J.Jill, Inc. Announces Third Quarter 2025 Results

QUINCY, Mass.--( BUSINESS WIRE)--J.Jill, Inc. (NYSE:JILL) ("J.Jill" or the "Company") today announced financial results for the third quarter of fiscal year 2025.

Mary Ellen Coyne, Chief Executive Officer and President of J.Jill, Inc., commented, “In the third quarter we delivered better than expected earnings results with topline at the high end of our expectations. Looking ahead, while we have seen a softer start to the fourth quarter, we remain focused on the foundational work that will position J.Jill for long-term growth. We are encouraged by the initial efforts we have made to rebalance our marketing mix and in our refreshed imagery both in store and online. As we aim to expand our customer file we are executing on three strategic priorities - evolving our product assortment, enhancing the customer journey, and improving how we work.”

For the third quarter ended November 1, 2025:

For the thirty-nine weeks ended November 1, 2025:

Balance Sheet and Cash Flow Highlights

*Non-GAAP financial measures. Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Income to Adjusted EBITDA,” “Reconciliation of GAAP Operating Income to Adjusted Income from Operations,” “Reconciliation of GAAP Net Income to Adjusted Net Income,” and “Reconciliation of GAAP Cash from Operations to Free Cash Flow” for more information.

Share Repurchase Authorization

During the thirteen and thirty-nine weeks ended November 1, 2025, the Company repurchased 115,612 and 370,852 shares of its common stock for an aggregate purchase price of approximately $2.0 million and $6.5 million, respectively.

As of November 1, 2025, the Company had about $18.0 million remaining under our currently authorized $25.0 million share repurchase program, which expires by December 6, 2026. The share repurchase program is expected to be funded through the Company’s existing cash and future free cash flow. The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company’s common stock, the Company’s earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time. Shares may be repurchased from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934.

Quarterly Dividend Payment

On December 3, 2025, the Board declared a quarterly cash dividend of $0.08 per share, payable on January 7, 2026 to stockholders of record of issued and outstanding shares of the Company’s common stock as of December 24, 2025.

Outlook

For the Fourth Quarter of Fiscal 2025, the Company expects the following:

The above guidance incorporates approximately $5.0 million of incremental cost impact from tariffs, net of vendor negotiated offsets, based on tariff policies in place as of December 9, 2025.

For Fiscal 2025, the Company expects the following:

Conference Call Information

A conference call to discuss third quarter 2025 results is scheduled for today, December 10, 2025, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (888) 596-4144 or (646) 968-2525 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 7311773 when prompted. A live audio webcast of the conference call will be available online at http://investors.jjill.com/Investors-Relations/News-Events/events.

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 (609) 800-9909. The pin number to access the telephone replay is 7311773. The telephone replay will be available until December 17, 2025.

About J.Jill, Inc.

J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through over 200 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.jjill.com or http://investors.jjill.com. The information included on our websites is not incorporated by reference herein.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

While we believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow are useful in evaluating our business, they are non-GAAP financial measures that have limitations as analytical tools. These non-GAAP measures should not be considered alternatives to, or substitutes for, Net Income, Income from Operations, Net Income per Diluted Share or Cash from Operations, which are calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate these non-GAAP measures 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 EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow to Net Income, Income from Operations, Net Income per Diluted Share and Cash from Operations, respectively, the most directly comparable GAAP financial measures, under “Reconciliation of GAAP Net Income to Adjusted EBITDA”, “Reconciliation of GAAP Operating Income to Adjusted Income from Operations”, “Reconciliation of GAAP Net Income to Adjusted Net Income” and “Reconciliation of GAAP Cash from Operations to Free Cash Flow” and not rely solely on Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Net Income per Diluted Share, Free Cash Flow 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.” All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and any activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. Such statements are often identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects,” “goal,” “target” (although not all forward-looking statements contain these identifying words) 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 and are not guarantees of future performance. Because forward-looking statements relate to the future, by their nature, they are inherently subject to a number of risks, uncertainties, potentially inaccurate assumptions 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 any forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks regarding: (1) our sensitivity to changes in economic conditions and discretionary consumer spending; (2) the material adverse impact of pandemics, other health crises or natural disasters on our operations, business and financial results; (3) our ability to anticipate and respond to changing customer preferences, shifts in fashion and industry trends in a timely manner; (4) our ability to maintain our brand image, engage new and existing customers and gain market share; (5) the impact of operating in a highly competitive industry with increased competition; (6) our ability to successfully optimize our omnichannel operations, including our ability to enhance our marketing efforts and successfully realize the benefits from our investments in new technology, for example our upgraded point-of-sale system and recently implemented order management system; (7) our ability to use effective marketing strategies and increase existing and new customer traffic; (8) any interruptions in our foreign sourcing operations and the relationships with our suppliers and agents; (9) any increases in the demand for, or the price of, raw materials used to manufacture our merchandise and other fluctuations in sourcing and distribution costs; (10) any material damage or interruptions to our information systems; (11) our ability to protect our trademarks and other intellectual property rights; (12) our indebtedness restricting our operational and financial flexibility; (13) our ability to manage our inventory levels, size assortments and merchandise mix; (14) the fact that we are no longer a controlled company; (15) the impact of any new or increased tariffs; (16) our management succession plan; and (17) other factors that may be described in our filings with the Securities and Exchange Commission (the “SEC”), including the factors set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. We caution investors, potential investors and others not to place considerable reliance on the forward-looking statements in this press release and in the oral statements made by our representatives. Any such forward-looking statement 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

