# EDGAR Filing Document

**Accession Number:** 0001687932
**File Stem:** 0001193125-26-134566
**Filing Date:** 2026-3
**Character Count:** 479381
**Document Hash:** 7c6cf3d2af4d07652067cb3e5b7889e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-134566.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-134566

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.Jill, Inc.
- **CENTRAL INDEX KEY:** 0001687932
- **STANDARD INDUSTRIAL CLASSIFICATION:** WOMEN'S, MISSES', AND JUNIORS OUTERWEAR [2330]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 451459825
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0201

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38026
- **FILM NUMBER:** 26821866

**BUSINESS ADDRESS:**
- **STREET 1:** 4 BATTERYMARCH PARK
- **CITY:** QUINCY
- **STATE:** MA
- **ZIP:** 02169
- **BUSINESS PHONE:** 617-376-4300

**MAIL ADDRESS:**
- **STREET 1:** 4 BATTERYMARCH PARK
- **CITY:** QUINCY
- **STATE:** MA
- **ZIP:** 02169

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jill Intermediate LLC
- **DATE OF NAME CHANGE:** 20161019

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 10-K

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**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** **January 31,** 2026

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to** <u>.</u>

**Commission File Number** 001-38026

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J.Jill, Inc.

**(Exact name of Registrant as specified in its Charter)** 

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| | |
|:---|:---|
| Delaware | 45-1459825 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 4 Batterymarch Park Quincy**,** MA | 02169 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code:** (617) 376-4300

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Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value<br> JILL | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of the shares of common stock on the New York Stock Exchange as of August 2, 2025 was $117,890,439.

The number of shares of registrant's Common Stock outstanding as of March 25, 2026 was 14,879,795.

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**Documents Incorporated by Reference**

Portions of Part II and Part III of this Form 10-K are incorporated by reference from the Registrant's definitive proxy statement for its 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant's fiscal year.

<u>Auditor Firm ID:</u> <u>248</u>   <u>Auditor Name:</u> <u>Grant Thornton LLP</u>   <u>Auditor Location:</u> <u>Southfield, Michigan</u>

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [<u>Cautionary Note Regarding Forward-Looking Statements</u>](#cautionarynote) | 2 |
|  | [<u>Risk Factor Summary</u>](#riskfactorsummary) | 3 |
| [<u>PART I</u>](#part_i) |  |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Business</u>](#item_1_business) | 5 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 11 |
| &nbsp;&nbsp;&nbsp;Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 30 |
| &nbsp;&nbsp;&nbsp;Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 30 |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Properties</u>](#item_2_properties) | 31 |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 31 |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 31 |
| [<u>PART II</u>](#part_ii) |  |  |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common_equ) | 32 |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>\[Reserved\]</u>](#item_6_reserved) | 33 |
| &nbsp;&nbsp;&nbsp;Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion_analysis_f) | 34 |
| &nbsp;&nbsp;&nbsp;Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_qualitative_disclos) | 45 |
| &nbsp;&nbsp;&nbsp;Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements_supplementar) | 45 |
| &nbsp;&nbsp;&nbsp;Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_disagreements_with_acc) | 45 |
| &nbsp;&nbsp;&nbsp;Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_procedures) | 45 |
| &nbsp;&nbsp;&nbsp;Item 9B. | [<u>Other Information</u>](#item_9b_or_information) | 46 |
| &nbsp;&nbsp;&nbsp;Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions That Prevent Inspection</u>](#item_9c_discl_regarding_for_jurisdiction) | 46 |
| [<u>PART III</u>](#part_iii) |  |  |
| &nbsp;&nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_ficers_corpo) | 47 |
| &nbsp;&nbsp;&nbsp;Item 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 47 |
| &nbsp;&nbsp;&nbsp;Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership_certain_benef) | 47 |
| &nbsp;&nbsp;&nbsp;Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships_related_tr) | 47 |
| &nbsp;&nbsp;&nbsp;Item 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_principal_accounting_fees_servic) | 47 |
| [<u>PART IV</u>](#part_iv) |  |  |
| &nbsp;&nbsp;&nbsp;Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15_exhibits_financial_statement_sch) | 48 |
| &nbsp;&nbsp;&nbsp;Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10k_summary) | 51 |

---

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The forward-looking statements are contained principally in the sections entitled "Item 1. Business," "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and include, among other things, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our strategy, outlook and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operational and financial targets and dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our planned expansion of the store base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic trends and trends in the industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the competitive environment in which we operate.

These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include, but are not limited to risks, uncertainties and factors set forth in this Annual Report, including those set forth under "Item 1A. Risk Factors."

These forward-looking statements reflect our views with respect to future events as of the date of this Annual Report and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this Annual Report and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Annual Report. We anticipate that subsequent events and developments will cause our views to change. You should read this Annual Report and the documents filed as exhibits to the Annual Report, completely and with the understanding that our actual future results may be materially different from what we expect. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

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**RISK FACTOR SUMMARY**

Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A. Risk Factors in this Annual Report. These risks include, but are not limited to, risks associated with:

***Risks Related to Our Business, Industry and Strategy***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to adapt to changes in consumer spending and general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions in the economy, including pandemics or other public health crises, and adverse changes in economic and market conditions related to such pandemics or other health crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to identify and respond to new and changing customer preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain and enhance a strong brand image and gain market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to acquire new customers in a cost-effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to compete effectively in an environment of intense competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to successfully optimize our omnichannel operations and maintain a relevant and reliable omnichannel experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to increase customer traffic to our website through effective digital marketing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the success of the locations in which our stores are located and our ability to open and operate new retail stores on a profitable basis and close retail stores that are no longer profitable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reductions in the volume of mall traffic and changing economic conditions and demographics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to forecast our operating results and growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence on long-term leases, which are subject to future increases in occupancy costs, and our ability to renew our leases on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to manage inventory levels and assortment and inventory shrinkage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to contain the increase in the cost of shipping our merchandise, mailing catalogs, paper and printing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence on third-party vendors to provide us with sufficient quantities of merchandise at acceptable prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•payment related risks, including compliance with regulation and increased costs and fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interruptions in our third-party, foreign sourcing operations and the relationships with our suppliers and agents could disrupt production, shipment or receipt of our merchandise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of our suppliers and their manufacturing sources to use acceptable labor or other practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the susceptibility of the price and availability of our merchandise to international trade conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in costs of raw materials, distribution and sourcing costs and in the costs of labor and employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters, unusually adverse weather conditions and unanticipated events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acts of war, including the conflicts or tensions in Europe, the Middle East, and other regions, rumors or threats of war, terrorism, acts of piracy, or civil unrest, which could disrupt global trade routes, shipping lanes, energy markets, and supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased scrutiny related to our environmental, social and corporate governance activities ("ESG");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•damage to, closure, or reduced operations of our distribution center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to effectively address the challenges faced by artificial intelligence;

***Risks Related to Our Indebtedness***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to work with lenders and others or otherwise pursue options to refinance following any event of default under our credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our level of indebtedness and close proximity of scheduled maturity dates;

***Risks Related to Our Operations, Governance Structure and Common Stock***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain compliance with SEC disclosure and reporting requirements following loss of our smaller reporting company status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain compliance with the listing requirements of the New York Stock Exchange ("NYSE");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our relationship with TowerBrook Capital Partners LP ("TowerBrook") and the risk of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the uncertainty of any dividends or share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain provisions in our governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our holding company structure and reliance on dividends from our operating companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the volatility of our stock price and the impact of future sales of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to issue preferred stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our designation of the Delaware Court of Chancery as the exclusive forum for certain legal proceedings;

***Risks Related to Information Security***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to secure the personal information of our customers and employees and comply with applicable security standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of privacy breaches at our service providers could damage our business and reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure of our information technology systems to support our current and growing business;

***Risks Related to Labor Force***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence upon key executive management or our inability to hire or retain the talent required for our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•labor organizing and related activities may negatively impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to find employees that reflect our brand and culture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased labor costs, including wages, could negatively impact our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the self-insurance of our employee health insurance program;

***Risks Related to Intellectual Property***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to protect our trademarks or other intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•infringement on the intellectual property of third parties;

***Risks Related to Legal, Regulatory, Accounting and Compliance Matters***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes to U.S. tariff and customs policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain adequate internal controls over our financial and management systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of governmental laws and regulations and the outcomes of legal proceedings.

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**PART I**

**Item 1. Business** 

*In this Annual Report, unless otherwise indicated or the context otherwise requires, references to the "Company," "J.Jill," "we," "us," and "our" refer to J.Jill, Inc. and its consolidated subsidiaries. We operate on a 52- or 53-week fiscal year that ends on the Saturday that is closest to January 31. Each fiscal year generally is comprised of four 13-week fiscal quarters, although in the years with 53 weeks, the fourth quarter represents a 14-week period. References in this Annual Report to "Fiscal Year 2025" refer to the fiscal year ended January 31, 2026, references to "Fiscal Year 2024" refer to the fiscal year ended February 1, 2025, and references to "Fiscal Year 2023" refer to the fiscal year ended February 3, 2024. Fiscal Years 2025 and 2024 are comprised of 52 weeks and Fiscal Year 2023 is comprised of 53 weeks.*

**Company Overview**

J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through 256 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston.

***Brand***

J.Jill has modernized its value proposition and introduced new customers to its relevant and compelling products through thoughtful, versatile designs that reflect the individuality of its customers. J.Jill has accomplished this by clearly communicating its offerings that align with its vision: to live in a world where the totality of every woman is seen, valued and celebrated. This permeates across all J.Jill touchpoints through authentic advertising, inclusive retail experiences and presentation of its offerings – whether the customer chooses to shop on the J.Jill website, in J.Jill retail stores, or through the J.Jill catalog.

***Customer***

J.Jill caters to a distinctive set of women – typically 45 years and older, college educated, and with an approximate median annual household income of $150,000. Her discretionary dollars are her own to spend and she leads a busy, yet balanced life and she is involved in her community. Her average tenure with the J.Jill brand is an industry-leading 10 plus years.

Additionally, as J.Jill retains her over time, she tends to migrate from being a single channel customer to a more valuable omnichannel customer. Omnichannel customers comprised approximately 24% of J.Jill's active customer base for Fiscal Year 2025, approximately 24% for Fiscal Year 2024, and approximately 23% for Fiscal Year 2023.

***Product***

J.Jill's products are marketed under the J.Jill brand name and sold primarily through two channels: its ecommerce platform and catalog ("Direct") and its retail stores ("Retail"). J.Jill's thoughtful, versatile apparel, footwear and accessories reflect the individuality of each customer and are made to seamlessly take them through their day. J.Jill uses high quality fabrics and techniques for season-after-season comfort and style. J.Jill's products are available across the full range of sizes including Regular, Petite and Tall, and it provides one, size-integrated shopping destination for customers with sizes from Extra Small up to 2X in store and 4X online.

In addition to its core assortment, J.Jill has sub-brands. Each demonstrate a different design ethos and offers customers a mix of casual and refined apparel based on their needs. J.Jill offers versatile apparel that meets every moment of her life. Customers turn to J.Jill for work, travel, luxe loungewear, events and occasions, and premium casual clothing.

J.Jill also offers accessories to elevate the styling of our classic silhouettes including jewelry, bags, belts, shoes and scarves.

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***Product Design and Development***

The J.Jill customer seeks newness and unique products. Through nine separate seasons, J.Jill flows designs and color palettes frequently – creating engagement and optionality for its customers. Substantially all of J.Jill's merchandise is designed in-house, creating newness through different fabrics, colors, patterns and silhouettes. J.Jill also utilizes the launch of its sub-brands, Pure Jill, Wearever, and Fit, to stagger new deliveries, and offers web edit capsules and omnichannel product refreshes to provide newness throughout each season. The close coordination between its teams ensures that its product and brand message is clearly communicated to its customers across all channels, bringing customers back regularly to see what's new.

***Omnichannel Business Model***

J.Jill believes that its customers' purchasing decisions are influenced by the consistent experience it provides across its sales channels. For Fiscal Year 2025, J.Jill generated approximately 52% of total net sales through its Retail channel and approximately 48% of total net sales through its Direct channel. This balanced, omnichannel business model means J.Jill meets existing and prospective customers where and how they want to shop. Further, its robust customer database and analytical capabilities allow J.Jill to be focused and strategic in identifying high potential locations and optimizing its store footprint.

***Retail Channel***

<u>J.Jill Stores</u>

As of January 31, 2026, J.Jill operated 256 stores across 42 states with approximately half located in lifestyle centers and the remaining in premium malls; all J.Jill stores are leased. Its stores range in size from approximately 2,000 to 6,000 square feet, and the average store is approximately 3,700 square feet.

J.Jill's store designs showcase its brand, while elevating and simplifying the J.Jill shopping experience. Its stores provide a shared community of like-minded women and a welcoming, easy-to-shop environment with personalized attention. Its customer relies on trusted store associates to provide honest feedback and advice to help guide them. Through its concierge service, they can get early access to J.Jill's latest products or have its team pull items that complement their style and aesthetic. When the customer cannot find an item in-stock at their local store, J.Jill's in-store ordering platform ships available products to their home.

<u>Store Growth</u>

J.Jill believes its stores to be an important channel for its customers. J.Jill reviews and evaluates its store fleet and potential new store locations on various factors, including customer demographics within a market, concentration of existing customers, location of existing stores, center tenant quality and mix, rental economics and overall operating performance. J.Jill returned to net store growth in Fiscal Year 2024 and continued in 2025 with the addition of net four new stores. J.Jill will continue to review its fleet for optimization opportunities going forward, while also pursuing net new store openings.

The following table shows new store openings and closings since Fiscal Year 2021.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Total Stores at** |
|  | **Stores** | **Stores** | **the End of the** |
| **Store Open Year** | **Opened** | **Closed** | **Fiscal Year** |
| Fiscal Year 2021 |  | (14) | 253 |
| Fiscal Year 2022 | 1 | (11) | 243 |
| Fiscal Year 2023 | 2 | (1) | 244 |
| Fiscal Year 2024 | 9 | (1) | 252 |
| Fiscal Year 2025 | 9 | (5) | 256 |

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***Direct Channel***

J.Jill's Direct channel consists of its website and catalog orders. Within its Direct channel, ecommerce represented approximately 97% of Direct channel net sales and phone orders represented 3% of Direct channel net sales.

J.Jill's website, www.jjill.com, delivers to customers an engaging shopping experience by featuring updates on new collections, guidance on how to wardrobe and wear its products, and the ability to chat live with a sales representative.

The J.Jill website also provides customers with a broader range of styles than the stores and catalog.

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**Competitive Strengths**

***Distinct, Well-Recognized Brand.*** The J.Jill brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and fuels her joy and impact with style. J.Jill has cultivated this differentiated brand through deep consumer insights and primary research data to better understand what women want from fashion and the shopping experience. The result has helped J.Jill communicate the brand story more broadly and strategically and reaffirmed its commitment to its customers, creating significant brand trust and an emotional connection with them.

***Omnichannel Business.*** J.Jill has developed an omnichannel business model comprised of its Retail and its Direct channel. Its Retail and Direct channels complement and drive traffic to one another, and J.Jill leverages its targeted marketing initiatives to acquire new customers across its channels.

***Data-Centric Approach That Drives Future Profitability and Mitigates Risk.*** J.Jill believes it has industry-leading data capture capabilities that allow it to match approximately 97% of transactions to an identifiable customer. J.Jill uses its extensive customer database to track and effectively analyze customer information as well as contact history. J.Jill also has significant visibility into its customers' transaction behavior. J.Jill can identify a single-channel customer who purchases a product through its website, its retail store or its catalogs, as well as an omnichannel customer who purchases in more than one channel. J.Jill continually leverages this database and applies its insights to operate its business as well as to acquire new customers and then create, build and maintain a relationship with each customer to drive optimum value.

***Affluent and Loyal Customer Base.*** J.Jill targets an attractive demographic of affluent women 45 years and older. With an approximate median annual household income of $150,000, its customer has significant spending power. J.Jill's private label credit card program also drives customer loyalty and encourages shopping. J.Jill believes it will continue to develop long-term customer relationships that can drive profitable sales growth.

***Customer-Focused Product Assortment.*** J.Jill customers strongly associate its product with a modern balance of style, quality, comfort and ease suitable for a broad range of occasions at accessible price points. Its customer-focused assortment spans a full range of sizes and is designed to provide an easy wardrobe that is relevant to her lifestyle. Each year, J.Jill offers merchandise collections that are designed and delivered to provide a consistent flow of fresh products. J.Jill creates product newness through the use of different fabrics, colors, patterns and silhouettes. J.Jill has an in-house, customer centric product design and development process that leverages its extensive database of customer feedback and allows J.Jill to identify and incorporate changes in its customers' preferences. J.Jill believes its customer focused approach to product development and continual delivery of fresh, high quality products drives traffic, frequency and conversion.

***Highly Experienced Leadership Team.*** J.Jill's leadership team has extensive industry experience with significant expertise in merchandising, marketing, stores, ecommerce, human resources, and finance. J.Jill's senior leadership team has an average of 26 years of experience in retail.

**Growth Strategy** 

J.Jill believes that its target demographic (women 45 years and older) is relatively underserved by the industry, and the brand has significant opportunity to acquire new customers, reactivate lapsed customers, and retain existing customers to expand its customer file. J.Jill has refined its growth strategy around three core pillars: Product Evolution, Enhanced Customer Journey, and Operational Excellence. These pillars build on the Company's existing strengths while positioning J.Jill to unlock future growth and expand its customer base. Key elements of J.Jill's growth strategy include:

***Product Evolution.*** J.Jill believes there is an opportunity to evolve its product assortment to be more cohesive and capture a greater share of wallet through eliminating redundancy to incorporate new styles that serve more of its customers' lifestyle needs while also expanding areas of its assortment, such as accessories, that are highly scalable. With a strength in merchandising and design, the Company expects to execute this initiative while improving visual merchandising and maintaining a balance between newness and core staples.

