This was attributable to slightly improved top-line results, particularly in their retail segment, combined with higher than anticipated gross margins and lower selling, general and administrative expenses.
"The results have obviously been impacted by their ongoing merchandising transition. While they are pleased with the initial response in retail to their newly introduced silhouettes, fits and color palette, they are still in the early stages of enhancing the boldness and depth of their embellished novelty and signature product," continued Mr. Cooke.
"A particular challenge for J. Jill at the moment is their direct business which is being impacted by cannibalization from their retail stores as well as a delayed understanding and acceptance of the merchandising changes they have undertaken."
"They are currently implementing a number of initiatives to improve this business including increasing the amount of catalog-only product offerings and the density of offerings per catalog page," continued Mr. Cooke.
They remain focused on a couple of key objectives, namely, improving their retail sales productivity per square foot in order to deliver an appropriate level of profitability and stabilizing their direct business. The single most important factor in attaining these goals is to deliver an improved merchandise assortment tailored to each business segment.
This is precisely the reason why they took on the extremely difficult task of transitioning their merchandise assortment while, at the same time, doubling the size of their merchandising and product development organization. Although they believe they have made significant progress in these areas, there is still a great deal yet to be accomplished," concluded Mr. Cooke.
Leading fashion firm The J. Jill Group is a women's apparel, including accessories and footwear retailer. The company currently markets its products through retail stores, catalogs and its website jjill.com. J Jill is designed to appeal to active, affluent women age 35 and older. Company believes that the overall appeal of our merchandise is the key to our long-term success.
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