on Thursday reported a rise in fourth-quarter profit thanks to a gain from changes in U.S. tax law and said Chief Executive and President Paula Bennett will retire.
Ms. Bennett will be succeeded by Linda Heasley, who currently serves on the board, effective April 16.
The clothing retailer made a quarterly profit of $29.3 million, or 67 cents a share, compared with a profit of $2 million, or 5 cents a share, a year earlier. Analysts expected a profit of 7 cents a share, according to FactSet.
Excluding items, J. Jill reported an adjusted profit of 13 cents a share for the quarter, compared with 8 cents a share last year and analysts forecasts of 8 cents.
Sales rose to $188.7 million from $166.9 million. This compares with analysts’ forecast of $178.9 million, according to FactSet.
J.Jill said it expects sales to decrease in the mid-single digit range in the first quarter of fiscal 2018. Earnings per share are expected to be in the range of 18 cents to 20 cents.
Earnings per share for the first quarter assumes a 4 cents benefit from the U.S. tax overhaul, which is expected to reduce the J.Jill’s effective income tax expense rate to about 26%.
View more information: https://www.marketwatch.com/story/j-jill-profit-climbs-ceo-paula-bennett-to-retire-2018-03-15