***Enhanced Customer Journey.*** J.Jill has significant opportunity to attract new customers and grow the value of its active customer base across all channels. J.Jill is rebalancing its marketing investment to optimize customer acquisition and retention across the full marketing funnel, reducing catalog circulation while increasing investment in digital channels. These initiatives are designed to expand brand awareness, acquire new customers profitably, reactivate lapsed customers, and build deeper relationships with existing customers while improving overall marketing efficiency.

***Operational Excellence****.* J.Jill expects to drive organizational efficiency through operational excellence, advanced technology, and an agile culture. This includes building a strategic technology roadmap, incorporating opportunities for

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artificial intelligence implementation with an aim to accelerate growth, gain efficiencies, and improve the customer experience by building on recent foundational technology upgrades to the Company's Point of Sale ("POS") system and Order Management System ("OMS"). J.Jill expects that these efforts will facilitate a more cohesive and seamless shopping experience for its customer, wherever and whenever she chooses to shop. J.Jill plans to continue leveraging its insight into customer attributes and behavior, which will guide strategic investments in its business.

***Profitable Expansion of Store Base*.** Following several years of optimizing the fleet through net store closings, J.Jill believes there is an opportunity to strategically open profitable new stores targeting an ultimate fleet size of approximately 300 stores. We target new locations primarily in lifestyle centers and premium malls.

**Marketing and Advertising**

J.Jill leverages a variety of marketing and advertising vehicles to increase brand awareness, acquire new customers, drive customer traffic across its channels, and strengthen and reinforce its brand image. These include print mailings, email communications, digital advertisements, and public relations initiatives. J.Jill leverages its customer database to strategically optimize the value of its marketing investments across customer segments and channels. This enables J.Jill to productively acquire new customers, effectively market to existing customers, increase customer retention levels and reactivate lapsed customers.

J.Jill's ecommerce platform offers a full representation of its brand with its complete range of styles, sizes and colors, including curated shops and online exclusives. Accessed through desktop, tablet or mobile, its website enables J.Jill to attract new customers to the brand and creates momentum with existing customers through its valuable brand proposition.

Along with ecommerce, its catalogs continue to be an integral part of its business. As one of J.Jill's key marketing vehicles, its catalogs promote and reinforce its brand image and drive customer acquisition and engagement. As on its website and in its retail stores, J.Jill's catalogs reflect its product offering in settings that align with its merchandise segments, including its sub-brands, and provide guidance on styling and wardrobe. J.Jill's catalogs are designed in-house, providing greater creative control as well as effectively managing production costs.

J.Jill offers a private label credit card program through an agreement ("Credit Card Agreement") with Comenity Capital Bank ("CCB"), under which CCB owns the credit card receivables. Pursuant to the Credit Card Agreement, we are eligible to receive reimbursements for costs of marketing programs and royalties based on net sales charged to the private label credit card, as defined in the Credit Card Agreement. All credit card holders receive invitations to exclusive customer events and promotions including special purchase events seven times per year, a special offer for her birthday, and a 5% discount when purchases are made on the card. J.Jill promotes the benefits of its credit card to new and existing customers through its various marketing channels. J.Jill believes that its credit card program encourages customer loyalty, repeat visits and additional spending. In Fiscal Year 2025, 49% of its gross sales were generated by its credit card holders.

**Sourcing and Supply Strategy**

To efficiently source its products, J.Jill leverages its longstanding relationships with agents who represent suppliers and factories. In Fiscal Year 2025 approximately 81% of its products were sourced through agents and 19% were sourced directly from suppliers and factories. J.Jill works with several primary agents that help it identify quality suppliers and coordinate its manufacturing requirements. Additionally, the agents manage the development of samples of merchandise produced in the factories, inspect finished merchandise, ensure the timely delivery of goods and carry out other administrative and oversight functions on J.Jill's behalf. J.Jill sources the remainder of its products by interacting directly with suppliers and factories both domestically and abroad.

Agents work with approximately 34 suppliers on J.Jill's behalf. J.Jill sources its merchandise globally from 10 countries with the top three by volume being India, Indonesia, and Vietnam. No single supplier accounts for more than 20% of merchandise purchased by volume.

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J.Jill has no long-term merchandise supply contracts as it typically transacts business on an order-by-order basis to maintain flexibility. J.Jill believes its strong relationships with suppliers have provided it with the ability to negotiate favorable pricing terms, further improving its overall cost structure and profitability. J.Jill's dedicated sourcing team actively negotiates and manages product costs to deliver initial mark-up objectives. The team further focuses on quality control to ensure that merchandise meets required technical specifications and inspects the merchandise to ensure it meets J.Jill's strict standards, including regular in-line inspections while goods are in production. Upon receipt, merchandise is further inspected on a test basis for consistency in cut, size and color, as well as for conformity with specifications and overall quality of manufacturing. J.Jill's sourcing team ensures that the customer has a consistent product and satisfying brand experience regardless of product size, color or collection. See *Item 1A. Risk Factors* for additional discussion related to our risks associated with sourcing and our supply chain.

**Omnichannel Distribution and Customer Contact Center** 

J.Jill leases its 520,000 square foot distribution and customer contact center in Tilton, New Hampshire. The facility manages the receipt, storage, sorting, packing and distribution of merchandise for its Retail and Direct channels. Retail stores are replenished from this facility and shipped by third-party delivery services, providing its retail stores with a steady flow of new inventory that helps to maintain product freshness. J.Jill's distribution system is designed to operate in an efficient and cost-effective manner, including its ability to profitably support individual direct orders. In Fiscal Year 2025, the distribution center handled 28 million units, split between 13 million retail (46%) and 15 million direct (54%), and J.Jill believes this facility is sufficient to support its future growth.

The customer contact center is an extension of the J.Jill brand, providing a consistent customer experience at every stage of a purchase across all of its channels. In Fiscal Year 2025, J.Jill managed approximately 3 million customer interactions through its in-house customer contact center in Tilton, New Hampshire. J.Jill's customer contact center is responsible for nearly all live customer interactions, other than in retail stores, including order taking and further serves as an important feedback loop in gathering customer responses to its brand, product and service. J.Jill continues to refine and improve its contact center strategy and experience to support the constantly evolving digital landscape.

**Information Systems** 

J.Jill uses information systems to support business intelligence and processes across its sales channels. J.Jill continues to invest in information systems and technology to enhance the customer experience and create operating efficiencies including its OMS system upgrade that was completed during the current fiscal year. J.Jill utilizes third-party providers for customer database and customer campaign management, ensuring efficient maintenance of information in a secure, backed-up environment.

**Seasonality**

While the retail business is generally seasonal in nature, J.Jill has historically not experienced significant seasonal fluctuations in its sales. J.Jill's merchandise offering drives consistent sales across seasons with no quarter contributing more than 26% of total annual net sales in Fiscal Year 2025.

**Competition**

The women's apparel industry is highly competitive. J.Jill competes with local, national and international retail chains and department stores, specialty and discount stores, catalogs and internet businesses offering similar categories of merchandise. J.Jill competes on the basis of design, service, quality and value. J.Jill believes its distinct combination of design, service, quality and value allows it to challenge the competition effectively and believes it differentiates itself based on the strength of its brand, its omnichannel platform, its strong data capabilities, its loyal customer base, its customer-focused product assortment and its highly experienced leadership team. See *Item 1A. Risk Factors* for additional discussion related to our risks associated with the competition we face.

**Human Capital**

Attracting, retaining, and developing a pool of talent with diverse backgrounds and experiences to drive the success of the J.Jill brand is a key element of its business strategy. As of January 31, 2026, J.Jill employed 1,039 full-time and 2,101 part-time associates. Of these associates, 273 were employed in its headquarters in Quincy, Massachusetts, 2,618 were employed in its retail stores and field management team, and 249 worked in its distribution and customer contact center and administrative office in Tilton, New Hampshire. The number of associates, particularly part-time associates, fluctuates depending upon seasonal needs. J.Jill considers its relations with its associates to be very good.

J.Jill's key human capital measures include associate safety, turnover, pay benchmarking and associate professional development. J.Jill has programs in place to provide associates with feedback on performance and professional development planning, and its senior leadership team engages in a formal talent review and development planning process each year.

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J.Jill frequently benchmarks its compensation practices and benefits programs against those of comparable industries and in the geographic areas where its facilities are located. J.Jill believes that its compensation and employee benefits are competitive and allows it to attract and retain talent throughout its organization. J.Jill's notable health, welfare and retirement benefits include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Company subsidized health insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Short and long-term disability insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•401(k) plan with Company matching contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tuition assistance program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Paid parental leave

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Flexible working arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Paid time off programs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Associate Compassion Fund providing emergency financial assistance to qualifying associates

J.Jill strives to maintain an inclusive environment free from discrimination of any kind, including sexual or other discriminatory harassment. Associates have multiple ways to report inappropriate behavior, including through a confidential hotline. All reports of inappropriate behavior are promptly investigated with appropriate action taken to stop such behavior.

**Intellectual Property**

J.Jill's trademarks are important to its marketing efforts. J.Jill owns or has the rights to use certain trademarks, service marks and trade names that are registered with the U.S. Patent and Trademark Office or other foreign trademark registration offices or exist under common law in the United States and other jurisdictions. Trademarks that are important in identifying and distinguishing its products and services include, but are not limited to, J.Jill<sup>®</sup>, The J.Jill Wearever Collection<sup>®</sup> and Pure Jill<sup>®</sup>. J.Jill's rights to some of these trademarks may be limited to selected markets. J.Jill also owns domain names, including www.jjill.com.

**Corporate Information**

We were originally organized as Jill Intermediate LLC, a Delaware limited liability company, in February 2011. On February 24, 2017, we completed transactions pursuant to which we converted into a Delaware corporation and changed our name to J.Jill, Inc. Our principal executive office is located at 4 Batterymarch Park, Quincy, MA 02169, and our telephone number is (617) 376-4300.

**Available Information**

We are required to file annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The SEC maintains an Internet website that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. The public can obtain any documents that are filed by us at www.sec.gov.

In addition, this Annual Report as well as future quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to all of the foregoing reports, are made available free of charge on our Internet website (https://www.jjill.com) as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. The contents of our website are not incorporated by reference in this report.

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**Item 1A. Risk Factors**

Investing in our common stock involves a high degree of risk. You should consider and carefully read all of the risks and uncertainties described below, as well as other information included in this Annual Report and in our other public filings. The risks described below are not the only ones facing us. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or results of operations. In such case, the trading price of our common stock could decline, and you may lose all or part of your original investment. This Annual Report also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below.

**Risks Related to Our Business, Industry and Strategy**

***Our business is sensitive to macroeconomic conditions and we rely on consumer discretionary spending, which means we may be adversely affected by economic downturns and other macroeconomic conditions or trends.***

Our business and operating results are subject to national and global economic conditions and their impact on consumer discretionary spending. Some of the factors that may negatively influence consumer spending include high levels of unemployment; higher consumer debt levels; reductions in net worth, declines in asset values, and related market and macroeconomic uncertainty; home foreclosures and reductions in home values; fluctuating interest rates, increased inflationary pressures and credit availability; rising fuel and other energy costs; rising commodity prices; and general uncertainty regarding the overall future political and economic environment. We have experienced many of these factors, including current inflationary pressures, and are experiencing negative impacts on client demand and discretionary spending as a result. Consumer purchases of discretionary items, including the merchandise that we offer, generally decline during recessionary periods or periods of economic uncertainty, when disposable income is reduced and when there is a reduction in consumer confidence. Furthermore, economic conditions in certain regions may also be affected by natural disasters, such as hurricanes, tropical storms, earthquakes, and wildfires; public health crises; and other major unforeseen events.

The current domestic and international political environment, including volatile trade relations, conflicts in multiple locations, and the related disruption to shipping lanes (for example, in the Middle East and surrounding areas) and civil unrest have resulted in uncertainty surrounding the future state of the global economy. There is uncertainty with respect to potential changes in trade regulations, sanctions and export controls, which increase volatility in the global economy and foreign currency exchange rates. This environment has affected and may continue to affect production and distribution lead times, increasing our costs and potentially affecting our ability to meet customer demand. If these disruptions persist, they may require us to modify our current sourcing practices, which may impact our product costs, and, if not mitigated, could have a material adverse effect on our business and results of operations.

Additionally, other macroeconomic developments, such as efforts of governments to stimulate or stabilize the economy, international conflicts, trade disputes, sanctions, increased tariffs internationally, including between the United States and China and on imports into the United States from various countries may impact our business in an adverse manner, whether directly or indirectly, such as through their impacts on the financial positions and operations of our customers, suppliers, and other third parties with whom we do business.

Adverse macroeconomic changes could reduce consumer confidence and could thereby negatively affect our operating results. In challenging and uncertain economic environments, we cannot predict when macroeconomic uncertainty may arise, whether or when such circumstances may improve or worsen, or what impact such circumstances could have on our business. In recessionary periods and other periods where disposable income is adversely affected, we may have to increase the number of promotional sales or otherwise dispose of inventory for which we have already paid to manufacture, which could further adversely affect our profitability. It is difficult to predict when or for how long any of these conditions can affect our business and a prolonged economic downturn could have a material adverse effect on our business, financial condition and results of operations.

***Disruption in the economy may further affect our business, results of operations, liquidity, and financial results.***

The extent to which economic disruptions caused by pandemics, epidemics, or public health emergencies will impact our business, liquidity, financial condition, cash flows and results of operations, depends on numerous evolving factors that we may not be able to accurately predict or assess. Such factors include, but are not limited to, the duration and scope of the pandemic, epidemic, or public health emergency; the negative impact on the economy; the short and longer-term impacts on the demand for retail and levels of consumer confidence; our ability to successfully navigate the impacts, including potential

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staffing and supply shortages; government actions, including restrictions on congregating in heavily populated areas, such as malls and shopping centers; and increased unemployment and reductions in consumer discretionary spending. The impact of any such event may also heighten other risks included in this Risk Factors section, any of which could be material.

***Our ability to anticipate and respond to changing customer preferences and shifts in fashion and industry trends in a timely manner could have a material adverse effect on our business, financial condition and results of operations.***

Our success largely depends on our ability to consistently gauge tastes and trends and provide a balanced assortment of merchandise that satisfies customer demands in a timely manner. We enter into agreements to manufacture and purchase our merchandise well in advance of the applicable selling season and our failure to anticipate, identify or react appropriately in a timely manner to changes in customer preferences, tastes and trends and economic conditions could lead to, among other things, missed opportunities, excess inventory or inventory shortages, markdowns and write-offs, all of which could negatively impact our profitability and have a material adverse effect on our business, financial condition and results of operations. Failure to respond to changing customer preferences and fashion trends could also negatively impact our brand image with our customers and result in diminished brand loyalty.

***Our ability to maintain our brand image, engage new and existing customers and gain market share could have a material adverse effect on our growth strategy and our business, financial condition and results of operations.***

Our ability to maintain our brand image and reputation is integral to our business, as well as the implementation of our strategy to grow. Maintaining, promoting and growing our brand will depend largely on the success of our design, merchandising and marketing efforts and our ability to provide a consistent, high-quality customer experience. Our reputation could be jeopardized if we fail to maintain high standards for merchandise quality and integrity and any negative publicity about these types of concerns may reduce demand for our merchandise. While our brand enjoys a loyal customer base, the success of our growth strategy depends, in part, on our ability to keep existing customers engaged as well as attract new customers to shop our brand.

Additionally, we are increasingly reliant on social media for marketing and developing our brand image. As use of social media becomes more prevalent, our susceptibility to risks related to social media increases. The immediacy of social media and prevalence of user generated content precludes us from having real-time control over postings made regarding us via social media, whether matters of fact or opinion. Information distributed via social media could result in immediate unfavorable publicity for which we, like our competitors, do not have the ability to reverse. Any such unfavorable publicity could result in damage to our reputation.

If we experience damage to our reputation or loss of consumer confidence, we may not be able to retain existing customers or acquire new customers, which could have a material adverse effect on our business, financial condition and results of operations.

***If we fail to acquire new customers in a cost-effective manner, it could have an adverse impact on our growth strategy as we may not be able to increase net revenue or profit per active customer.*** 

The success of our growth strategy depends in part on our ability to acquire new customers in a cost-effective manner. In order to expand our active customer base, we must appeal to and acquire customers who identify with our brand. We have made significant investments related to customer acquisition and expect to continue to spend significant amounts to acquire additional customers. The more we invest in marketing efforts to increase the name recognition of our brand, we may experience diminishing returns on that investment of resources and future marketing campaigns may not result in the acquisition of new customers at the same rate as past campaigns. There can be no assurances that the revenue from new customers we acquire will ultimately exceed the cost of acquiring those customers.

We use paid and non-paid advertising. Our paid advertising includes catalogs, paid search engine marketing, email, display and other advertising. Our non-paid advertising efforts include search engine optimization and social media. We obtain a significant amount of traffic via search engines and rely on search engines such as Google, Yahoo! and Bing. Search engines frequently update and change the logic that determines the placement and display of results of a user's search and the purchased or algorithmic placement of links to our site can be negatively affected. A major search engine could change its algorithms in a manner that negatively affects our paid or non-paid search ranking, and competitive dynamics could impact the effectiveness of search engine marketing or search engine optimization. We also obtain traffic via social networking websites or other channels used by our current and prospective customers. As ecommerce and social networking continue to rapidly evolve, we must continue to establish relationships with these channels and may be unable to develop or maintain these relationships on acceptable terms. Additionally, digital advertising costs may continue to rise and as our usage of these

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channels expands, such costs may impact our ability to acquire new customers in a cost-effective manner. If the level of usage of these channels by our active customer base does not grow as expected, we may suffer a decline in customer growth or net sales. If we are unable to acquire new customers in a cost-effective manner, it could have a material adverse effect on our business, financial condition and results of operations.