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Net sales

150,528

151,260

Costs of goods sold (exclusive of depreciation and amortization)

43,808

43,285

Gross profit

106,720

107,975

Selling, general and administrative expenses

91,800

88,646

Impairment of long-lived assets

—

102

Operating income

14,920

19,227

Interest expense

2,701

2,849

Interest income

(567

)

(494

)

Income before provision for income taxes

12,786

16,872

Income tax provision

3,581

4,524

Net income and total comprehensive income

9,205

12,348

Net income per common share:

Basic

0.61

0.81

Diluted

0.60

0.80

Weighted average common shares:

Basic

15,174,752

15,331,712

Diluted

15,358,630

15,490,876

Cash dividends declared per common share

0.08

0.07

J.Jill, Inc.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Net sales

458,139

468,015

Costs of goods sold (exclusive of depreciation and amortization)

135,705

132,909

Gross profit

322,434

335,106

Selling, general and administrative expenses

271,457

264,072

Impairment of long-lived assets

212

413

Operating income

50,765

70,621

Loss on extinguishment of debt

—

8,570

Interest expense

8,223

13,009

Interest income

(1,453

)

(2,020

)

Income before provision for income taxes

43,995

51,062

Income tax provision

12,583

13,827

Net income and total comprehensive income

31,412

37,235

Net income per common share:

Basic

2.06

2.51

Diluted

2.05

2.48

Weighted average common shares:

Basic

15,247,879

14,831,762

Diluted

15,348,887

14,994,786

Cash dividends declared per common share

0.24

0.14

J.Jill, Inc.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except share data)

November 1, 2025

February 1, 2025

Assets

Current assets:

Cash and cash equivalents

58,006

35,427

Accounts receivable

4,858

5,017

Inventories, net

66,902

61,295

Prepaid expenses and other current assets

20,549

20,291

Total current assets

150,315

122,030

Property and equipment, net

52,386

55,325

Intangible assets, net

57,495

61,015

Goodwill

59,697

Operating lease assets, net

130,505

112,303

Other assets

7,599

7,329

Total assets

457,997

417,699

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

54,200

51,980

Accrued expenses and other current liabilities

37,601

40,479

Current portion of operating lease liabilities

38,940

34,649

Total current liabilities

130,741

127,108

Long-term debt, net of discount and current portion

70,333

69,419

Deferred income taxes

12,005

9,389

Operating lease liabilities, net of current portion

114,872

104,751

Other liabilities

997

1,263

Total liabilities

328,948

311,930

Commitments and contingencies

Shareholders’ Equity

Common stock, par value $0.01 per share; 50,000,000 shares authorized; 15,505,837 and 15,344,053 shares issued at November 1, 2025 and February 1, 2025 respectively; and 15,115,154 and 15,324,222 shares outstanding at November 1, 2025 and February 1, 2025, respectively

157

153

Additional paid-in capital

241,173

242,781

Treasury stock, at cost, 390,683 and 19,831 shares at November 1, 2025 and February 1, 2025, respectively

