Women’s specialty chain lowers Q3 guidance
As product and marketing issues continue to take their tolls on sales, J.Jill is adjusting its quarterly expectations.
For the third quarter ending on Oct. 28, the mall-based women’s specialty chain now expects to report total company comparable sales of -3% to -5%, with a moderate decline in gross margin as compared to last year. The company also now expects GAAP diluted EPS of $0.07 to $0.09, and adjusted diluted EPS of $0.08 to $0.10 for the quarter. This excludes approximately $0.6 million of non-recurring expenses associated with the retailer’s transition to a public company.
“We have experienced a lower than expected sales trend across both our retail and direct channels, and are updating our guidance for the quarter,” said Paula Bennett, president and CEO of J.Jill.
“We have been assessing the change in trend and have identified product and marketing calendar issues that are affecting traffic and conversion, and we are reacting quickly,” she added. “Given our long track record of consistent sales and earnings growth driven by a strong connection with our customers, we are very disappointed with our soft sales trend. I am confident in the actions we are taking to regain momentum and once again delight our customer with the product and service experience she expects from us.”
The company will provide its outlook for the fourth quarter and a revised outlook for the full fiscal year of 2017 when it reports third quarter results on Dec. 5.
For the third quarter ending on Oct. 28, the mall-based women’s specialty chain now expects to report total company comparable sales of -3% to -5%, with a moderate decline in gross margin as compared to last year. The company also now expects GAAP diluted EPS of $0.07 to $0.09, and adjusted diluted EPS of $0.08 to $0.10 for the quarter. This excludes approximately $0.6 million of non-recurring expenses associated with the retailer’s transition to a public company.
“We have experienced a lower than expected sales trend across both our retail and direct channels, and are updating our guidance for the quarter,” said Paula Bennett, president and CEO of J.Jill.
“We have been assessing the change in trend and have identified product and marketing calendar issues that are affecting traffic and conversion, and we are reacting quickly,” she added. “Given our long track record of consistent sales and earnings growth driven by a strong connection with our customers, we are very disappointed with our soft sales trend. I am confident in the actions we are taking to regain momentum and once again delight our customer with the product and service experience she expects from us.”
The company will provide its outlook for the fourth quarter and a revised outlook for the full fiscal year of 2017 when it reports third quarter results on Dec. 5.