***Competitive pressures from other retailers as well as adverse structural developments in the retail sector may have a material adverse effect on our business, financial condition and results of operations.***

The women's apparel industry is highly competitive. We compete with local, regional, national and international retail chains and department stores, specialty and discount stores, catalogs, internet and ecommerce businesses offering similar categories of merchandise. We face a variety of competitive challenges, including price pressure, anticipating and quickly responding to changing customer demands or preferences, maintaining favorable brand recognition and effectively marketing our merchandise to our customers in diverse demographic markets, sourcing merchandise efficiently and developing merchandise assortments in styles that appeal to our customers in ways that favorably distinguish us from our competitors. In addition, new and enhanced technologies, including search, web and infrastructure computing services, digital content, and electronic devices, may increase our competition. The internet and other new technologies facilitate competitive entry and comparison shopping, and increased competition may reduce our sales and profits. We strive to offer an omnichannel shopping experience for our customers that enhances their shopping experiences. Omnichannel retailing is constantly evolving, and we must keep pace with changing customer expectations and new developments by our competitors. Furthermore, many of our competitors have advantages over us, including substantially greater financial, marketing and other resources. Increased levels of promotional activity by our competitors, some of whom may be able to adopt more aggressive pricing policies than we can, both on our website and in stores, may negatively impact our sales and profitability. There can be no assurances that we will be able to compete successfully with these companies in the future. In addition to competing for sales, we compete for favorable store locations, lease terms and qualified sales associates and professional staff. Increased competition in these areas may result in higher costs and reduced profitability, which could have a material adverse effect on our business, financial condition and results of operations.

***Dependence on our ecommerce business and failure to successfully manage this line of business and deliver a seamless omnichannel shopping experience to our customers could have an adverse effect on our growth strategy and our business, financial condition and results of operations.***

Sales through our Direct channel, of which our ecommerce business constitutes the vast majority, accounted for approximately 48% of our total net sales for Fiscal Year 2025. Our business, financial condition and results of operations are dependent on maintaining our ecommerce business and expanding this business is an important part of our strategy to grow through our omnichannel operations. Dependence on our ecommerce business and the continued growth of our Direct channel subjects us to certain risks, including:

• the failure to successfully implement new systems, system enhancements and internet platforms;

• the failure of our technology infrastructure or the computer systems that operate our website and their related support systems, causing, among other things, website downtimes, telecommunications issues or other technical failures;

• the reliance on third-party computer hardware/software providers;

• the failure to provide a content-rich and user friendly website;

• rapid technological change;

• liability for online content;

• violations of federal, state, foreign or other applicable laws, including those relating to data protection;

• credit card fraud;

• cyber security and vulnerability to electronic break-ins and other similar disruptions; and

• diversion of traffic and sales from our stores.

Our failure to successfully address and respond to these risks and uncertainties related to our ecommerce business could negatively impact sales, increase costs, diminish our growth prospects and damage the reputation of our brand, each of which could have a material adverse effect on our business, financial condition and results of operations.

***Our business depends on effective marketing and increasing customer traffic and the success of our Direct channel depends on customers' use of our website and response to catalogs and digital marketing.***

We have many initiatives in our marketing programs. If our competitors increase their spending on marketing, if our marketing expenses increase, if our marketing becomes less effective than that of our competitors, or if we do not adequately leverage technology and data analytics needed to generate concise competitive insight, we could experience a material

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adverse effect on our business, financial condition and results of operations. A failure to sufficiently innovate or maintain adequate and effective marketing strategies could inhibit our ability to maintain brand relevance and increase sales.

In particular, the level of customer traffic and volume of customer purchases through our Direct channel, which accounted for approximately 48% of our total net sales for Fiscal Year 2025, is substantially dependent on our ability to provide a content-rich and user-friendly website, widely distributed and informative catalogs, a fun, easy and hassle-free customer experience and reliable delivery of our merchandise. If we are unable to maintain and increase customers' use of our ecommerce platform, and the volume of purchases declines, our business, financial condition and results of operations could be adversely affected.

Customer response to our catalogs and digital marketing is substantially dependent on merchandise assortment, merchandise availability and creative presentation, as well as the selection of customers to whom our catalogs are sent and to whom our digital marketing is directed, changes in mailing strategies and the size of our mailings. Our maintenance of a robust customer database has also been a key component of our overall strategy. If the performance of our website, catalogs and email declines, or if our overall marketing strategy is not successful, it could have a material adverse effect on our business, financial condition and results of operations.

***Our growth strategy depends in part on our ability to open and operate new retail stores on a profitable basis, and our ability to identify and close retail stores that are no longer profitable, and if we are not successful in executing our Retail channel strategy to optimize profitability, our growth and profitability could be adversely impacted.***

Our growth strategy depends, in part, on our ability to open and operate new retail stores on a profitable basis within our Retail channel. We may be unable to identify and open new retail locations in desirable places in the future. In addition to competition with other retailers and businesses for suitable retail locations, local land use, local zoning issues, environmental regulations, governmental permits and approvals and other regulations may affect our ability to find suitable retail locations and also influence the cost of leasing them. We also may have difficulty negotiating real estate leases for new stores on acceptable terms. In addition, construction, environmental, zoning and real estate delays may negatively affect retail location openings and increase costs and capital expenditures. If we are unable to open new retail store locations in desirable places and on favorable terms, our net sales and profits could be materially adversely affected.

Any expansion of our retail store base, may increase overall expenses due to costs associated with entering into and making payments under new leases, expanding and improving our operating capabilities, including by making investments in our information technology and operational infrastructure. New retail locations also require us to train and manage additional employees, and we may be unable to do so. We primarily rely on cash flow generated from our operations to pay our lease expenses and to fund our growth initiatives, and a significant investment of capital is necessary to open a new retail store. If we open a large number of stores relatively close in time, the cost of these retail store openings and lease expenses and the cost of continuing operations could reduce our cash position. If our business does not generate sufficient cash flow from operating activities to fund these expenses associated with adding new retail locations, we may not have sufficient cash available to address other aspects of our business or we may be unable to service our lease expenses, which could materially harm our business.

If we increase the number of retail stores too quickly or open retail stores too close together, our stores may become more highly concentrated in geographic regions we already serve. As a result, the number of customers and related net sales at individual stores may decline and the time before a new retail store becomes profitable may be increased. The growth in the number of our retail stores could also draw customers away from our Direct channel offerings, including ecommerce and catalogs, and if our competitors open stores with similar formats, our retail store format may become less unique and may be less attractive to customers as a shopping destination. If either of these events occurs, our business, financial condition and results of operations could be materially adversely affected.

We are subject to risks related to the operation of our retail stores such as failure of our technology infrastructure or the computer systems that operate our POS system and their related support systems, causing, among other things, downtimes, telecommunications issues or other technical failures, the reliance on third-party computer hardware/software providers, as well as risks related to data protection, credit card fraud, and cyber security and vulnerability to electronic break-ins and other similar disruptions.

Our future growth strategy also depends, in part, on our ability to optimize and profitably operate our stores and to close underperforming stores. We may not be able to optimize our store base by profitably operating stores and closing stores that are unprofitable, and this could have a material adverse impact on our business, financial condition and results of operations.

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***Reductions in the volume of mall traffic or the closing of shopping malls as a result of changing economic conditions or demographic patterns could significantly reduce our sales and leave us with unsold inventory.***

A significant portion of our stores are currently located in shopping malls. Sales at stores located in malls are highly dependent on the traffic in those malls and the ability of developers to generate traffic near our stores. In recent years, there has been increased purchasing of merchandise online, and it is not clear yet whether this recent change is permanent or temporary. This has adversely affected mall traffic. A continuation of this trend could adversely impact the sales generated by our mall stores, which could have a material adverse effect on our business, financial condition and results of operations.

***The ability to accurately forecast our operating results and growth rate, which may adversely affect our reported results.***

We may not be able to accurately forecast our operating results and growth rate. We use a variety of factors in our forecasting and planning processes, including historical results, recent history and assessments of economic and market conditions, among other things. The growth rates in sales and profitability that we have experienced historically may not be sustainable as our active customer base expands and we achieve higher market penetration rates, and our percentage growth rates may decrease. The growth of our sales and profitability depends on the continued growth of demand for the merchandise we offer. A softening of demand, whether caused by changes in customer preferences or a weakening of the economy or other factors, may result in decreased net sales or growth. Furthermore, many of our expenses and investments are fixed, and we may not be able to adjust our spending in a timely manner to compensate for any unexpected shortfall in our net sales results. Failure to accurately forecast our operating results and growth rate could cause our actual results to be materially lower than anticipated, and if our growth rates decline as a result, investors' perceptions of our business may be adversely affected, and the market price of our common stock could decline.

***Inventory shrinkage could have a material adverse effect on our business, financial condition and results of operations.*** 

We are subject to the risk of inventory loss and theft. Although our inventory shrinkage rates have not been material, and have not fluctuated significantly in recent years, there can be no assurances that actual rates of inventory loss and theft in the future will be within our estimates or that the measures we are taking will effectively reduce inventory shrinkage. Although some level of inventory shrinkage is an unavoidable cost of doing business in our industry, if we were to experience higher rates of inventory shrinkage or incur increased security costs to combat inventory theft, it could have a material adverse effect on our business, financial condition and results of operations.

***We occupy our stores under long-term leases, which are subject to future increases in occupancy costs, which we may be unable to renew on favorable terms and which may limit our flexibility to move to new locations.***

Long-term leases can limit our flexibility to move a store to a new location. If an existing or future store is not profitable, we are nonetheless committed to perform our obligations under the applicable lease including, among other things, paying the base rent for the balance of the lease term, unless the lease has an early termination clause which allows us the right to close under certain specified lease terms. Some of our leases have early cancellation clauses, which permit the lease to be terminated if certain sales levels are not met in specific periods. However, even if a lease has an early cancellation clause, we may not satisfy the contractual requirements for early cancellation under that lease. Our ability to enter into new leases or renew existing leases on terms acceptable to us or be released from our obligations under leases for stores that we close could have a material adverse effect on our business, financial condition and results of operations.

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***Our ability to manage our inventory levels, size assortments and merchandise mix, including with respect to our omnichannel retail operations, could have a material adverse effect on our business, financial condition and results of operations.***

Customer demand is difficult to predict and the lead times required for a substantial portion of our merchandise make it challenging for us to respond quickly to changes. Though we have the ability to source certain merchandise categories with shorter lead times, we generally enter into contracts for a substantial portion of our merchandise well in advance of the applicable selling season. Our business, financial condition and results of operations could be materially adversely affected if we are unable to manage inventory levels, size assortments and merchandise mix and respond to changes in customer demand patterns. Inventory levels in excess of customer demand may result in lower than planned profitability. On the other hand, if we underestimate demand for our merchandise, we may experience inventory shortages resulting in missed sales opportunities and lost revenues. Either of these events could significantly affect our operating results and brand image and loyalty. Our profitability may also be impacted by changes in our size assortments, merchandise mix and changes in our pricing. These changes could have a material adverse effect on our business, financial condition and results of operations.

In addition, our omnichannel operations create additional complexities in our ability to manage inventory levels, as well as certain operational issues in stores and on our website, including timely shipping and returns. Accordingly, our success depends to a large degree on continually evolving the processes and technology that enable us to plan and manage inventory levels and fulfill orders, address any related operational issues in store and on our website and further align channels to optimize our omnichannel operations. If we are unable to successfully manage these complexities, it may have a material adverse effect on our business, financial condition and results of operations.

***Relying on third-party service providers, such as Federal Express, UPS Mail Innovations and the U.S. Postal Service, for the delivery of our merchandise and our catalogs, could have a material adverse effect on our business, financial condition and results of operations.***

We primarily utilize Federal Express to support retail store shipping. We use a combination of Federal Express and UPS Mail Innovations for the majority of our direct-to-consumer shipping. We also use the U.S. Postal Service to deliver millions of catalogs each year, and we depend on third parties to print and mail our catalogs. As a result, postal rate increases and paper and printing costs impact the cost of our catalog, promotional mailings and our products to the extent we pass such increases directly to our customers. We rely on discounts from the basic postal rate structure, such as discounts for bulk mailings and sorting, but there remains uncertainty in the future costs of such mailings, particularly as a result of the well-documented operational and financial difficulties of the U.S. Postal Service. Any significant and unanticipated increase in postage, shipping costs, surcharges, reduction in service, slow-down in delivery or increase in paper and printing costs could impair our ability to deliver merchandise and catalogs in a timely or economically efficient manner. As a result, our profitability may be negatively impacted if we are unable to pass such increases directly on to our customers or if we are unable to implement more efficient delivery and order fulfillment systems, all of which could have a material adverse effect on our business, financial condition and results of operations.

***Competitive pricing pressures with respect to shipping our merchandise to our customers may harm our business and results of operations.***

In addition to cost increases driven by our third-party service providers, we face competitive pricing pressures with respect to the shipping and handling fees we charge our Direct customers, which are intended to recover our related shipping and handling expenses. Online and omnichannel retailers are increasing their focus on delivery services, as customers are increasingly seeking faster, guaranteed delivery times and low-price or free shipping. To remain competitive, we may be required to offer discounted, free or other more competitive shipping options to our customers, which may result in declines in our shipping and handling fees charged to customers and an increase in the shipping and handling expenses paid by us. Declines in revenue from customers for shipping and handling fees that are not offset by declines in our shipping and handling expense, or if our shipping and handling expenses increase with no proportional increase in revenue to cover such increase, could have a material adverse effect on our business, financial condition and results of operations.

***Payment-related risks, including compliance with regulations, increased fee expenses, reliance on third-party and data security risks, could have a material adverse effect on our business, financial condition and results of operations.***

We accept payments using a variety of methods, including credit cards, debit cards, gift cards, cash and bank checks. For existing and future payment methods we offer to our customers, we may become subject to additional regulations and compliance requirements (including obligations to implement enhanced authentication processes that could result in increased costs and reduce the ease of use of certain payment methods), as well as fraud. For certain payment methods,

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including credit and debit cards, we pay interchange and other fees, which may increase over time, thereby raising our operating costs and lowering profitability. We rely on third-party service providers for payment processing services, including the processing of credit and debit cards. In each case, it could disrupt our business if these third-party service providers become unwilling or unable to provide these services to us. We are also subject to payment card association operating rules, including data security rules, certification requirements and rules governing electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply with such rules. If we fail to comply with these rules or requirements, or if our data security systems are breached or compromised, we may be liable for card issuing banks' and others' costs, we may be subject to fines and higher transaction fees and/or we may lose our ability to accept credit and debit card payments from our customers and process electronic funds transfers or facilitate other types of payments. Any of these developments could have a material adverse effect on our business, financial condition and results of operations.

***Interruptions in our third- party, foreign sourcing operations and the relationships with our suppliers and agents could disrupt production, shipment or receipt of our merchandise, which would result in lost sales and increased costs.***

We do not own or operate any manufacturing facilities and therefore depend upon independent, third-party suppliers for the manufacturing of all our merchandise, primarily through our use of buying agents. In Fiscal Year 2025, approximately 81% of our products were sourced through agents and approximately 19% were sourced directly from suppliers and factories. Our merchandise is manufactured to our specifications primarily by factories outside of the United States. Some of the factors that might affect a supplier's ability to ship orders of our merchandise in a timely manner or to meet our quality standards are outside of our control, including inclement weather, natural disasters, negative global climate patterns, political and financial instability, including the conflicts or tensions in Europe, the Middle East and other regions, and related sanctions, legal and regulatory developments, strikes, health concerns regarding infectious diseases, and acts of terrorism. Inadequate labor conditions, health or safety issues in the factories where goods are produced can negatively impact the reputation of our brand. Late delivery of merchandise or delivery of merchandise that does not meet our quality standards could cause us to miss the delivery date requirements of our customers or delay timely delivery of merchandise to our stores for those items. These events could cause us to fail to meet customer expectations, cause our customers to cancel orders or cause us to be unable to deliver merchandise in sufficient quantities or of sufficient quality to our stores, which could result in lost sales.

We have no long-term merchandise supply contracts as we typically transact business on an order-by-order basis. If we are unable to maintain good relationships with our suppliers and agents and are unexpectedly required to change suppliers or agents, or if a key supplier or agent is unable or unwilling to supply acceptable merchandise in sufficient quantities on acceptable terms, we could experience a significant disruption in the supply of merchandise. We could also experience operational difficulties with our suppliers, such as reductions in the availability of production capacity, supply chain disruptions, errors in complying with merchandise specifications, insufficient quality control, shortages of fabrics or other raw materials, failures to meet production deadlines or increases in manufacturing costs.