(7,051

)

(523

)

Accumulated deficit

(105,230

)

(136,642

)

Total shareholders’ equity

129,049

105,769

Total liabilities and shareholders’ equity

457,997

417,699

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted EBITDA

(Unaudited)

(Amounts in thousands)

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Net income

9,205

12,348

Add (Less):

Depreciation and amortization

5,224

5,257

Income tax provision

3,581

4,524

Interest expense

2,701

2,849

Interest income

(567

)

(494

)

Adjustments:

Equity-based compensation expense (a)

1,635

1,726

Write-off of property and equipment (b)

Amortization of cloud-based software implementation costs (c)

558

180

Adjustment for exited retail stores (d)

(10

)

—

Impairment of long-lived assets (e)

—

102

Loss due to hurricane (f)

—

252

Other non-recurring items (g)

1,903

Adjusted EBITDA

24,250

26,808

Net sales

150,528

151,260

Adjusted EBITDA margin

16.1

17.7

(a)

Represents expenses associated with equity incentive instruments granted to our management and Board of Directors (the “Board”). 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.

(b)

Represents net gain or loss on the disposal of fixed assets.

(c)

Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses.

(d)

Represents noncash gains associated with exiting store leases earlier than anticipated.

(e)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(f)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane.

(g)

Represents items management believes are not indicative of ongoing operating performance, including CEO transition costs, severance expense, non-ordinary course legal and professional fees, non-employee share-based payments, and legal settlements and fees.

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted EBITDA

(Unaudited)

(Amounts in thousands)

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Net income

31,412

37,235

Add (Less):

Depreciation and amortization

15,878

16,091

Income tax provision

12,583

13,827

Interest expense

8,223

13,009

Interest income

(1,453

)

(2,020

)

Adjustments:

Equity-based compensation expense (a)

4,107

4,676

Write-off of property and equipment (b)

215

Amortization of cloud-based software implementation costs (c)

1,676

645

Loss on extinguishment of debt (d)

—

8,570

Adjustment for exited retail stores (e)

(242

)

(615

)

Impairment of long-lived assets (f)

212

413

Loss due to hurricane (g)

—

252

Other non-recurring items (h)

4,563

485

Adjusted EBITDA

77,174

92,642

Net sales

458,139

468,015

Adjusted EBITDA margin

16.8

19.8

(a)

(b)

Represents net gain or loss on the disposal of fixed assets.

(c)

Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses.

(d)

Represents loss on the prepayment of a portion of the term loan (the “Term Loan Credit Agreement” and, such facility, the “Term Loan Facility”).

(e)

Represents noncash gains associated with exiting store leases earlier than anticipated.

(f)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(g)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane.

(h)

J.Jill, Inc.

Reconciliation of GAAP Operating Income to Adjusted Income from Operations

(Unaudited)

(Amounts in thousands)

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Operating income

14,920

19,227

Add (Less):

Equity-based compensation expense (a)

1,635

1,726

Write-off of property and equipment (b)

Adjustment for exited retail stores (c)

(10

)

—

Impairment of long-lived assets (d)

—

102

Loss due to hurricane (e)

—

252

Other non-recurring items (f)

1,903

Adjusted income from operations

18,468

21,371

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Operating income

50,765

70,621

Add (Less):

Equity-based compensation expense (a)

4,107

4,676

Write-off of property and equipment (b)

215

Adjustment for exited retail stores (c)

(242

)

(615

)

Impairment of long-lived assets (d)

212

413

Loss due to hurricane (e)

—

252

Other non-recurring items (f)

4,563

485

Adjusted income from operations

59,620

75,906

(a)

(b)

Represents net gain or loss on the disposal of fixed assets.

(c)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(d)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(e)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane.

