44&type=chunk) - Brand Media contact: Meredith Schwenk (J.Jill, Inc.), email: media@jjill.com, phone: **617-376-4399**[44](index=44&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) [Definitions and Rationale for Non-GAAP Measures](index=4&type=section&id=Definitions%20and%20Rationale%20for%20Non-GAAP%20Measures) J.Jill utilizes non-GAAP financial measures like Adjusted EBITDA, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow to supplement GAAP statements, providing a more comparable view of operating performance and liquidity by excluding non-recurring items - Adjusted EBITDA: Represents net income adjusted for interest expense, income tax (benefit) provision, depreciation and amortization, share-based compensation expense, fixed asset write-offs, retail store exit costs, loss on debt refinancing, impairment of long-lived assets, and other non-recurring items[14](index=14&type=chunk) - Adjusted Income from Operations: Represents operating income adjusted for retail store exit costs, impairment of long-lived assets, and other non-recurring items[14](index=14&type=chunk)[15](index=15&type=chunk) - Adjusted Net Income: Represents net income adjusted for income tax (benefit) provision, retail store exit costs, loss on debt refinancing, impairment of long-lived assets, and other non-recurring items[17](index=17&type=chunk) - Free Cash Flow: Represents cash flow from operating activities less capital expenditures[17](index=17&type=chunk) - The company believes these non-GAAP measures aid in business evaluation but have limitations and should not be considered substitutes or sole measures for GAAP metrics[16](index=16&type=chunk) [Forward-Looking Statements Disclaimer](index=7&type=section&id=Forward-Looking%20Statements%20Disclaimer) This press release contains forward-looking statements regarding the company's future operations, financial condition, revenue, costs, plans, and market growth, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations, and investors are cautioned not to place undue reliance on them - This press release contains forward-looking statements concerning the company's future operations, financial condition, revenue, costs, plans, and market growth[18](index=18&type=chunk) - Forward-looking statements are based on current expectations and assumptions but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations[18](index=18&type=chunk) - The company cautions investors not to place undue reliance on these statements and assumes no obligation to publicly update or revise any forward-looking statements[18](index=18&type=chunk) [Consolidated Financial Statements & Reconciliations](index=8&type=section&id=Consolidated%20Financial%20Statements%20%26%20Reconciliations) [Consolidated Statements of Operations and Comprehensive Income (Q4 FY23)](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Q4%20FY23%29) This section provides detailed GAAP data for J.Jill's consolidated statements of operations and comprehensive income for Q4 FY23 (14 weeks ended February 3, 2024) compared to Q4 FY22 (13 weeks ended January 28, 2023) Consolidated Statements of Operations and Comprehensive Income (Q4 FY23) | Metric (Thousands USD) | 14 Weeks Ended Feb 3, 2024 | 13 Weeks Ended Jan 28, 2023 | | :--------------------------------- | :---------------------- | :---------------------- | | Net Sales | 149,447 | 147,652 | | Cost of Goods Sold | 48,838 | 52,562 | | Gross Profit | 100,609 | 95,090 | | Selling, General & Administrative Expenses | 90,000 | 87,279 | | Impairment of Long-Lived Assets | 123 | 5 | | Operating Income | 10,486 | 7,806 | | Net Interest Expense | 5,901 | 4,393 | | Net Interest Expense to Related Parties | — | 1,291 | | Income Before Income Taxes | 4,585 | 2,122 | | Income Tax (Benefit) Provision | (182) | 1,086 | | Net Income and Comprehensive Income | 4,767 | 1,036 | | Diluted Earnings Per Share | 0.33 | 0.07 | [Consolidated Statements of Operations and Comprehensive Income (Full Year FY23)](index=9&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Full%20Year%20FY23%29) This