Currently, we source our imported merchandise from 10 countries. The top three by volume are India, Indonesia, and Vietnam and we also source some merchandise from China. In Fiscal Year 2025, approximately 51% of our products were sourced in southeast Asia. Any event causing a sudden disruption of manufacturing or imports from Asia or elsewhere, including epidemic or pandemic or the imposition of additional import restrictions, could materially harm our operations. For example, the U.S. government has imposed tariffs on goods imported from China in connection with China's intellectual property practices and forced technology transfer. Adverse changes in import costs and restrictions, including tariffs, or the failure by us or our suppliers to comply with trade regulations or similar laws, could harm our business. In this regard, the increasingly protectionist trade policy in the United States has introduced greater uncertainty with respect to future tax and trade regulations. If additional tariffs or trade restrictions are implemented by the United States or other countries in connection with a global trade war, the cost of our products manufactured in China or other countries and imported into the United States or other countries could increase, which in turn could adversely affect the demand for these products and have an adverse effect on our business and results of operations. These potential developments, market perceptions concerning these and related issues and the attendant regulatory uncertainty regarding, for example, the posture of governments with respect to international trade, could have a material adverse effect on global trade and economic growth which, in turn, can adversely affect our business, financial condition and results of operations. In addition, many of our imports are subject to existing or potential duties, tariffs or quotas that may limit the quantity of certain types of goods that may be imported into the United States from countries in Asia or elsewhere. We compete with other companies for production facilities and import quota capacity. While substantially all foreign purchases of our merchandise are negotiated and paid for in U.S. dollars, the cost of our merchandise may be affected by fluctuations in the value of relevant foreign currencies. In addition, we are engaging in growing the amount of production carried out in other developing countries. These countries may present other risks with regard to infrastructure available to support manufacturing, labor and employee relations, political and economic stability, corruption, regulatory, environmental, health and safety compliance. While we endeavor to monitor and audit facilities where our production is done, any significant events with factories we use can adversely impact our reputation, brand and product delivery.

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Furthermore, many of our suppliers rely on working capital financing to support their operations. To the extent any of our suppliers are unable to obtain adequate credit or their borrowing costs increase, we may experience delays in obtaining merchandise, our suppliers increasing their prices or our suppliers modifying payment terms in a manner that is unfavorable to us.

If we experience significant supply chain disruptions, the Company may not be able to develop alternate sourcing quickly on favorable terms, if at all, which could result in increased costs, loss of sales and a loss of customers, and adversely impact our financial condition and results of operations.

***The failure of our suppliers to comply with our social compliance program requirements could have a material adverse effect on our reputation, business, financial condition and results of operations.***

We require our third-party suppliers to comply with all applicable laws and regulations, as well as our Terms of Engagement-Commitment to Ethical Sourcing, which cover many areas, including labor, health, safety, environmental and other legal standards. We monitor compliance with these standards using third-party monitoring firms. Although we have an active program to provide training for our third-party suppliers and monitor their compliance with these standards, we do not control the suppliers or their practices. Any failure of our third-party suppliers to comply with our ethical sourcing standards or labor or other local laws in the country of manufacture, or the divergence of a third-party supplier's labor practices from those generally accepted as ethical in the United States, could disrupt the shipment of merchandise to our stores, force us to locate alternative manufacturing sources, reduce demand for our merchandise, damage our reputation and/or expose us to potential liability for their wrongdoings. Any of these events could have a material adverse effect on our reputation, business, financial condition and results of operations.

***Relying on third parties to provide services in connection with certain aspects of our business, and any failure by these third parties to perform their obligations could have an adverse effect on our business, financial condition and results of operations.***

We have entered into agreements with third parties that include, but are not limited to, logistics services, information technology systems (including hosting our website), servicing certain customer calls, software development and support, catalog production, select marketing services, distribution and employee benefits servicing. Services provided by third-party suppliers could be interrupted as a result of many factors, such as acts of nature or contract disputes. Any failure by a third party to provide services for which we have contracted on a timely basis or within expected service levels and performance standards could result in a disruption of our business and have an adverse effect on our business, financial condition and results of operations.

***Increases in the demand for, or the price of, cotton and other raw materials used to manufacture our merchandise or other fluctuations in sourcing or distribution costs could increase our costs and negatively impact our profitability.***

We believe that we have strong supplier relationships, and we work continuously with our suppliers to manage cost increases. Our overall profitability depends, in part, on the success of our ability to mitigate rising costs or shortages of raw materials used to manufacture our merchandise. Cotton and other raw materials used to manufacture our merchandise are subject to availability constraints and price volatility impacted by a number of factors, including supply and demand for fabrics, weather, government regulations, economic climate and other unpredictable factors. In addition, our sourcing costs may fluctuate due to labor conditions, transportation or freight costs, energy prices, currency fluctuations or other unpredictable factors. The cost of labor at many of our third-party suppliers has been increasing in recent years, and we believe it is unlikely that such cost pressures will abate.

Most of our merchandise is shipped from our suppliers by ocean vessel. If a disruption occurs in the operation of ports through which our merchandise is imported, we may incur increased costs related to air freight or use of alternative ports. Shipping by air is significantly more expensive than shipping by ocean and our margins and profitability could be reduced. Shipping to alternative ports could also lead to delays in receipt of our merchandise. We rely on third-party shipping companies to deliver our merchandise to us. Failures by these shipping companies to deliver our merchandise to us or lack of capacity in the shipping industry could lead to delays in receipt of our merchandise or increased expense in the delivery of our merchandise. Any of these developments could have a material adverse effect on our business, financial condition and results of operations.

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***Unseasonal or severe weather conditions may adversely affect our merchandise sales.***

Our business is adversely affected by unseasonal weather conditions. Sales of certain seasonal apparel items are dependent in part on the weather and may decline when weather conditions do not favor the use of this apparel. Severe weather events may also impact our ability to supply our retail stores, deliver orders to customers on schedule and staff our retail stores and distribution and customer contact center, which could have a material adverse effect on our business, financial condition and results of operations.

***If our distribution and customer contact center is damaged or closed or if its operations are diminished, that could have a material adverse effect on our business, financial condition and results of operations.***

Our distribution and customer contact center is located in Tilton, New Hampshire. The distribution center manages the receipt, storage, sorting, packing and distribution of merchandise to our stores and to our Direct customers. Independent third-party transportation companies then deliver merchandise from the distribution center to our stores or to our Direct customers. The customer contact center handles all customer interactions, other than those in retail stores, including phone sales orders as well as customer service calls, emails and internet contacts. Any significant interruption in the operations of our Tilton distribution and customer contact center, our third-party distribution, fulfillment or transportation providers, for any reason, including natural disasters, accidents, inclement weather, technology system failures, work stoppages, slowdowns or strikes or other unforeseen events and circumstances could delay or impair our ability to receive orders and to distribute merchandise to our stores and/or our Direct customers and could impair our ability to respond to customer outreach. This could lead to inventory issues, increased costs, lower sales adversely impact brand loyalty and customer satisfaction, among other things, which could adversely affect our business, financial condition and results of operations.

***War, terrorism, terror alerts, rumors or threats of war, acts of piracy, civil unrest or other violence and other unsettling geopolitical activity may negatively impact availability of merchandise and/or otherwise adversely impact our business.***

In the event of war, terrorism, terror alerts, rumors or threats of war, civil unrest or other violence and other unsettling geopolitical activity, our ability to obtain merchandise available for sale in our stores or on our websites may be negatively impacted. A substantial portion of our merchandise is imported from other countries, see "*Interruptions in our third-party, foreign sourcing operations and the relationships with our suppliers and agents could disrupt production, shipment or receipt of our merchandise, which would result in lost sales and increased our costs."* If commercial transportation is curtailed or substantially delayed, our business may be adversely impacted, as we may have difficulty shipping merchandise to our distribution and customer contact center and stores, as well as fulfilling catalog and website orders. In addition, our stores are located in public areas where large numbers of people typically gather. Terrorist attacks, terror alerts, rumors or threats of terrorist attacks or civil unrest involving public areas could cause people not to visit areas where our stores are located. Other types of violence in malls or in other public areas could lead to lower customer traffic in areas in which we operate stores. If any of these events were to occur, we may be required to suspend operations in some or all of our stores, which could have a material adverse effect on our business, financial condition and results of operations.

***ESG matters, including those related to climate change and inclusion and diversity matters, our reporting of such matters, or sustainability ratings could negatively impact our business, results of operations and financial condition.***

ESG related matters have received increased focus recently from investors, employees, ratings agencies, governmental agencies and other stakeholders. From time to time, we may publish statements relating to our commitment to responsible business, including commitments relating to greenhouse gas emissions. Such statements reflect the Company's current plans and aspirations at the time they are made, and should not be construed as guarantees or that we will be able to achieve them. Our failure to adequately update, accomplish or accurately track and report on these commitments on a timely basis, or at all, could adversely affect our reputation, financial performance and growth, and expose us to increased scrutiny from the investment community, special interest groups and enforcement authorities. In addition, there exists certain "anti-ESG" sentiment among some individuals and government institutions, and we may also face scrutiny, reputational risk, lawsuits or market access restrictions from these parties regarding our ESG initiatives. Additionally, we may face increased scrutiny related to any third party sustainability ratings we receive, which could adversely affect our reputation, business, and results of operations.

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***We may face challenges managing rapidly advancing artificial intelligence in our business which could adversely affect our competitive position.***

The evolution of artificial intelligence is occurring at a rapid pace. Artificial intelligence may present an opportunity

to create meaningful efficiencies and improve our business performance. If we, our suppliers or our vendors are

unable to address artificial intelligence in our business, we could experience a material adverse effect on our

consolidated financial position, results of operations, or the market price of our shares. Further any adoption of

artificial intelligence by us, our suppliers or our vendors may pose new security challenges.

***A delay in approving a budget and/or continuing appropriation legislation to fund the operations of the federal government, failure to raise the borrowing limit for the federal government, and other legislative changes and governmental disruptions could affect consumer confidence directly and indirectly and may thereby negatively impact our revenues and cash available for distributions.***

The delay in approving a budget and continuing appropriation legislation to fund the federal government's operations

caused many federal agencies to cease or curtail some activities during the fourth quarter of 2013 and for an even

longer period of time beginning in the fourth quarter of 2018 and the third quarter of 2025. There can be no

assurance that similar action or inaction by federal or state government agencies, or other efforts to reduce

government expenditures or growth, will not occur again in future periods, resulting in difficulties and reduce

consumer confidence. The reduction in income from both businesses and federal government employees and the

possibility of another federal government impasse may adversely affect consumer confidence or may reduce consumer

spending. Such events could have a material adverse impact on our consolidated financial statements.

## Risks Related to Our Indebtedness
***The terms of our term loan credit agreement and asset-based revolving credit facility restrict our operational and financial flexibility, which could adversely affect our ability to respond to changes in our business and to manage our operations.***

Our term loan credit agreement, dated as of December 12, 2025 (the "Term Loan Credit Agreement" and, such facility, the "Term Loan"), by and among the lenders party thereto from time to time and CCP Agency, LLC, as administrative and as collateral agent, our Asset-Based Revolving credit agreement, dated as of December 1, 2023, by and among the Company, Jill Acquisition LLC, J.Jill Gift Card Solutions, Inc the other guarantors party thereto, the other lenders party thereto, and CIT Finance LLC, as the administrative agent and collateral agent. (as amended, the "ABL Credit Agreement" and, such facility, the "ABL Facility" and, together with the Term Loan, the "Credit Facilities" and, the agreements governing such facilities, the "Credit Agreements"), each contain, and any additional debt financing we may incur would likely contain, covenants that restrict our operations, including limitations on our ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and purchases, pay dividends and distributions, enter into transactions with affiliates, and make payments in respect of junior indebtedness. A failure by us to comply with the covenants contained in our Credit Agreements could result in an event of default under each respective Credit Agreement, which could adversely affect our ability to respond to changes in our business and manage our operations. Upon the occurrence of an event of default, the lenders could elect to declare all amounts outstanding to be immediately due and payable and exercise other remedies as set forth in our Credit Agreements. If the indebtedness under our Credit Agreements were to be accelerated, our future financial condition could be materially adversely affected. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—General."

***Our level of indebtedness could have a material adverse effect on our ability to generate sufficient cash to fulfill our obligations under such indebtedness, to react to changes in our business and to incur additional indebtedness to fund future needs.***

As of January 31, 2026, we had $75.0 million aggregate principal amount of borrowings under the Credit Agreements. If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures or to sell assets, seek additional capital or restructure or refinance our indebtedness. Our ability to restructure or refinance our current or future debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. The terms of existing or future debt instruments may restrict us from adopting some of these alternatives. We cannot provide assurance that our business will be able to generate sufficient levels of cash or that future borrowings or other financings will be available to us

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in an amount sufficient to enable us to service our indebtedness and fund our other liquidity needs. These financing risks, in addition to potential rising interest rates and changes in market conditions, if realized, could negatively impact our business, financial condition and results of operations. See *Note 9. Debt* to the audited consolidated financial statements included in this Annual Report for more information on our indebtedness.

***Having a substantial amount of indebtedness under our Credit Agreements which matures in the near term, and the scheduled maturity dates are in close proximity to each other.***

We have a substantial amount of indebtedness under our Credit Agreements, and the scheduled maturity dates of our Credit Agreements are in close proximity to each other. Our Term Loan Credit Agreement will mature on December 12, 2030 and our ABL Facility will mature on May 10, 2028 (or 180 days prior to the maturity date of the Company's Term Loan Credit Agreement if the maturity date of such Term Loan Facility has not been extended to a date that is at least 180 days after the maturity date of the ABL Credit Agreement). As a result, we can make no assurance that we will be able to refinance these agreements on acceptable terms prior to their maturity dates. Market disruptions or other credit factors, such as rising inflation and higher interest rates, are expected to increase our cost of borrowing or adversely affect our ability to refinance our obligations as they become due.

## Risks Related to Our Operations, Governance Structure and Common Stock

## *Continuing to incur significant costs and devote substantial management time as a result of operating as a public company.* 
As a public company, we will continue to incur significant legal, accounting and other expenses. For example, we are required to comply with certain requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the Securities and Exchange Commission, and the NYSE, our stock exchange, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Compliance with these requirements will result in significant legal and financial compliance costs and will make some activities more time consuming and costly. In addition, our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements.

***We are a "smaller reporting company" within the meaning of the Securities Act of 1933, as amended (the "Securities Act") and are taking advantage of reduced disclosure requirements applicable to "smaller reporting companies," which could make our common stock less attractive to investors and make it more difficult to compare our performance with other public companies.***

We are a "smaller reporting company," as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, ability to provide simplified executive compensation information. We will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of our common stock held by non-affiliates is greater than or equal to $250 million as of the end of that fiscal year's second fiscal quarter, or (ii) our annual revenues are greater than or equal to $100 million during the last completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million as of the end of that fiscal year's second fiscal quarter. For so long as we continue to be a smaller reporting company, we intend to take advantage of these reduced disclosure obligations.

***We are no longer a "controlled company" within the meaning of the New York Stock Exchange ("NYSE") rules. However, we may continue to rely on exemptions from certain corporate governance requirements during a one-year transition period.***

On June 14, 2024, the Company and TowerBrook, as a selling stockholder, completed the offer and sale 1,300,000 shares of the Company's common stock, which included 300,000 shares sold as a result of the underwriters' full exercise of their option to purchase additional shares (collectively, the "Equity Offering"). The Equity Offering resulted in the dilution of TowerBrook's ownership and voting power in the Company. As a result, TowerBrook no longer controls a majority of the voting power of the Company's outstanding voting stock and, therefore, the Company no longer qualifies as a "controlled company" within the meaning of the NYSE corporate governance standards. While we were a "controlled company" under NYSE rules, we availed ourselves of applicable "controlled company" exemptions, which exempted us from certain requirements, including the requirements that the Compensation Committee of our Board of Directors (the "Compensation

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Committee") and Nominating, Corporate Governance and ESG Committee of our Board of Directors (the "Nominating and Corporate Governance Committee") be comprised entirely of independent directors.

The NYSE rules require that (i) we have at least one independent director on each of the Compensation and Nominating and Governance Committees at the time the Company ceases to be a controlled company; (ii) we have at least a majority of independent directors on each of the Compensation and Nominating and Governance Committees within 90 days of the date that we no longer qualify as a "controlled company"; and (iii) that the Compensation and Nominating and Governance Committees be composed entirely of independent directors within one year of the date that we no longer qualify as a "controlled company." As of the date of this report, we are in compliance with the phase-in requirements described above. Until we are fully subject to these requirements, our stockholders will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

***Dividends and share repurchases are subject to uncertainty and could be modified, accelerated, or discontinued, which could affect the price of our common stock.*** 

Although we expect to pay regular cash dividends on a quarterly basis, we are not required to pay any dividend and our dividend may be discontinued, accelerated, suspended or delayed at any time without prior notice. Furthermore, the amount of such dividends may be changed, and the amount, timing and frequency of such dividends may vary from historical practice or from our stated expectations. In addition, although our Board of Directors has granted us authority to repurchase our shares under a share repurchase program, we are not required to repurchase any shares, and any previous share repurchases do not necessarily denote our expectations of future share repurchases. Important factors that could cause us to discontinue, limit, suspend, increase or delay our quarterly cash dividends or share repurchase program include market conditions, the market price of our common stock, the nature and timing of other investment and acquisition opportunities, changes in our business strategy, the terms of our financing arrangements, our outlook as to the ability to obtain financing at attractive rates, the impact on our credit ratings, changes in tax laws, and appropriate liquidity.

***Our certificate of incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities.***

Our certificate of incorporation provides for the allocation of certain corporate opportunities between us and TowerBrook. Under these provisions, neither TowerBrook, its portfolio companies, funds or other affiliates, nor any of their officers, directors, agents, stockholders, members or partners have any duty to refrain from engaging, directly or indirectly, in the same business activities, similar business activities or lines of business in which we operate. For instance, a director of our company who also serves as a director, officer, partner or employee of TowerBrook or any of its portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. These potential conflicts of interest could have a material adverse effect on our business, financial condition, results of operations or prospects if attractive corporate opportunities are allocated by TowerBrook to itself or its portfolio companies, funds or other affiliates instead of to us.

