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Exhibit 99.2
FOR IMMEDIATE RELEASE Approved by: Olga L. Conley
Chief Financial Officer
(617) 376-4300
URL: http://www.jjillgroup.com
Contact: Investor Relations:
Stacey Bibi/Suzanne Rosenberg/
Priya Akhoury
Press: Michael McMullan
Morgen-Walke Associates, Inc.
(212) 850-5600
THE J. JILL GROUP REPORTS STRONG HOLIDAY SALES
- THE COMPANY NOW EXPECTS $87 TO $89 MILLION IN FOURTH QUARTER NET SALES -
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Quincy, MA, January 3, 2001 - The J. Jill Group, Inc. (Nasdaq: JILL) announced
today that it expects sales for the fourth quarter ended December 30, 2000, to
increase by more than 40% from the $61.2 million reported in the fourth quarter
of fiscal 1999. Currently, the Company anticipates net sales to be $87 to $89
million, significantly exceeding previously disclosed financial targets for the
quarter.
Gordon R. Cooke, President and Chief Executive Officer, commented, "We are
extremely pleased with our holiday sales results given the difficult and
promotional retail environment. Importantly, these results were achieved without
the need for any significant price reductions which bodes very well for our
fourth quarter margins and bottom-line performance."
"In 2000, The J. Jill Group continued its evolution into a national lifestyle
brand serving the 35-to-55-year-old female customer with a multi-channel
merchandising model. In addition to our core catalog, we now operate 22 J. Jill
specialty stores. Also, during the fourth quarter our e-commerce website
jjill.com generated almost 20% of our direct channel sales volume, a 115%
increase from the year ago period. Looking ahead, we remain focused and
committed to our multi-channel merchandising strategy. We believe that the
combination of mail, mall and web is the most powerful formula in specialty
retailing and we are encouraged that our current strong business momentum
appears to validate this strategy," concluded Mr. Cooke.
The Company plans to release fourth quarter and fiscal 2000 results on Tuesday,
February 27, 2001. A conference call to discuss fourth quarter earnings will be
broadcast live that day at 10:00 a.m. Eastern Time at www.vcall.com or
www.jjillgroup.com, and will be archived online within one hour of the
completion of the conference call. This archive will be available for 48 hours.
The J. Jill Group is a leading retailer of high quality women's apparel,
accessories and footwear. The company currently markets its products through its
specialty retail stores, catalogs, and e-commerce website. J. JILL is designed
to appeal to active, affluent women age 35 and older.
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THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITH RESPECT TO
THE FUTURE PERFORMANCE OF THE J. JILL GROUP THAT INVOLVE RISKS AND
UNCERTAINTIES. VARIOUS FACTORS COULD CAUSE THE RESULTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO THE
FOLLOWING: THE CONTINUED SUCCESS OR POSSIBLE FUTURE FAILURE OF THE RETAIL STORE
INITIATIVE; THE ABILITY OF THE COMPANY TO EFFECTIVELY MANAGE ITS OPERATIONS AND
GROWTH IN A MULTIPLE DISTRIBUTION CHANNEL ENVIRONMENT; THE AVAILABILITY, TERMS
AND DEPLOYMENT OF CAPITAL; SIGNIFICANT CHANGES IN CUSTOMER ACCEPTANCE OF THE
COMPANY'S PRODUCT OFFERINGS; CHANGES IN COMPETITION IN THE APPAREL INDUSTRY;
CHANGES IN CONSUMER SPENDING, FASHION TRENDS AND CONSUMER PREFERENCES; CHANGES
IN, OR THE FAILURE TO COMPLY WITH, FEDERAL AND STATE TAX AND OTHER GOVERNMENT
REGULATIONS; THE CUSTOMARY RISKS OF PURCHASING MERCHANDISE ABROAD, INCLUDING
LONGER LEAD TIMES, HIGHER INITIAL PURCHASE COMMITMENTS AND FOREIGN CURRENCY
FLUCTUATIONS; POSSIBLE FUTURE INCREASES IN EXPENSES AND LABOR AND EMPLOYEE
BENEFIT COSTS; THE ABILITY OF THE COMPANY TO ATTRACT AND RETAIN QUALIFIED
PERSONNEL; BUSINESS ABILITIES AND JUDGMENT OF MANAGEMENT; THE EXISTENCE OR
ABSENCE OF BRAND AWARENESS; THE EXISTENCE OR ABSENCE OF PUBLICITY, ADVERTISING
AND PROMOTIONAL EFFORTS; THE SUCCESS OR FAILURE OF OPERATING INITIATIVES; THE
MIX OF THE COMPANY'S SALES BETWEEN FULL PRICE AND LIQUIDATION MERCHANDISE;
GENERAL ECONOMIC AND BUSINESS CONDITIONS AND OTHER FACTORS. SEE ALSO ITEM 1A,
RISK FACTORS, INCLUDED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE
FISCAL YEAR ENDED DECEMBER 25, 1999. THE COMPANY ASSUMES NO OBLIGATION FOR
UPDATING ANY SUCH FORWARD-LOOKING STATEMENTS.