(f)

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted Net Income

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Net income

9,205

12,348

Add: Income tax provision

3,581

4,524

Income before provision for income tax

12,786

16,872

Adjustments:

Equity-based compensation expense (a)

1,635

1,726

Write-off of property and equipment (b)

Adjustment for exited retail stores (c)

(10

)

—

Impairment of long-lived assets (d)

—

102

Loss due to hurricane (e)

—

252

Other non-recurring items (f)

1,903

Adjusted income before income tax provision

16,334

19,016

Less: Adjusted tax provision (g)

4,737

5,172

Adjusted net income

11,597

13,844

Adjusted net income per share:

Basic

0.76

0.90

Diluted

0.76

0.89

Weighted average number of common shares:

Basic

15,174,752

15,331,712

Diluted

15,358,630

15,490,876

(a)

(b)

Represents net gain or loss on the disposal of fixed assets.

(c)

Represents non-cash gains associated with exiting store leases earlier than anticipated.

(d)

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

(e)

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane.

(f)

(g)

The adjusted tax provision for adjusted net income is estimated by applying a rate of 29.0% for the third quarter of fiscal 2025 and 27.2% for the third quarter of fiscal 2024.

J.Jill, Inc.

Reconciliation of GAAP Net Income to Adjusted Net Income

(Unaudited)

(Amounts in thousands, except share and per share data)

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Net income

31,412

37,235

Add: Income tax provision

12,583

13,827

Income before provision for income tax

43,995

51,062

Adjustments:

Equity-based compensation expense (a)

4,107

4,676

Write-off of property and equipment (b)

215

Loss on extinguishment of debt (c)

—

8,570

Adjustment for exited retail stores (d)

(242

)

(615

)

Impairment of long-lived assets (e)

212

413

Loss due to hurricane (f)

—

252

Other non-recurring items (g)

4,563

485

Adjusted income before income tax provision

52,850

64,917

Less: Adjusted tax provision (h)

15,327

17,657

Adjusted net income

37,523

47,260

Adjusted net income per share:

Basic

2.46

3.19

Diluted

2.44

3.15

Weighted average number of common shares:

Basic

15,247,879

14,831,762

Diluted

15,348,887

14,994,786

Represents net gain or loss on the disposal of fixed assets.

Represents loss on the prepayment of a portion of the term loan.

Represents non-cash gains associated with exiting store leases earlier than anticipated.

Represents impairment of long-lived assets related to right of use assets and leasehold improvements.

Represents loss on write-off of property and equipment and inventory at one store location due to hurricane.

The adjusted tax provision for adjusted net income is estimated by applying a rate of 29.0% for the thirty-nine weeks ended November 1, 2025 and 27.2% for the thirty-nine weeks ended November 2, 2024.

J.Jill, Inc.

Selected Cash Flow Information

(Unaudited)

(Amounts in thousands)

Summary Data from the Statement of Cash Flows

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Net cash provided by operating activities

19,051

19,067

Net cash used in investing activities

(3,334

)

(5,487

)

Net cash used in financing activities

(3,234

)

(3,281

)

Net change in cash and cash equivalents

12,483

10,299

Cash and cash equivalents and restricted cash:

Beginning of Period

45,886

28,834

End of Period (a)

58,369

39,133

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Net cash provided by operating activities

43,749

56,947

Net cash used in investing activities

(8,810

)

(10,047

)

Net cash used in financing activities

(12,360

)

(70,307

)

Net change in cash and cash equivalents

22,579

(23,407

)

Cash and cash equivalents and restricted cash:

Beginning of Period

35,790

62,540

End of Period (a)

58,369

39,133

(a)

Includes $0.4 million of restricted cash for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024. The Company recorded restricted cash in Prepaid expenses and other current assets as presented in the condensed consolidated balance sheets.

Summary Data from the Statement of Cash Flows

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Cash and cash equivalents

58,006

38,765

Restricted cash reported in Prepaid expenses and other current assets

363

368

Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows

58,369

39,133

Reconciliation of GAAP Cash from Operations to Free Cash Flow

For the Thirteen Weeks Ended

November 1, 2025

November 2, 2024

Net cash provided by operating activities

19,051

19,067

Less: Capital expenditures (a)

(3,334

)

(5,487

)

Free cash flow

15,717

13,580

For the Thirty-Nine Weeks Ended

November 1, 2025

November 2, 2024

Net cash provided by operating activities

43,749

56,947

Less: Capital expenditures (a)

(8,810

)

(10,047

)

Free cash flow

34,939

46,900

(a)

Capital expenditures reflects net cash used in investing activities, which includes capitalized interest and excludes cash received from landlords for tenant allowances.