***Provisions in our organizational documents and Delaware law may discourage our acquisition by a third party.***

Our certificate of incorporation authorizes our Board to issue preferred stock without stockholder approval. If the Board elects to issue preferred stock, it could be more difficult for a third party to acquire us. In addition, some provisions of our certificate of incorporation and bylaws could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our stockholders.

Section 203 of the General Corporation Law of the State of Delaware (the "DGCL") affects the ability of an "interested stockholder" to engage in certain business combinations, for a period of three years following the time that the stockholder becomes an "interested stockholder." We have elected in our certificate of incorporation not to be subject to Section 203 of the DGCL. Nevertheless, our certificate of incorporation contains provisions that have the same effect as Section 203 of the DGCL, except that it provides that affiliates of TowerBrook and their transferees will not be deemed to be "interested stockholders," regardless of the percentage of our voting stock owned by them, and will therefore not be subject to such restrictions. These charter provisions may limit the ability of third parties to acquire control of our company.

***We are a holding company and rely on dividends, distributions and other payments, advances and transfers of funds from our subsidiaries to meet our obligations.***

We are a holding company that does not conduct any business operations of our own. As a result, we are largely dependent upon cash dividends and distributions and other transfers from our subsidiaries to meet our obligations. The agreements governing the indebtedness of our operating subsidiaries impose restrictions on our operating subsidiaries' ability to pay dividends or other distributions to us as a holding company. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—General." The deterioration of the earnings from, or other available assets of, our subsidiaries for any reason could also limit or impair their ability to pay dividends or other distributions to us.

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***Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price.***

We have 14,865,040 outstanding shares of common stock as of January 31, 2026. The number of outstanding shares of common stock includes 7,338,933 shares owned by TowerBrook, as defined under Rule 144 under the Securities Act, and eligible for sale in the public market subject to the requirements of Rule 144.

Sales of significant amounts of stock in the public market could adversely affect prevailing market prices of our common stock.

***Our stock price has been and may continue to be volatile and there can be no assurances that a viable public market for our common stock will be maintained.***

The market price of our common stock could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common stock, you could lose a substantial part or all of your investment in our common stock. The following factors could affect our stock price:

• our operating and financial performance;

• quarterly variations in the rate of growth (if any) of our financial indicators, such as net income per share, net income and revenues;

• the public reaction to our press releases, our other public announcements and our filings with the SEC;

• strategic actions by our competitors;

• changes in operating performance and the stock market valuations of other companies;

• announcements related to litigation;

• our failure to meet revenue or earnings estimates made by research analysts or other investors;

• changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts;

• speculation in the press or investment community;

• sales of our common stock by us or our stockholders, or the perception that such sales may occur;

• changes in accounting principles, policies, guidance, interpretations or standards;

• additions or departures of key management personnel;

• actions by our stockholders;

• epidemics, pandemics, disease outbreaks, or public health emergencies;

• general market conditions;

• domestic and international economic, legal and regulatory factors unrelated to our performance; and

• the realization of any risks described under this "Risk Factors" section, or other risks that may materialize in the future.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock and an active liquid and orderly trading market for our common stock may not be maintained. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. We cannot predict the extent to which investor interest in our common stock will lead to the maintenance of an active trading market on the NYSE or otherwise how liquid that market might continue to be. If an active public market for our common stock is not sustained, it may be difficult for you to sell your shares at a price that is attractive to you or at all.

Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. A securities class action lawsuit, if instituted against us, could result in substantial costs, divert our management's attention and resources and harm our business, financial condition and results of operations.

***If securities or industry analysts do not publish research or reports about our business or publish negative reports, our stock price could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover our company downgrades our common stock or if our operating results do not meet their expectations, our stock price could decline.

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***The issuance by us of additional shares of common stock or convertible securities may dilute your ownership of us and could adversely affect our stock price.***

From time to time in the future, we may register additional shares of our common stock issued or reserved for issuance to our employees, issue additional shares of our common stock or securities convertible into common stock pursuant to a variety of transactions, including acquisitions. The issuance by us of additional shares of our common stock or securities convertible into our common stock would dilute your ownership of us and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our common stock.

***We may issue preferred stock with terms that could adversely affect the voting power or value of our common stock.***

Our certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our Board may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.

***Our designation of the Delaware Court of Chancery as the exclusive forum for certain types of stockholder legal proceedings could limit our stockholders' ability to obtain a more favorable forum.***

Our certificate of incorporation provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine, in each such case subject to such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of, and consented to, the provisions of our certificate of incorporation described in the preceding sentence. This choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and such persons. See "Description of Capital Stock—Forum Selection." Alternatively, if a court were to find these provisions of our certificate of incorporation inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs that we do not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.

## Risks Related to Information Security
***Material damage to, or interruptions in, our information systems could have a material adverse effect on our business, financial condition and results of operations, and we may be exposed to risks and costs associated with protecting the integrity and security of our customers' information.***

We depend largely upon our information technology systems for all aspects of our operations, including running our website, processing transactions, responding to customer inquiries, managing inventory, purchasing, selling and shipping goods on a timely basis and maintaining cost-efficient operations. Such systems are subject to damage or interruption from power outages, computer and telecommunications failures, computer viruses, security breaches and natural disasters. Damage to or interruption of our information technology systems may require a significant investment to fix or replace the affected system, and we may suffer interruptions in our operations as a result. In addition, costs and interruptions associated with the implementation of new or upgraded systems and technology, such as our recently implemented OMS and POS systems, or with maintenance or adequate support of existing systems could also disrupt or reduce the efficiency of our operations.

Additionally, a significant number of customer purchases across our omnichannel platform are made using credit cards, and a significant number of our customer orders are placed through our website. We process, store and transmit large amounts of data, including personal information, for our customers. From time to time, we may implement strategic initiatives related to elevating our customer service experience, such as customer membership programs, where we collect and maintain increasing amounts of customer data. We also handle and transmit sensitive information about our suppliers and workforce, including social security numbers, bank account information and health and medical information. We depend in

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part on the secure transmission of confidential information over public networks throughout our operations. In addition, security breaches can also occur due to non-technical issues, including vandalism, catastrophic events and human error. Our operations may further be impacted by security breaches that occur at third-party suppliers. Although we maintain cyber-security insurance, there can be no assurances that our insurance coverage will be sufficient, or that insurance proceeds will be paid to us in a timely manner.

States and the federal government have enacted additional laws and regulations to protect consumers against identity theft, including laws governing treatment of personally identifiable information. As data privacy and security laws and regulations evolve, we may be subject to more extensive requirements to protect the customer information that we process in connection with the purchases of our merchandise. There can be no assurances that we will be able to operate our operations in accordance with Payment Card Industry Data Security Standards ("PCI DSS"), other industry recommended practices or applicable laws and regulations or any future security standards or regulations, or that meeting those standards will, in fact, prevent a data breach. These laws have increased the costs of doing business and, if we fail to implement appropriate safeguards or we fail to detect and provide prompt notice of unauthorized access as required by some of these laws, we could be subject to potential claims for damages and other remedies.

If a third party can circumvent our security measures, they could destroy or steal valuable information or disrupt our operations. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and often are not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. Any security breach could expose us to risks of data loss, fines, litigation and liability and could seriously disrupt our operations and harm our reputation. In addition, we could be required to expend significant resources to change our business practices or modify our service offerings in connection with the protection of personally identifiable information, which could have a material adverse effect on our business, financial condition and results of operations.

***The impact of privacy breaches at service providers could severely damage our business and reputation.***

We rely heavily on technology services provided by third parties for the successful operation of our business, including electronic messaging, digital marketing efforts and the collection and retention of customer data and associate information. We also rely on third parties to host our website, process credit card transactions, perform ecommerce and social media activities and retain data relating to our financial position and results of operations, strategic initiatives and other important information. The facilities and systems of our third-party service providers may be vulnerable to cyber-security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors or other similar events. Any actual or perceived misappropriation, loss or other unauthorized disclosure of confidential or personally identifiable information by our third-party service providers could severely damage our reputation and our relationship with our customers, associates and investors as well as expose us to risks of litigation, liability or other penalties, all of which could have a material adverse effect on our business, financial condition and results of operations.

***The protection of our data involves a variety of risks, including both potential cyber-attacks as well as any potential failure to comply with data protection laws and regulations, any of which could subject us to sanctions and damages and could harm our reputation and business.***

We collect and process personal data as part of our business. As a result, we are subject to U.S. data protection laws and regulations at both the federal and state levels. The legislative and regulatory landscape for data protection continues to evolve, and in recent years there has been an increasing focus on privacy and data security. The strategic use of our customer database, including interactions with our customers, marketing efforts and analysis of customer behavior, rely on the collection, retention and use of customer data and may be affected by these laws and regulations and their interpretation and enforcement. Alleged violations of laws, regulations or contractual obligations relating to privacy and data protection, and any relevant claims, may expose us to potential liability, require us to expend significant resources in responding to and defending such allegations and claims, and result in negative publicity and a loss of confidence in us by our customers, all of which could have an adverse effect on our business, financial condition and results of operations. Further, it is unclear how the laws and regulations relating to the collection, process and use of personal data will further develop in the United States, and to what extent this may affect our operations in the future. Any failure to comply with data protection laws and regulations, or future changes required to the way in which we use personal data could have a material adverse effect on our business, financial condition and results of operations.

In addition, information security threats, particularly cybersecurity threats, could pose risks to the security of our systems and networks, as well as the confidentiality, availability and integrity of our data.

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Although we maintain systems and processes that are designed to protect the security of our computer systems, software, networks and other technology, there is no assurance that all of our security measures will provide absolute security. Any material incidents could cause us to experience financial losses that are either not insured against or not fully covered through any insurance maintained by us and increased expenses related to addressing or mitigating the risks associated with any such material incidents. Cyber threats are rapidly evolving and are becoming increasingly sophisticated. Despite our efforts to ensure the integrity of our systems, as cyber threats evolve and become more difficult to detect and successfully defend against, one or more cyber threats might defeat the measures that we or our vendors take to anticipate, detect, avoid or mitigate such threats.

To date, we have not experienced a significant compromise, significant data loss or any material financial losses related to cybersecurity attacks, but our systems and those of our customers and third-party service providers are under constant threat and it is possible that we or they could experience a significant event in the future. Risks and exposures related to cybersecurity attacks are expected to remain high for the foreseeable future due to the rapidly evolving nature and sophistication of these threats, as well as due to the expanding use of ecommerce, mobile banking and other technology-based products and services by us and our customers. Any potential breach of our information technology systems and databases could have a material adverse effect on our business, financial condition and results of operations.

## Risks Related to Labor Force
***We depend on our executive management and key personnel and may not be able to retain or replace these employees or recruit additional qualified personnel, which could harm our business.***

The loss of the services of any of our senior executives could have a material adverse effect on our business, financial condition and results of operations, as we may not be able to find suitable management personnel to replace departing executives on a timely basis. In addition, we believe that our future success will depend greatly on our continued ability to attract and retain highly skilled and qualified personnel. There is a high level of competition for personnel in the retail industry. Our inability to meet our staffing requirements in the future could impair our ability to increase revenue and could otherwise harm our business.

During Fiscal 2025, we experienced leadership transitions, including the appointment of a new President and Chief Executive Officer. While we believe this transition was managed in an orderly manner and we are confident in our current leadership team, leadership changes inherently involve risks, including potential disruptions to operations, loss of institutional knowledge, changes in strategic direction and uncertainty among employees, customers and business partners. The failure to successfully integrate, onboard, retain and motivate key personnel, including members of our executive management team, could adversely affect our business, results of operations and financial condition.

***Labor organizing and other activities could negatively impact us.***

Currently, none of our employees are represented by a union. However, our employees have the right at any time to form or affiliate with a union. Such organizing activities could lead to work slowdowns or stoppages, which could lead to disruption in our operations and increases in our labor costs, either of which could materially adversely affect our business, financial condition and results of operations.

***Our failure to find store employees that reflect our brand image and embody our culture could adversely affect our business, financial condition and results of operations.***

Our success depends in part upon our ability to attract, motivate and retain a sufficient number of store employees, including store managers, who understand and appreciate our culture and customers, and are able to adequately and effectively represent this culture and establish credibility with our customers. The store employee turnover rate in the retail industry is generally high. Labor shortages and excessive store employee turnover will result in higher employee costs associated with finding, hiring and training new store employees. If we are unable to hire and retain store personnel capable of consistently providing a high level of customer service, our ability to open new stores and operate existing stores may be impaired and our performance and brand image may be negatively impacted. Competition for such qualified individuals and wage increases by other retailers could require us to pay higher wages to attract a sufficient number of employees. We are also dependent upon temporary personnel to adequately staff our stores and distribution and customer contact center, with heightened dependence during busy periods such as the holiday season. There can be no assurances that there will be sufficient sources of suitable temporary personnel to meet our demand. Any such failure to meet our staffing needs or any material increases in employee turnover rates could have a material adverse effect on our business, financial condition and results of operations.

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***Increases in labor costs, including wages, could adversely affect our business, financial condition and results of operations.***

The labor costs associated with our retail stores and our distribution and customer contact center are subject to many external factors, including unemployment levels, prevailing wage rates, minimum wage laws, potential collective bargaining arrangements, health insurance costs and other insurance costs and changes in employment and labor legislation or other workplace regulation. From time to time, legislative proposals are made to increase the federal minimum wage in the United States, as well as the minimum wage in a number of individual states and municipalities, and to reform entitlement programs, such as health insurance and paid leave programs. As minimum wage rates increase or related laws and regulations change, our labor costs may increase. Any increase in the cost of our labor could have an adverse effect on our business, financial condition and results of operations or if we fail to pay such higher wages we could suffer increased employee turnover. Increases in labor costs could force us to increase prices, which could adversely impact our sales. If competitive pressures or other factors prevent us from offsetting increased labor costs by increases in prices, our profitability may decline and could have a material adverse effect on our business, financial condition and results of operations.

***We self-insure our health insurance program, which may expose us to unexpected costs and negatively affect our results of operations.*** 

We are self-insured for our employee medical claims, subject to individual and aggregate stop loss insurance policies. We estimate liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by us. However, unanticipated changes in assumptions and management estimates underlying our recorded liabilities for medical claims could result in materially different amounts of expense than expected under our health insurance program, which could have an adverse material impact on our financial condition and results of operations.

## Risks Related to Intellectual Property Matters
***Being unable to protect our trademarks and other intellectual property rights.***

We believe that our trademarks and service marks are important to our success and our competitive position due to their name recognition with our customers. We devote substantial resources to the establishment and protection of our trademarks and service marks. We are not aware of any valid claims of infringement or challenges to our right to use any of our trademarks and service marks. Nevertheless, there can be no assurances that the actions we have taken to establish and protect our trademarks and service marks will be adequate to prevent imitation of our merchandise by others or to prevent others from seeking to block sales of our merchandise as a violation of the trademarks, service marks and intellectual property of others. Also, others may assert rights in, or ownership of, our trademarks and other intellectual property and we may not be able to successfully resolve these types of conflicts to our satisfaction.

***We may be subject to liability if we infringe upon the intellectual property rights of third parties.***

Because of the potential similarity between clothing produced in a competitive and saturated market, third parties may sue us for alleged infringement of their proprietary rights. The party claiming infringement might have greater resources than we do to pursue its claims, and we could be forced to incur substantial costs and devote significant management resources to defend against such litigation. If the party claiming infringement were to prevail, we could be forced to discontinue the use of the related trademark or design, pay significant damages and/or enter into expensive royalty or licensing arrangements with the prevailing party, assuming these royalty or licensing arrangements are available at all on an economically feasible basis, which they may not be. Such infringement claims could harm our brand. In addition, any payments we are required to make and any injunction we are required to comply with as a result of such infringement could have a material adverse effect on our business, financial condition and results of operations.

## Risks Related to Legal, Regulatory, Accounting and Compliance Matters

## *Changes to U.S. tariff and customs policy, including the elimination of the de minimis exemption, may materially increase product costs and negatively affect margins.* 

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## As a result of the increased tariffs since April 2025, the cost of inventory in the United States has increased. The United States also eliminated the de minimis duty-free exemption for certain shipments effective May 2, 2025, and an Executive Order extends this elimination globally beginning August 29, 2025, with legislation enacted to repeal the statutory exemption entirely by July 1, 2027. The countries from which we source the majority of our products are now subject to higher tariffs on imports into the United States.

## There has been significant volatility in U.S. tariff and customs policy recently, with frequent changes in rates, sudden elimination or reinstatement of exemptions, shifts in implementation dates, and reversals of prior actions. In addition, there is uncertainty around how tariff rules will be applied to goods routed through third countries (transshipment), which could affect the level of duties imposed and our overall product costs. This volatility makes it more difficult to forecast costs, plan our global supply chain, and provide reliable financial guidance. Policy changes often require rapid operational adjustments that can increase costs and reduce efficiency. Announcements of tariff and custom changes, as well as our disclosures of their potential impacts, have at times contributed to fluctuations in our stock price. We expect such volatility and uncertainty to continue, posing ongoing challenges to our operations, financial planning, and investor communications.
***Changes to estimates related to our property, fixtures and equipment or operating results that are lower than our current estimates at certain store locations may cause us to incur impairment charges on certain long-lived assets, which may adversely affect our results of operations.***

In accordance with accounting guidance as it relates to the impairment of long-lived assets, we make certain estimates and projections with regard to individual store operations, as well as our overall performance, in connection with our impairment analyses for long-lived assets. When impairment triggers are deemed to exist for any location, the estimated undiscounted future cash flows are compared to its carrying value. If the carrying value exceeds the undiscounted cash flows, an impairment charge equal to the difference between the carrying value and the fair value is recorded. The projections of future cash flows used in these analyses require the use of judgment and a number of estimates and projections of future operating results. If actual results differ from our estimates, additional charges for asset impairments may be required in the future. If future impairment charges are significant, our reported operating results would be adversely affected.