section presents detailed GAAP data for J.Jill's consolidated statements of operations and comprehensive income for full-year FY23 (53 weeks ended February 3, 2024) compared to full-year FY22 (52 weeks ended January 28, 2023) Consolidated Statements of Operations and Comprehensive Income (Full Year FY23) | Metric (Thousands USD) | 53 Weeks Ended Feb 3, 2024 | 52 Weeks Ended Jan 28, 2023 | | :--------------------------------- | :---------------------- | :---------------------- | | Net Sales | 604,661 | 615,268 | | Cost of Goods Sold | 177,261 | 193,218 | | Gross Profit | 427,400 | 422,050 | | Selling, General & Administrative Expenses | 341,161 | 341,903 | | Impairment of Long-Lived Assets | 189 | 1,413 | | Operating Income | 86,050 | 78,734 | | Loss on Debt Refinancing | 12,702 | — | | Net Interest Expense | 22,909 | 15,946 | | Net Interest Expense to Related Parties | 1,074 | 4,114 | | Income Before Income Taxes | 49,365 | 58,674 | | Income Tax Provision | 13,164 | 16,499 | | Net Income and Comprehensive Income | 36,201 | 42,175 | | Diluted Earnings Per Share | 2.51 | 2.95 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) This section provides J.Jill's consolidated balance sheets as of February 3, 2024, and January 28, 2023, detailing the company's GAAP assets, liabilities, and stockholders' equity Consolidated Balance Sheets (Thousands USD) | Metric | Feb 3, 2024 | Jan 28, 2023 | | :------------------------- | :----------- | :----------- | | **Assets** | | | | Cash and Cash Equivalents | 62,172 | 87,053 | | Inventory, Net | 53,259 | 50,585 | | Total Current Assets | 138,129 | 159,901 | | Property and Equipment, Net | 54,118 | 53,497 | | Intangible Assets, Net | 66,246 | 73,188 | | Goodwill | 59,697 | 59,697 | | Operating Lease Assets, Net | 108,203 | 119,118 | | **Liabilities and Stockholders' Equity (Deficit)** | | | | Accounts Payable | 41,112 | 39,306 | | Current Portion of Long-Term Debt | 35,353 | 3,424 | | Total Current Liabilities | 154,952 | 126,987 | | Long-Term Debt, Net | 120,595 | 195,517 | | Deferred Income Taxes | 10,967 | 10,059 | | Operating Lease Liabilities, Net | 103,070 | 123,101 | | Total Stockholders' Equity (Deficit) | 37,218 | (219) | | Total Liabilities and Stockholders' Equity | 428,180 | 466,417 | - As of February 3, 2024, the company expects to pay **$26.6 million** in mandatory excess cash flow payments under its term loan credit agreement, included in "Current Portion of Long-Term Debt"[27](index=27&type=chunk) [Selected Cash Flow Information](index=16&type=section&id=Selected%20Cash%20Flow%20Information) This section provides selected cash flow information for J.Jill for full-year FY23 (53 weeks ended February 3, 2024) and full-year FY22 (52 weeks ended January 28, 2023), detailing cash flows from operating, investing, and financing activities Summary Cash Flow Data (Thousands USD) | Metric | 53 Weeks Ended Feb 3, 2024 | 52 Weeks Ended Jan 28, 2023 | | :------------------------- | :---------------------- | :---------------------- | | Net Cash Provided by Operating Activities | 63,313 | 74,425 | | Net Cash Used in Investing Activities | (16,934) | (15,067) | | Net Cash Used in Financing Activities | (71,260) | (8,262) | | Net Change in Cash and Cash Equivalents | (24,881) | 51,096 | | Cash and Cash Equivalents at End of Period | 62,172 | 87,053 | [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) This section provides a reconciliation of J.Jill's GAAP net income to non-GAAP Adjusted EBITDA for Q4 and full-year FY23, detailing all adjustment items GAAP Net Income to Adjusted EBITDA Reconciliation (Thousands USD) | Metric | Q4 FY23 | Q4 FY22 | FY23 | FY22 | | :--------------------------------- | :------ | :------ | :----- | :----- | | Net Income | 4,767 | 1,036 | 36,201 | 42,175 | | Add: Depreciation and Amortization | 6,077 | 6,311 | 22,931 | 25,761 | | Add: Income Tax Provision | (182) | 1,086 | 13,164 | 16,499 | | Add: Net Interest Expense | 5,901 | 4,393 | 22,909 | 15,946 | | Add: