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J. Jill Group reports 2.6% decline in Q2 sales

29
Jul '05
Women's specialty apparel retailer The J Jill Group Inc reported financial results for the second quarter ended June 25, 2005. Net sales for the second quarter decreased by 2.6 percent down $117.4 million from $120.6 million reported in the prior year.

Operating income for the quarter totaled $7.0 million or 5.9 percent of net sales compared to $11.3 million or 9.4 percent of net sales in the prior year. The company generated net income for the quarter of $3.9 million or $0.19 per diluted share versus $6.5 million or $0.32 per diluted share in the second quarter of the previous year.

Second quarter sales productivity declined in both segments as compared to the prior year. Retail segment net sales per weighted average square foot decreased by 2.1 percent and direct segment net sales per 1,000 square inches circulated decreased by 6.0 percent. Comparable store sales for stores open at least one full fiscal year were flat for the second quarter of 2005 as compared to the second quarter of 2004.

For the six months ended June 25, 2005, the company recorded net sales of $215.8 million compared to $220.5 million in the prior year. Operating income for the six-month period was $2.2 million or 1.0 percent of net sales compared to $15.3 million or 6.9 percent of net sales in the prior year. Net income for the six months was $1.2 million or $0.06 per diluted share versus $8.8 million or $0.43 per diluted share in the previous year.

Gordon R. Cooke, President and Chief Executive Officer, commented, "Although the second quarter of 2005 was disappointing when compared to the second quarter of 2004, it turned out to be much stronger than they originally anticipated."


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