In Fiscal Year 2025, the Company reduced the net carrying value of certain long-lived assets to their estimated fair value, which was determined using a discounted cash flows method. The Company incurred $0.7 million of impairment charges related primarily to leasehold improvements and right-of-use assets.

***Goodwill and identifiable intangible assets represent a significant portion of our total assets and any impairment of these assets, or other changes in accounting standards or assumptions, could adversely affect our results of operations.***

Our goodwill and indefinite-lived intangible assets, which consist of goodwill from the controlling interest in the company held by JJill Holdings, Inc. and JJill Topco Holdings, LP, and our trade name, represented a significant portion of our total assets as of January 31, 2026. Accounting rules require the evaluation of our goodwill and indefinite-lived intangible assets for impairment at least annually, or more frequently when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Such indicators are based on market conditions and the operational performance of our business. If in conducting an impairment evaluation we determine that the carrying value of an asset exceeded its fair value, we would be required to record a non-cash impairment charge for the difference between the carrying value and the fair value of the asset. If a significant amount of our goodwill and identifiable intangible assets were deemed to be impaired, our business, financial condition and results of operations could be materially adversely affected.

More broadly, other changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect our financial results or financial condition. Generally accepted accounting principles and related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to our business (including, but not limited to, revenue recognition, business combinations, impairment of goodwill, indefinite-lived intangible assets and long-lived assets, inventory and equity-based compensation) are highly complex and involve many subjective assumptions, estimates and judgments. Changes in these rules or their interpretation or changes in underlying assumptions, estimates or judgments could significantly change our reported or expected financial performance or financial condition.

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***If we are unable to design, implement and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act, it could have a material adverse effect on our business and stock price.***

As a public company, we have significant requirements for enhanced financial reporting and internal controls. The process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. If we are unable to maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements and harm our operating results. In addition, pursuant to Section 404 of the Sarbanes-Oxley Act, as amended, we are required to furnish a report by management and our independent registered public accounting firm is required to attest to, among other things, the effectiveness of our internal control over financial reporting. This assessment includes disclosure of any material weaknesses identified by our management in our internal control over financial reporting. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. We may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act.

***We are subject to laws and regulations in the jurisdictions in which we operate and changes to the regulatory environment in which we operate or failure to comply with applicable laws and regulations could adversely affect our business, financial condition and results of operations.***

Our business requires compliance with many laws and regulations in the United States and abroad, including, without limitation, labor and employment, tax, environmental, privacy, anti-bribery laws and regulations, trade laws and customs, truth-in-advertising, ecommerce, consumer protection and zoning and occupancy laws and ordinances that regulate retailers generally and/or govern the importation, promotion and sale of merchandise and the operation of stores and warehouse facilities. In addition, in the future, there may be new legal or regulatory requirements or more stringent interpretations of applicable requirements, which could increase the complexity of the regulatory environment in which we operate and the related cost of compliance. While it is our policy and practice to comply with all legal and regulatory requirements and our procedures and internal controls are designed to ensure such compliance, failure to achieve compliance could subject us to lawsuits and other proceedings, and could also lead to damage awards, fines and penalties. Litigation matters may include, among other things, government and agency investigations, employment, commercial, intellectual property, tort, advertising and stockholder claims. We cannot predict with certainty the outcomes of these legal proceedings and other contingencies. The outcome of some of these legal proceedings, audits and other contingencies could require us to take, or refrain from taking, actions which could negatively affect our operations or require us to pay substantial amounts of money adversely affecting our business, financial condition and results of operations. Even a claim of an alleged violation of applicable laws or regulations could negatively affect our reputation. Additionally, defending against these lawsuits and proceedings may be necessary, which could result in substantial costs and diversion of management's attention and resources, causing a material adverse effect on our business, financial condition and results of operations. Any pending or future legal proceedings and audits could have a material adverse effect on our business, financial condition and results of operations.

Government agencies and listing exchanges have mandated or proposed, and others may in the future further mandate certain ESG requirements and disclosures. Our processes and controls for reporting ESG matters across our operations and supply chain are evolving along with multiple disparate standards for identifying, measuring, and reporting ESG metrics, including ESG-related disclosures that are or may become required by the SEC and other regulators (including, but not limited to, the state of California's new climate change disclosure requirements, and climate-change disclosure requirements from the SEC), and such standards may change over time, which could result in significant revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the future. If we fail to implement sufficient internal controls or accurately capture and disclose relevant data concerning our ESG activities, our reputation, business, financial condition and results of operations may be materially adversely affected.

***Changes in tax laws and regulations or in our operations may impact our effective tax rate and may adversely affect our business, financial condition and operating results.***

Changes in tax laws in any of the multiple jurisdictions in which we operate, or adverse outcomes from tax audits that we may be subject to in any of the jurisdictions in which we operate, could result in an unfavorable change in our effective tax rate, which could adversely affect our business, financial condition and operating results. Developments in tax policy or trade relations, such as the disallowance of tax deductions for imported merchandise or the imposition of tariffs on imported products, could have a material adverse effect on our business, results of operations and liquidity. In particular, the implementation of an increase to the corporate income tax rate for U.S. corporations could adversely impact our liquidity,

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business, financial condition and results of operations. Changes in tax laws result in uncertainty as to how tax laws will be applied to us and require us to perform computations that were not required previously. For example, the One Big Beautiful Bill Act enacted on July 4, 2025, introduced several changes to corporate taxation which may impact how our earnings are taxed.

**Item 1B. Unresolved Staff Comments** 

None.

**Item 1C. Cybersecurity**

***Overview***

Maintaining the safety and security of our systems and data is essential to the success of our company. As with other industries, there are several cybersecurity threats we encounter. These include phishing, ransomware, and denial of service, among others. Our suppliers, vendors, and other partners face similar threats. A cybersecurity incident impacting us or any of these entities could materially affect our operations, performance, or financial results. See Item 1A, Risks Related to Information Security for additional details.

The governance of our risk management program is a partnership between our cross functional management team and our Board. This program includes both a cyber team, as well as an Enterprise Risk Management ("ERM") program led by our Head of Compliance. Our Chief Information Officer ("CIO"), who retired effective February 2026, had over 30 years of information technology experience, including over 4 years of direct oversight of information security. Our Information Security and Compliance Director, who has over 25 years of information technology experience, is currently leading our cyber team until a new CIO is appointed. Risk oversight for both our cyber and ERM programs is primarily the responsibility of the Audit Committee of the Board who receive quarterly updates, at a minimum, with additional updates shared to the full Board on a recurring basis. The Audit Committee includes members of the Board of Directors who possess backgrounds and experience which we believe enable them to provide effective oversight of our IT and cybersecurity risks.

***Cyber Security Team***

Our cross functional cyber security team is responsible for the overall information security strategy, risk assessment, cyber threat detection and response, and execution of an ongoing cyber program. The goal of this team is to lower the impact and likelihood of persistent threats to the extent feasible, including safeguarding of key information and the integrity of key systems. We also partner with third-party vendors to enhance our program including monitoring, pen testing, and other assessments and programs. Additionally, the Company has implemented certain information security measures which include security reviews, as well as internal training and testing programs. We have implemented transition measures to maintain consistent oversight of our cybersecurity risk management program through existing governance structure including the Executive Steering Committee, Audit Committee and Board.

***Enterprise Risk Management (ERM) Program***

Our cyber risks are included in our ERM program. Our ERM program is led by our Senior Director of Compliance and Internal Audit who has over 10 years of cyber security experience and has oversight from our Audit Committee. This program includes a cross functional team including our senior leadership team and other key members of management. Risk reduction plans are developed and updates are regularly assessed by the team. Our Audit Committee provides oversight and

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is briefed quarterly, at a minimum. In the event a cyber incident should occur, there are additional steps taken to mitigate cybersecurity risks and incidents.

As of the date of this filing, we are not aware of any current cybersecurity threats or cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business, results of operations or financial condition.

**Item 2. Properties** 

We are headquartered in Quincy, Massachusetts. Our principal executive offices are leased under a lease agreement expiring in January 2027. Our 520,000 square foot distribution and customer contact center, located in Tilton, New Hampshire, supports both our Retail and Direct channels and is leased under a lease agreement expiring in September 2030, with options to renew thereafter. We consider these properties to be in good condition and believe that our facilities are adequate for operations and provide sufficient capacity to meet our anticipated future requirements.

As of January 31, 2026, we operated 256 stores in 42 states. Of these stores, approximately half are located in lifestyle centers and half in premium malls. The average size of our stores is approximately 3,700 square feet. All of our retail stores are leased from third parties and new stores historically have had terms of ten years. The weighted-average remaining lease term is 5.07 years. A portion of our leases have options to renew for periods up to five years. Generally, store leases contain standard provisions concerning the payment of rent, events of default and the rights and obligations of each party. Rent due under the leases is generally comprised of annual base rent plus a contingent rent payment based on the store's sales in excess of a specified threshold. Some of the leases also contain early termination options, which can be exercised by us or the landlord under certain conditions. The leases also generally require us to pay real estate taxes, insurance and certain common area costs. We renegotiate with landlords to obtain more favorable terms as opportunities arise.

The current terms of our leases expire as follows:

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| | | |
|:---|:---|:---|
| **Fiscal Years Lease Terms Expire** | **Number of Stores** | **Number of Stores** |
| 2026 – 2028 |  | 156 |
| 2029 – 2031 |  | 74 |
| 2032 – 2034 |  | 15 |
| 2035 and later |  | 11 |

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The table below sets forth the number of retail stores by state that we operated as of January 31, 2026.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number** |  | **Number** |  | **Number** |
| **State** | **of Stores** | **State** | **of Stores** | **State** | **of Stores** |
| Alabama | 4 | Kentucky | 2 | New York | 12 |
| Arizona | 5 | Louisiana | 5 | North Carolina | 10 |
| Arkansas | 3 | Maine | 1 | Ohio | 9 |
| California | 20 | Maryland | 6 | Oklahoma | 3 |
| Colorado | 7 | Massachusetts | 11 | Oregon | 5 |
| Connecticut | 7 | Michigan | 8 | Pennsylvania | 13 |
| Delaware | 2 | Minnesota | 7 | Rhode Island | 1 |
| Florida | 14 | Mississippi | 2 | South Carolina | 5 |
| Georgia | 11 | Missouri | 4 | Tennessee | 8 |
| Idaho | 1 | Nebraska | 1 | Texas | 17 |
| Illinois | 13 | Nevada | 1 | Utah | 1 |
| Indiana | 3 | New Hampshire | 1 | Virginia | 8 |
| Iowa | 2 | New Jersey | 11 | Washington | 5 |
| Kansas | 2 | New Mexico | 1 | Wisconsin | 4 |

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**Item 3. Legal Proceedings**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities** 

***Market Information***

Our common stock began trading publicly on the NYSE under the symbol "JILL" on March 9, 2017. Prior to that time, there was no public market for our common stock.

The following table sets forth the high and low sales prices of our common stock as reported on the NYSE for the Fiscal Years 2025 and 2024 quarters ended, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2024** | **Fiscal Year 2024** |
|  | **High** | **Low** | **High** | **Low** |
| First | $27.13 | $14.37 | $32.96 | $23.41 |
| Second | $18.37 | $13.36 | $40.61 | $27.46 |
| Third | $18.80 | $14.67 | $36.20 | $23.66 |
| Fourth | $17.23 | $13.32 | $30.40 | $23.95 |

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***Holders of Record***

As of January 31, 2026, there were approximately 21 holders of record of our common stock. This number does not include beneficial owners whose shares are held of record by banks, brokers and other financial institutions.

***Dividends***

During Fiscal Year 2025, the Board declared a quarterly cash dividend payment of $0.08 per share of common stock (the "Dividend"). During Fiscal Year 2025, the Company paid $4.9 million in dividends.

During Fiscal Year 2024, beginning in the second quarter, the Board declared a quarterly cash dividend payment of $0.07 per share of common stock. During Fiscal Year 2024, the Company paid $2.9 million in dividends. We did not pay any dividends on our common stock in Fiscal Year 2023.

The Company intends to pay cash dividends quarterly in the future, subject to market conditions and at the discretion of the Board. Our ability to pay dividends in the future is based on a number of factors, such as earnings levels, capital requirements, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements and the ability of our operating subsidiaries to pay dividends to us as a holding company. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—General."

*Subsequent Events*

On March 31, 2026, the Board declared a cash dividend of $0.09 per share, payable on April 28, 2026 to stockholders of record of issued and outstanding shares of the Company's common stock as of April 14, 2026.

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***Performance Graph***

The following graph shows a comparison from January 30, 2021 through January 31, 2026, of the cumulative total return for our common stock, the S&P 500 Index and SPDR S&P Retail Exchange Traded Fund (ETF). The graph assumes $100 was invested in each of the Company's common stock, the S&P 500 Index and the S&P Apparel Retail Index as of the market close on January 30, 2021. Such returns are based on historical results and are not intended to suggest future performance.

![img113847714_0.jpg](img113847714_0.jpg)

***Purchases of Equity Securities by the Issuer and Affiliated Purchasers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased (a)** | **Average Price Paid per Share (b)** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (b)** |
| November 2, 2025 - November 29, 2025 |  | $— |  | $17960223 |
| November 30, 2025 - January 3, 2026 | 210091 | 14.36 | 210091 | 14943059 |
| January 4, 2026 - January 31, 2026 | 56800 | 14.28 | 56800 | 14132040 |
|  | 266891 |  | 266891 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On December 6, 2024, the Company's Board of Directors authorized the repurchase of up to $25.0 million of the Company's Common Stock. Under the authorization, shares of Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations of the Exchange Act and share repurchase parameters determined by the Board. The timing and the number of shares repurchased are subject to the discretion of the Company and may be affected by market conditions and other factors. Total number of shares purchased are determined based on the settlement date of such trades. As of January 31, 2026, the Company had $14.1 million of availability remaining under its stock repurchase authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The amounts do not give effect to any fees, commissions or other costs associated with repurchases of shares.

***Securities Authorized for Issuance Under Equity Compensation Plans***

Information regarding our equity compensation plans is set forth in Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.

**Item 6. [Reserved]**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and assumptions. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause such differences are discussed in the sections of this Annual Report titled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."* 

*We operate on a 52 or 53-week fiscal year that ends on the Saturday that is closest to January 31. Each fiscal year is generally comprised of four 13-week fiscal quarters, although in the years with 53 weeks, the fourth quarter represents a 14-week period. References in this Annual Report to "Fiscal Year 2025" refer to the fiscal year ended January 31, 2026, references to the "Fiscal Year 2024" refer to the fiscal year ended February 1, 2025 and references to "Fiscal Year 2023" refer to the fiscal year ended February 3, 2024. Fiscal Years 2025 and 2024 are comprised of 52 weeks and Fiscal Year 2023 is comprised of 53 weeks.*

*The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for Fiscal Years 2025 and 2024. For the discussion comparing the Fiscal Years 2024 and 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal Year 2024 Form 10-K, which was filed with the United States Securities and Exchange Commission on April 1, 2025.*

*All references in this Annual Report to "J.Jill", "we", "our", "us", "the Company" or similar terms are to J.Jill, Inc. and its subsidiaries.*

**Overview** 

J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through 256 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston.

**How We Assess the Performance of Our Business** 

In assessing the performance of our business, we consider a variety of financial and operating metrics, including financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP") and non-GAAP measures, such as:

***Net sales*** consist primarily of revenues, net of merchandise returns and discounts, generated from the sale of apparel and accessory merchandise through our retail stores (*"*Retail*"*) and through our website and catalog orders (*"*Direct*"*). Net sales also include shipping and handling fees collected from customers, and royalty revenues and marketing reimbursements related to our private label credit card agreement. Retail revenue is recognized at the time of sale or upon shipment if the sale is not immediately fulfilled, and Direct revenue is recognized upon shipment of merchandise to the customer.

Net sales are impacted by the size of our active customer base, product assortment and availability, marketing and promotional activities and the spending habits of our customers. Net sales are also impacted by the migration of single-channel customers to omnichannel customers who, on average, spend three times more than single-channel customers.

***Total company comparable sales*** include sales net of returns from our retail stores that have been open for more than 52 weeks and from our Direct channel. This measure highlights the performance of existing stores open during the period, while excluding the impact of new store openings and closures. When a store in the total company comparable store base is temporarily closed for four or more days within a fiscal week, the store is excluded from the comparable store base; if it is temporarily closed for three or fewer days within a fiscal week, the store is included within the comparable store base. Certain of our competitors and other retailers may calculate total company comparable sales differently than we do. Our comparable sales are based on a 52-week period. The total company comparable sales calculation shifts the weeks in the fiscal year containing the fifty-third week to align like-for-like. As a result, the reporting of our total company comparable sales may not be comparable to sales data made available by other companies.

***Number of stores*** reflects all stores open at the end of a reporting period. In connection with opening new stores, we incur pre-opening costs. Pre-opening costs include expenses incurred prior to opening a new store and primarily consist of payroll, travel, training, marketing, initial opening supplies and costs of transporting initial inventory and fixtures to retail stores, as well as occupancy costs incurred from the time of possession of a store site to the opening of that store. In connection with closing stores, we incur store-closing costs. Store-closing costs primarily consist of lease termination

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penalties and costs of transporting inventory and fixtures to other store locations. These pre-opening and store-closing costs are included in selling, general and administrative expenses and are generally incurred and expensed within 30 days of opening a new store or closing a store.