Net Interest Expense to Related Parties | — | 1,291 | 1,074 | 4,114 | | Adjustments: Share-Based Compensation Expense | 1,005 | 890 | 3,762 | 3,505 | | Adjustments: Fixed Asset Write-Offs | 5 | 36 | 70 | 267 | | Adjustments: Loss on Debt Refinancing | — | — | 12,702 | — | | Adjustments: Retail Store Exit Costs | (135) | (4) | (767) | (250) | | Adjustments: Impairment of Long-Lived Assets | 123 | 5 | 189 | 1,413 | | Adjustments: Other Non-Recurring Items | — | 1 | 2 | 7 | | **Adjusted EBITDA** | **17,561** | **15,045** | **112,237** | **109,437** | | Adjusted EBITDA Margin | 11.8% | 10.2% | 18.6% | 17.8% | [Reconciliation of GAAP Operating Income to Adjusted Income from Operations](index=13&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Income%20to%20Adjusted%20Income%20from%20Operations) This section provides a reconciliation of J.Jill's GAAP operating income to non-GAAP Adjusted Income from Operations for Q4 and full-year FY23, listing all adjustment items GAAP Operating Income to Adjusted Income from Operations Reconciliation (Thousands USD) | Metric | Q4 FY23 | Q4 FY22 | FY23 | FY22 | | :------------------------- | :------ | :------ | :----- | :----- | | Operating Income | 10,486 | 7,806 | 86,050 | 78,734 | | Adjustments: Retail Store Exit Costs | (135) | (4) | (767) | (250) | | Adjustments: Impairment of Long-Lived Assets | 123 | 5 | 189 | 1,413 | | Adjustments: Other Non-Recurring Items | — | 1 | 2 | 7 | | **Adjusted Income from Operations** | **10,474** | **7,808** | **85,474** | **79,904** | [Reconciliation of GAAP Net Income to Adjusted Net Income](index=14&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20Net%20Income) This section provides a reconciliation of J.Jill's GAAP net income to non-GAAP Adjusted Net Income for Q4 and full-year FY23, including the calculation of Adjusted Diluted Earnings Per Share GAAP Net Income to Adjusted Net Income Reconciliation (Thousands USD, except per share data) | Metric | Q4 FY23 | Q4 FY22 | FY23 | FY22 | | :--------------------------------- | :------ | :------ | :----- | :----- | | Net Income and Comprehensive Income | 4,767 | 1,036 | 36,201 | 42,175 | | Add: Income Tax (Benefit) Provision | (182) | 1,086 | 13,164 | 16,499 | | Income Before Income Taxes | 4,585 | 2,122 | 49,365 | 58,674 | | Adjustments: Loss on Debt Refinancing | — | — | 12,702 | — | | Adjustments: Retail Store Exit Costs | (135) | (4) | (767) | (250) | | Adjustments: Impairment of Long-Lived Assets | 123 | 5 | 189 | 1,413 | | Adjustments: Other Non-Recurring Items | — | 1 | 2 | 7 | | Adjusted Income Before Income Taxes | 4,573 | 2,124 | 61,491 | 59,844 | | Less: Adjusted Income Tax Provision | 1,221 | 597 | 16,418 | 16,816 | | **Adjusted Net Income** | **3,352** | **1,527** | **45,073** | **43,028** | | Adjusted Diluted Earnings Per Share | 0.23 | 0.11 | 3.13 | 3.01 | - Adjusted income tax provision is estimated using a tax rate of **26.7% for FY23** and **28.1% for FY22**; the Q4 FY23 income tax (benefit) provision reflects a benefit from the release of a state deferred tax asset valuation allowance, not included in the adjusted tax provision[38](index=38&type=chunk) [Reconciliation of GAAP Cash from Operations to Free Cash Flow](index=16&type=section&id=Reconciliation%20of%20GAAP%20Cash%20from%20Operations%20to%20Free%20Cash%20Flow) This section provides a reconciliation of J.Jill's GAAP cash flow from operating activities to non-GAAP Free Cash Flow for full-year FY23 GAAP Cash from Operations to Free Cash Flow Reconciliation (Thousands USD) | Metric | 53 Weeks Ended Feb 3, 2024 | 52 Weeks Ended Jan 28, 2023 | | :------------------------- | :---------------------- | :---------------------- | | Net Cash Provided by Operating Activities | 63,313 | 74,425 | | Less: Capital Expenditures | (16,934) | (15,067) | | **Free Cash Flow** | **46,379** | **59,358** | - Capital expenditures reflect net cash used in investing activities, including capitalized interest, but excluding cash received from landlord tenant allowances[42](index=42&type=chunk)