***Gross profit*** is equal to our net sales less costs of goods sold. Gross profit as a percentage of our net sales is referred to as gross margin.

***Costs of goods sold ("COGS")*** consists of the direct costs of sold merchandise, which include customs, taxes, tariffs, duties, commissions and inbound shipping costs, inventory shrinkage, and adjustments and reserves for excess, aged and obsolete inventory. COGS does not include distribution center costs and allocations of indirect costs, such as occupancy, depreciation, amortization, or labor and benefits. We review our inventory levels on an ongoing basis to identify slow-moving merchandise and use markdowns to liquidate these products. Changes in the assortment of our products may also impact our gross profit. The timing and level of markdowns are driven by customer acceptance of our merchandise. The Company's COGS, and consequently gross profit, may not be comparable to those of other retailers, as inclusion of certain costs vary across the industry.

The variability in COGS is due to raw materials, transportation, freight costs, and tariffs. These costs fluctuate based on certain factors beyond our control, including labor conditions, inbound transportation or freight costs, energy prices, currency fluctuations and commodity prices. We place orders with merchandise suppliers in U.S. dollars and, as a result, are not exposed to significant foreign currency exchange risk.

***Selling, general and administrative ("SG&A") expenses*** include all operating costs not included in COGS. These expenses consist primarily of all payroll and related expenses, occupancy costs, information systems costs and other operating expenses related to our stores and operations at our headquarters, including utilities, depreciation and amortization. These expenses also consist of marketing expense, including catalog production and mailing costs, warehousing, distribution and outbound shipping costs, customer service operations, consulting and software services, natural disaster related costs, professional services and other administrative costs. Additionally, our outbound shipping costs may fluctuate due to surcharges from shipping vendors based on demand for shipping services.

With the exception of store selling expenses, certain marketing expenses and incentive compensation, SG&A expenses generally do not vary proportionately with net sales. As a result, SG&A expenses as a percentage of net sales are usually higher in lower-volume periods and lower in higher-volume periods.

***Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and Adjusted EBITDA Margin*.** Adjusted EBITDA, represents net income plus (less) depreciation and amortization, income tax provision, interest expense, interest expense – related party, interest income, equity-based compensation expense, write-off of property and equipment, amortization of cloud-based software implementation costs, loss on extinguishment of debt, loss on debt refinancing, adjustment for exited retail stores, impairment of long-lived assets, gain/loss due to hurricane, and other non-recurring items, primarily consisting of non-ordinary course professional fees, non-employee share-based payments, CEO transition costs, severance expense and legal settlements and fees associated with certain non-recurring transactions and events. We present Adjusted EBITDA on a consolidated basis because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and as such, use it internally to report results. Adjusted EBITDA margin represents, for any period, Adjusted EBITDA as a percentage of net sales.

While we believe that Adjusted EBITDA is useful in evaluating our business, Adjusted EBITDA is a non-GAAP financial measure that has limitations as an analytical tool. Adjusted EBITDA should not be considered an alternative to, or substitute for, net income, which is calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces the usefulness of Adjusted EBITDA as a tool for comparison. We recommend that you review the reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, and the calculation of the resultant Adjusted EBITDA margin below and not rely solely on Adjusted EBITDA or any single financial measure to evaluate our business.

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**Reconciliation of Net Income to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin**

***Fiscal Year Ended January 31, 2026 compared to Fiscal Year Ended February 1, 2025, both comprised of 52-weeks, and Fiscal Year Ended February 3, 2024 which is comprised of 53-weeks.***

The following table provides a reconciliation of net income to Adjusted EBITDA and the calculation of Adjusted EBITDA margin for the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
| **(in thousands)** | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| **Statements of Operations Data:** |  |  |  |
| Net income | $27891 | $39483 | $36201 |
| Add (Less): |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 21215 | 21337 | 22931 |
| &nbsp;&nbsp;Income tax provision | 11162 | 14498 | 13164 |
| &nbsp;&nbsp;Interest expense | 10433 | 15701 | 25699 |
| &nbsp;&nbsp;Interest expense - related party |  |  | 1074 |
| &nbsp;&nbsp;Interest income | (1992) | (2550) | (2790) |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;Equity-based compensation expense <sup>(a)</sup> | 5376 | 6510 | 3762 |
| &nbsp;&nbsp;Write-off of property and equipment <sup>(b)</sup> | 218 | 105 | 70 |
| &nbsp;&nbsp;Amortization of cloud-based software implementation costs <sup>(c)</sup> | 2238 | 882 | 620 |
| &nbsp;&nbsp;Loss on extinguishment of debt <sup>(d)</sup> |  | 8570 |  |
| &nbsp;&nbsp;Loss on debt refinancing <sup>(e)</sup> | 3116 |  | 12702 |
| &nbsp;&nbsp;Adjustment for exited retail stores <sup>(f)</sup> | (242) | (843) | (767) |
| &nbsp;&nbsp;Impairment of long-lived assets <sup>(g)</sup> | 684 | 772 | 189 |
| &nbsp;&nbsp;(Gain)/loss due to hurricane <sup>(h)</sup> | (1102) | 2 |  |
| &nbsp;&nbsp;Other non-recurring items <sup>(i)</sup> | 5345 | 2673 | 2 |
| Adjusted EBITDA | $84342 | $107140 | $112857 |
| Net sales | $596549 | $610857 | $608043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 14.1% | 17.5% | 18.6% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Represents expenses associated with equity incentive instruments granted to our management and board of directors (the "Board"). Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Represents the net gain or loss on the disposal of fixed assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses. Adjusted EBITDA for fiscal year ended February 3, 2024 has been restated to include such adjustments to Net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Represents loss on the prepayment of a portion of the term loan (the "Term Loan Credit Agreement" and, such facility, the "Term Loan Facility").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Represents loss on the repayment of 2023 Term Loan Credit Agreement (the "2023 Term Loan Credit Agreement") in December 2025, and the Priming Term Loan Credit Agreement (the "Priming Credit Agreement") and Subordinated Term Loan Credit Agreement (the "Subordinated Credit Agreement") that were repaid in April 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Represents non-cash gains associated with exiting store leases earlier than anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Represents impairment of long-lived assets related to right-of-use assets and leasehold improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Represents (gain)/loss on write-off of property and equipment and inventory at one store location due to hurricane and insurance recovery received in 2024 and the gain on expected insurance recovery recognized in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Represents items management believes are not indicative of ongoing operating performance, including CEO transition costs, severance expense, non-ordinary course legal and professional fees, non-employee share-based payments, and legal settlements and fees.

**Items Affecting the Comparability of our Results of Operations** 

*53rd week*. The Company's fiscal year ends on the Saturday that is closest to January 31, resulting in an additional week of results every five or six years. Fiscal Year 2023 contained 53-weeks of operations whereas the Fiscal Years 2025 and 2024 contained 52-weeks of operations. The 53rd week added approximately $7.9 million to net sales and $2.2 million to Adjusted EBITDA for Fiscal Year 2023.

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*Loss on extinguishment of debt.* For Fiscal Year 2024, the Company recognized a loss on extinguishment of debt of $8.6 million related to the voluntary prepayment of a portion of the prior Term Loan Credit Agreement. No such loss was incurred by the Company during Fiscal Year 2025.

*Loss on debt refinancing.* For Fiscal Year 2025, the Company recognized a loss on debt refinancing of $3.1 million related to entering into its new Term Loan Credit Agreement and the repayment of the 2023 Term Loan Credit Agreement in December 2025. No such loss was incurred by the Company during Fiscal Year 2024.

**Results of Operations** 

***Fiscal Year Ended January 31, 2026 compared to Fiscal Year Ended February 1, 2025.***

The following table summarizes our consolidated results of operations for the periods indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |  |  |
| **(in thousands)** | **January 31, 2026** | **January 31, 2026** | **February 1, 2025** | **February 1, 2025** | **Change from Fiscal Year Ended February 1, 2025 to Fiscal Year Ended January 31, 2026** | **Change from Fiscal Year Ended February 1, 2025 to Fiscal Year Ended January 31, 2026** |
|  | **Dollars** | **% of Net<br>Sales** | **Dollars** | **% of Net<br>Sales** | **$ Change** | **% Change** |
| **Net sales** | $596549 | 100.0% | $610857 | 100.0% | $(14308) | (2.3)% |
| Costs of goods sold | 186804 | 31.3% | 181001 | 29.6% | 5803 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 409745 | 68.7% | 429856 | 70.4% | (20111) | (4.7)% |
| Selling, general and administrative expenses | 358451 | 60.1% | 353382 | 57.9% | 5069 | 1.4% |
| Impairment of long-lived assets | 684 | 0.1% | 772 | 0.1% | (88) | (11.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 50610 | 8.5% | 75702 | 12.4% | (25092) | (33.1)% |
| Loss on extinguishment of debt |  | 0.0% | 8570 | 1.4% | (8570) | (100.0)% |
| Loss on debt refinancing | 3116 | 0.5% |  | 0.0% | 3116 | 100.0% |
| Interest expense | 10433 | 1.7% | 15701 | 2.6% | (5268) | (33.6)% |
| Interest income | (1992) | (0.3)% | (2550) | (0.4)% | 558 | 21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before provision for income taxes** | 39053 | 6.5% | 53981 | 8.8% | (14928) | (27.7)% |
| Income tax provision | 11162 | 1.9% | 14498 | 2.4% | (3336) | (23.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $27891 | 4.7% | $39483 | 6.5% | $(11592) | (29.4)% |

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***Net Sales***

Net sales for Fiscal Year 2025 decreased $14.3 million or 2.3%, to $596.5 million from $610.9 million for Fiscal Year 2024. The decrease in net sales was primarily due to total company comparable sales decrease of 3.1%. The decrease in total company comparable sales was primarily driven by a decline in unit sales partially offset by an increase in the average unit retail price.

Our Direct channel was responsible for 48.2% of our net sales in Fiscal Year 2025 compared to 47.5% in Fiscal Year 2024. Our Retail channel was responsible for 51.8% of our net sales in Fiscal Year 2025 and 52.5% in Fiscal Year 2024. We operated 256 and 252 retail stores at the end of these same periods, respectively.

***Gross Profit and Cost of Goods Sold***

Gross profit for Fiscal Year 2025 decreased $20.1 million, or 4.7%, to $409.7 million from $429.9 million for Fiscal Year 2024. The gross margin for Fiscal Year 2025 was 68.7% compared to 70.4% for Fiscal Year 2024. The decrease of gross margin in Fiscal Year 2025 was primarily driven by higher full-price promotional rates, higher mix of markdown sales, and increased tariffs, compared to Fiscal Year 2024.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses for Fiscal Year 2025 increased $5.1 million, or 1.4%, to $358.5 million from $353.4 million for Fiscal Year 2024. The increase is primarily driven by $3.6 million in CEO transition costs, and severance-related expenses partially offset by a decrease in legal fees, $4.1 million occupancy fees due to higher lease expenses, $2.5 million in shipping, $2.0 million in telecommunication primarily driven by application hosting expenses, a decrease of capitalized payroll of $1.0 million, a loss on right of use ("ROU") assets of $0.6 million and increase in sales tax

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assessment of $0.4 million. The increase was partially offset by a decrease of $8.0 million in compensation and benefits and management incentive expense and the recognition of a $1.1 million gain for hurricane-related insurance claims.

***Impairment of long-lived assets***

Impairment of long-lived assets for Fiscal Year 2025 decreased by $0.1 million, or 11.4% to $0.7 million from $0.8 million for Fiscal Year 2024. Our Fiscal Year 2025 results include $0.4 million of impairment charges for long-lived assets (leasehold improvements, and furniture, fixtures and equipment), and our Fiscal Year 2024 results include $0.5 million of impairment charges for long-lived assets (leasehold improvements, and furniture, fixtures and equipment).

***Loss on Extinguishment of Debt***

For Fiscal Year 2024, the Company recognized a loss on extinguishment of debt of $8.6 million related to the voluntary prepayment of a portion of the 2023 Term Loan Credit Agreement. No such loss was incurred by the Company during Fiscal Year 2025.

***Loss on debt refinancing***

For Fiscal Year 2025, the Company recognized a loss on debt refinancing of $3.1 million related to entering into a new Term Loan Credit Agreement and the repayment of the 2023 Term Loan Credit Agreement. No such loss was incurred by the Company during Fiscal Year 2024.

***Interest Expense***

Interest expense was $10.4 million and $15.7 million for Fiscal Years 2025 and 2024, respectively. The decrease was primarily due to a lower debt balance for Fiscal Year 2025.

Interest expense consists primarily of interest expense, including amortization of original issue discounts and capitalized financing fees and expenses, on the Company's term loan credit agreements, as well as amortization of deferred financing costs related to the Company's asset-based revolving credit facility agreement (the "ABL Credit Agreement" and, such facility, the "ABL Facility"), for Fiscal Years 2025 and 2024.

***Interest Income***

For Fiscal Year 2025, the Company earned interest on cash of $2.0 million, compared to $2.6 million for Fiscal Year 2024.

***Income Tax Provision***

The income tax provision for Fiscal Year 2025 was $11.2 million compared to $14.5 million for Fiscal Year 2024. Our effective tax rates were 28.6% and 26.9%, respectively. The effective tax rate during Fiscal Year 2025 differs from the federal statutory rate of 21.0% due primarily to the impacts of (i) state and local income taxes and (ii) executive compensation limitations. Refer to *Note 14*. *Income Taxes* to the consolidated financial statements for additional income tax information.

The effective tax rate for Fiscal Year 2024 differs from the federal statutory rate of 21.0% due primarily to the impacts of (i) state and local income taxes and (ii) executive compensation limitations.

**Liquidity and Capital Resources**

***General***

Our primary sources of liquidity and capital resources are cash and cash equivalents generated from operating activities and availability under our ABL Facility, so long as certain conditions related to the maturity of the new Term Loan Credit Agreement are met. As of January 31, 2026, we had $41.0 million in cash and cash equivalents and $35.7 million of total availability under our $40.0 million ABL Facility. In addition, through our shelf registration statement on file with the SEC or through private transactions, and depending on conditions prevailing in the public and private capital markets, we may from time to time issue equity securities in one or more series in one or more offerings.

On December 6, 2024, the Board approved a share repurchase program (the "Share Repurchase Program"), under which the Company is authorized to repurchase up to $25.0 million of the Company's common stock, over the next two years. Under the Share Repurchase Program, shares of the Company's common stock may be purchased from time to time through open market or private transactions, block trades, or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations under the Exchange Act and share repurchase parameters determined by the Board. The timing and the number of shares repurchased are subject to the

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discretion of the Company and may be affected by market conditions and other factors. The Share Repurchase Program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time.

We believe our cash and cash equivalents balance, along with our future cash flows from operations, capacity for borrowings under the ABL Facility and access to credit and capital markets, provide sufficient liquidity to meet the needs of our business operations, make voluntary prepayments, pay dividends, repurchase shares, and to satisfy our projected cash requirements for the next 12 months and the foreseeable future.

***Credit Facilities***

On December 12, 2025, the Company and Jill Acquisition LLC (the "Borrower") entered into a new Term Loan Credit Agreement (the "2025 Term Loan Credit Agreement"), with the lenders party thereto from time to time and CCP Agency, LLC, as administrative agent and as collateral agent. The 2025 Term Loan Credit Agreement provides for a senior secured term loan facility in an aggregate principal amount of $75.0 million with a maturity date of December 12, 2030 (the "2025 Term Loan Facility"). As of January 31, 2026, the outstanding principal balance under the 2025 Term Loan Credit Agreement was $75.0 million.

The proceeds from the 2025 Term Loan Facility were used to pay off in full all outstanding principal balance under the 2023 Term Loan Credit Agreement dated as of April 5, 2023. All security interests and liens granted in connection with the 2023 Term Loan Credit Agreement were released.

The Term Loan Facility is to be repaid in quarterly payments of $468,750 on the last Business Day of each Fiscal Quarter of the Borrower, commencing with the Fiscal Quarter ending May 2, 2026, until January 30 2027 and of $187,500 commencing on the Fiscal Quarter ending May 1, 2027 and each Fiscal Quarter thereafter, with the remaining aggregate principal amount of Initial Term Loans then outstanding to be paid on maturity on December 12, 2030. Additionally, the Term Loan Facility is subject to mandatory repayment, subject to certain exceptions, including (i) 100% of the net proceeds of any issuance or incurrence of indebtedness other than debt permitted in the Term Loan Credit Agreement, (ii) 100% of the net cash proceeds of certain asset sales/insurance proceeds, subject to reinvestment rights and certain other exceptions, and (iii) an annual payment ranging from 25%-75%, based on the First Lien Net Leverage Ratio, of the annual Excess Cash Flow ("ECF"), less certain voluntary prepayments made during the year, as defined in the Term Loan Credit Agreement.

The Term Loan Facility may be voluntarily prepaid after the one-year anniversary without premium or penalty but on or prior to the one-year anniversary, subject to a premium of 1.0% of the aggregate principal amount being prepaid.

The Company also has a $40.0 million ABL Facility, which matures on May 10, 2028, subject to a springing maturity provision. The ABL Facility consists of revolving loans and swing line loans. Borrowings classified as revolving loans under the ABL Facility may be maintained as either Term SOFR or Base Rate loans, each of which has a variable interest rate plus an applicable margin. Borrowings classified as swing line loans under the ABL Facility are Base Rate loans. Term SOFR loans under the ABL Facility accrue interest at a rate equal to Term SOFR plus a spread ranging from 1.50% to 1.75%, depending on borrowing amounts. Base Rate loans under the ABL Facility accrue interest at a rate equal to (i) the greatest of (a) the financial institution's prime rate, (b) the overnight Federal Funds Effective Rate plus 0.50%, (c) Adjusted Term SOFR (as adjusted by any Floor) plus 1.00% (ii) a spread ranging from 0.50% to 0.75%, depending on borrowing amounts.

Borrowings under the ABL Facility are secured by a first lien on accounts receivable and inventory. The Company had no short-term borrowings under the ABL Facility as of January 31, 2026. Based on the terms of the agreement, the ABL Facility is reduced by the amount of outstanding letters of credit. As of January 31, 2026, the Company's available borrowing capacity under the ABL Facility was $35.7 million.

The Company's credit facilities contain customary negative and financial covenants, including restrictions on additional indebtedness, liens, investments, dividends and distributions, affiliate transactions, and payments on junior indebtedness. As of January 31, 2026, the Company is in compliance with all such covenants. See *Note 9. Debt* to the consolidated financial statements included in this Annual Report for additional information.

***Cash Flow Analysis***

The following table shows our cash flows information for the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
| **(in thousands)** | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Net cash provided by operating activities | $42144 | $65036 | $63313 |
| Net cash used in investing activities | (18915) | (17755) | (16934) |
| Net cash used in financing activities | (17641) | (74026) | (71260) |

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***Net Cash provided by Operating Activities***

Net cash provided by operating activities during Fiscal Year 2025 decreased $22.9 million compared to Fiscal Year 2024. The decrease during Fiscal Year 2025 was driven by lower net income of $11.6 million and changes in operating assets and liabilities of $9.8 million, and by adjustments to reconcile net income to net cash from operations of $1.5 million. The change in operating assets and liabilities was driven by changes in accrued expenses and other current liabilities of $7.4 million mainly due to lower interest expense and management incentive accruals and the settlement of prior-period tax and operating liabilities, lower cash inflows relating to timing of payments for accounts payable of $5.0 million, largely reflecting higher merchandising payables, prepaid and other current assets of $2.0 million, operating lease assets and liabilities of $1.3 million due primarily to lease amortization, and increased payments for inventories of $0.7 million mainly due to timing of the receipt of goods and tariffs. These changes were partially offset by the timing of payments related to other noncurrent assets and liabilities of $5.9 million driven by capitalized cloud-based software implementation costs, and increase in accounts receivable of $0.7 million.

Net cash provided by operating activities during Fiscal Year 2025 was $42.1 million. Key elements of cash provided by operating activities were (i) net income of $27.9 million, (ii) adjustments to reconcile net income to net cash provided by operating activities of $34.8 million, primarily driven by $21.2 million of depreciation and amortization, equity-based compensation of $5.4 million, deferred income taxes of $5.0 million and the loss on debt refinancing of $3.1 million, and (iii) uses of cash of $20.6 million for net operating assets and liabilities.

Net cash provided by operating activities during Fiscal Year 2024 was $65.0 million. Key elements of cash provided by operating activities were (i) net income of $39.5 million, (ii) adjustments to reconcile net income to net cash provided by operating activities of $36.4 million, primarily driven by $21.3 million of depreciation and amortization and the loss on extinguishment of debt $8.6 million, and Equity-based compensation $6.5 million, and (iii) uses of cash of $10.8 million for net operating assets and liabilities.

***Net Cash used in Investing Activities***

Net cash used in investing activities during Fiscal Year 2025 was $18.9 million, an increase of $1.2 million as compared to Fiscal Year 2024, representing purchases of property and equipment related investments in stores and software and technology related investments.

***Net Cash used in Financing Activities***

Net cash used in financing activities during Fiscal Year 2025 decreased by $56.4 million as compared to Fiscal Year 2024. The change was primarily driven by principal repayments on the 2023 Term Loan, partially offset by the proceeds from the issuance of common stock in Fiscal Year 2024, partially by share repurchase costs and higher dividends paid in Fiscal Year 2025.

Net cash used in financing activities during Fiscal Year 2025 was $17.6 million, primarily consisting of share repurchase costs, net of commission and fees, surrender of shares to pay withholding taxes, and quarterly cash dividends paid to shareholders.

Net cash used in financing activities during Fiscal Year 2024 was $74.0 million, which was driven by principal repayments and prepayment premium on the Term Loan and dividends paid to common shareholders, partially offset by proceeds from the issuance of common stock, net of underwriting costs.

***Dividends***

During the fiscal year ended January 31, 2026, the Company declared and paid dividends of $4.9 million to stockholders of the Company's common stock. While dividends are generally recorded as a reduction to Retained earnings, since the Company has an accumulated deficit, dividends are recorded as a reduction to Additional paid-in capital.

For the fiscal year ended February 1, 2025, the Company declared and paid dividends of $2.9 million to stockholders of the Company's common stock.

The Company intends to pay cash dividends quarterly in the future, subject to market conditions and at the discretion of the Board. Our ability to pay dividends in the future is based on a number of factors, such as earnings levels, capital requirements, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements and the ability of our operating subsidiaries to pay dividends to us as a holding company.

***Share Repurchase***

On December 6, 2024, the Board approved a share repurchase program (the "Share Repurchase Program"), under which the Company is authorized to repurchase up to $25.0 million of the Company's common stock over the next two years.

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Under the Share Repurchase Program, shares of the Company's common stock may be purchased from time to time through open market or private transactions, block trades, or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations under the Exchange Act and share repurchase parameters determined by the Board. The timing and the number of shares repurchased are subject to the discretion of the Company and may be affected by market conditions and other factors. The Share Repurchase Program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time.

***Capitalization***

The Company's long-term debt consisted of the following:

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| | |
|:---|:---|
|  | **Carrying Value of Debt** |
|  | **January 31, 2026** |
| Term Loan Facility (principal of $75,000) | $73310 |
| Less: Current portion | (1875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term debt | $71435 |

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The Company had no short-term borrowings under the Company's ABL Facility as of January 31, 2026. The Company had outstanding letters of credit in the amount of $4.3 million and had a maximum additional borrowing capacity of $35.7 million as of January 31, 2026.

***Future Cash Requirements***

We enter into contractual obligations in the ordinary course of business that may require future cash payments. Such obligations include merchandise inventories, marketing, including catalog production and distribution, payroll, store occupancy costs and capital expenditures associated with opening new stores, remodeling existing stores and upgrading information systems. The notes to the financial statements included elsewhere in this Annual Report provide additional information.

We believe our sources of liquidity, namely operating cash flows and ABL Facility capacity will continue to be adequate to meet our contractual obligations, working capital and capital expenditure requirements, finance anticipated expansion and strategic initiatives, and fund debt maturities for the foreseeable future. We may also engage in capital markets transactions from time to time subject to the discretion of our Board. We expect capital expenditures in the next twelve months to support opening of new stores, store design/ remodels, and system upgrades and maintenance projects.

**Off Balance Sheet Arrangements**

We are not a party to any off balance sheet arrangements.

**Critical Accounting Policies and Significant Estimates**

Our discussion of results of operations and financial condition is based upon the consolidated financial statements included elsewhere in this Annual Report, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and certain assumptions about future events that affect the classification and amounts reported in our consolidated financial statements and accompanying notes, including revenue and expenses, assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on our historical results as well as management's judgment. Although management believes the judgment applied in preparing estimates is reasonable based on circumstances and information known at the time, actual results could vary materially from estimates based on assumptions used in the preparation of our consolidated financial statements.

The most significant accounting estimates involve a high degree of judgment or complexity. Management believes the estimates and judgments most critical to the preparation of our consolidated financial statements and to the understanding of our reported financial results include those made in connection with revenue recognition, including accounting for outstanding gift cards that will ultimately not be redeemed ("gift card breakage") and estimated merchandise returns; estimating the value of inventory; and impairment assessments for goodwill and other indefinite-lived intangible assets, and long-lived assets; estimating of incurred but not reported ("IBNR") claims. Management evaluates its policies and assumptions on an ongoing basis. Our significant accounting policies related to these accounts in the preparation of our consolidated financial statements are described below (see *Note 2. Summary of Significant Accounting Policies* to our audited consolidated financial statements presented elsewhere in this Annual Report for additional information regarding our critical accounting policies).

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***Sales Return Reserve***

The Company has a return policy where merchandise returns will be accepted within 60 days of the original purchase date. At the time of sale, the Company records an estimated sales reserve for merchandise returns based on historical prior returns experience and expected future returns. The estimated sales reserve is recorded as a return asset (and corresponding adjustment to cost of goods sold) for the cost of inventory and a return liability for the amount to settle the return with a customer (and a corresponding adjustment to revenue). The return asset and return liability are recorded in Prepaid expenses and other current assets, and Accrued expenses and other current liabilities, respectively, in the consolidated balance sheets. The Company collects and remits sales and use taxes in all states in which retail and direct sales occur and taxes are applicable. These taxes are reported on a net basis and are thereby excluded from revenue. The Company revised its methodology for estimating the sales return reserve in the first quarter of Fiscal 2025. See *Note 2. Summary of Significant Accounting Policies* to our audited consolidated financial statements presented elsewhere in this Annual Report for additional information.

***Gift Cards***

The Company sells gift cards without expiration dates to customers. The Company does not charge administrative fees on unused gift cards. Proceeds from the sale of gift cards are recorded as a contract liability until the customer redeems the gift card or when the likelihood of redemption is remote. Based on historical experience, the Company estimates the value of outstanding gift cards that will ultimately not be redeemed ("gift card breakage") that is not required to be escheated under statutory unclaimed property laws. This gift card breakage is recognized as revenue over the time period established by the Company's historical gift card redemption pattern.

***Merchandise Inventory***

Inventory consists of finished goods merchandise held for sale to our customers. Inventory is stated at the lower of cost or net realizable value. Cost is calculated using the weighted average method of accounting, and includes the cost to purchase merchandise from our manufacturers, duties, tariffs, inbound freight and commissions.

In the normal course of business, we record inventory reserves by applying estimates, based on past and projected sales performance, to the inventory on hand. The carrying value of inventory is reduced to estimated net realizable value when factors indicate that merchandise will not be sold on terms sufficient to recover its cost.

We monitor inventory levels, sales trends and sales forecasts to estimate and record reserves for excess, slow-moving and obsolete inventory. We utilize internal channels, including sales catalogs, the internet, and price reductions in retail stores to liquidate excess inventory. In some cases, external channels such as inventory liquidators are utilized. The prices obtained through these off-price selling methods vary based on many factors. Accordingly, estimates of future sales prices require management judgment based on historical experience, assessment of current conditions and assumptions about future transactions. We have not made significant changes to our assumptions during the periods presented in our consolidated financial statements included elsewhere in this Annual Report, and estimates have not varied significantly from historically recorded amounts.

***Asset Impairment Assessments***

*Goodwill*

We evaluate goodwill for impairment on an annual basis on the last day of our eleventh fiscal month beginning Fiscal Year 2023 and at the end of each fiscal year prior to Fiscal 2023, or more frequently between annual tests when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has determined that this change in the impairment assessment date does not represent a material change to the Company's method of applying an accounting principle, and therefore does not delay, accelerate, or avoid an impairment charge. See *Note 2. Summary of Significant Accounting Policies* to our audited consolidated financial statements presented elsewhere in this Annual Report for additional information.

Our two reporting units applicable to goodwill impairment assessments are defined as our Direct and Retail sales channels. Examples of impairment indicators that would trigger an impairment assessment of goodwill between annual evaluations include, among others, macro-economic conditions, competitive environment, industry conditions, changes in our profitability and cash flows, and changes in sales trends or customer demand.

The Company's policy is to perform a quantitative analysis of goodwill every three years. During those years when a quantitative assessment is not performed initially, we assess our goodwill for impairment using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than

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its carrying value. If management concludes, based on assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit's fair value is greater than its carrying value, no further impairment testing is required.

If management's assessment of qualitative factors indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is performed. We also have the option to bypass the qualitative assessment described above and proceed directly to the quantitative assessment. The quantitative assessment requires comparing the fair value of a reporting unit to its carrying value, including goodwill. We estimate the fair value of reporting units using the income approach. The income approach uses a discounted cash flow analysis, which involves significant estimates and assumptions, including preparation of revenue and profitability growth forecasts, selection of the discount rate and the terminal year multiple.

If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If the carrying amount exceeds the reporting unit's fair value, a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit.

During Fiscal Years 2025, 2024 and 2023 we did not record any impairment to our goodwill. During Fiscal Year 2023, we performed a quantitative assessment of goodwill. This analysis contains uncertainties because it requires us to make assumptions and to apply judgments to estimate industry economic factors and the profitability of future business strategies. If actual results are not consistent with our estimates and assumptions, we may be exposed to future impairment losses that could be material.

*Indefinite-Lived Intangible Assets*

Our trade name has been assigned an indefinite life as we currently anticipate that it will contribute cash flows to us indefinitely. Our trade name is reviewed at least annually to determine whether events and circumstances continue to support an indefinite, useful life.

We evaluate our trade name for impairment on an annual basis on the last day of our eleventh fiscal month beginning Fiscal Year 2023 and at the end of each fiscal year prior to Fiscal 2023, or more frequently between annual tests whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Conditions that may indicate impairment include, but are not limited to, significant loss of market share to a competitor, the identification of other impaired assets within a reporting unit, loss of key personnel that negatively and materially has an adverse effect on our operations, the disposition of a significant portion of a reporting unit or a significant adverse change in business climate or regulations.

The Company's policy is to perform a quantitative analysis of its indefinite-lived intangible assets every three years. Impairment losses are recorded to the extent that the carrying value of the indefinite-lived intangible asset exceeds its fair value. We measure the fair value of our trade name using the relief-from-royalty method, which estimates the present value of royalty income that could be hypothetically earned by licensing the brand name to a third party over the remaining useful life. The most significant estimates and assumptions inherent in this approach are the preparation of revenue forecasts, selection of the royalty and discount rates, and selection of the terminal year multiple.

We did not record any impairment losses related to the trade name during Fiscal Years 2025, 2024 and 2023. During Fiscal Year 2023, we performed a quantitative assessment of our trade name. This analysis contains uncertainties because it requires us to make assumptions and to apply judgments to estimate industry economic factors and the profitability of future business strategies. If actual results are not consistent with our estimates and assumptions, we may be exposed to future impairment losses that could be material.

*Long-Lived Assets*

Long-lived assets include definite-lived intangible assets (our customer list) subject to amortization, property and equipment and operating lease assets. Long-lived assets obtained in a business combination are recorded at the acquisition-date fair value, property and equipment purchased in the normal course of business is recorded at cost and operating lease assets are recorded at the present value of the lease payments.

We assess the carrying value of long-lived assets for potential impairment whenever indicators exist that the carrying value of an asset group might not be recoverable. Indicators of impairment include, among others, a significant decrease in the market price of an asset, a significant adverse change in the extent or manner in which an asset is being used or in its physical condition, and operating or cash flow performance that demonstrates continuing losses associated with an asset group.

When indicators of potential impairment exist, we compare the sum of estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset group to the carrying value of the asset group. If the carrying value of an asset group exceeds the sum of estimated undiscounted future cash flows, we record an impairment loss

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in the amount required to reduce carrying value of the asset group to fair value. We estimate the fair value of an asset group based on the present value of estimated future cash flows, calculated by discounting the cash flow projections used in the previous step.

During Fiscal Year 2025, we assessed the carrying values of right-of-use assets and property and equipment as described above. During Fiscal Year 2025, the Company recorded noncash impairment charges of $0.4 million related to leasehold improvements at certain store locations driven by the actual performance at these locations and $0.3 million related to a right-of-use assets at certain store locations. During Fiscal Year 2024, the Company recorded noncash impairment charges of $0.5 million related to leasehold improvements at certain store locations driven by the actual performance at these locations and $0.3 million related to a right-of-use asset driven by revised sublease assumptions of one floor of the corporate headquarters located in Quincy, Massachusetts that was vacated in July 2019. During Fiscal Year 2023, the Company recorded impairment charges of $0.2 million related to leasehold improvements at certain store locations driven by the actual performance at these locations.

Determining the fair value of long-lived assets requires management judgment and relies upon the use of significant estimates and assumptions, including future sales, our margins and cash flows, current and future market conditions, discount rates applied, useful lives and other factors. We believe our assumptions are reasonable based on available information. Changes in assumptions and estimates used in the impairment analysis, or future results that vary from assumptions used in the analysis, could affect the estimated fair value of long-lived intangible assets and could result in impairment charges in a future period.

***Self-Insured Group Health Insurance Reserves***

In Fiscal Year 2024, the Company transitioned to a self-insured group health insurance program up to certain stop-loss limits. Such costs are accrued based on known claims and an estimation of incurred but not reported ("IBNR") claims. IBNR claims are estimated using historical claim information and actuarial estimates.

**Recent Accounting Pronouncements**

See *Note 3. Accounting Standards* to our audited consolidated financial statements included elsewhere in this Annual Report for information regarding recently issued accounting pronouncements.

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**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

***Interest Rate Risk***

We are subject to interest rate risk in connection with borrowings under the Credit Facilities, each of which bear interest at variable rates as defined in the respective agreements described above. As of January 31, 2026, there was an outstanding balance of $75.0 million under the Term Loan Facility. There were no outstanding borrowings under the ABL Facility. We currently do not engage in any interest rate hedging activity. Based on the schedule of outstanding borrowings as of January 31, 2026, a 10% change in our current interest rate would have affected net income by $4.2 million during Fiscal Year 2025.

**Item 8. Financial Statements and Supplementary Data**

The financial statements required to be filed pursuant to this Item 8 are appended to this report. An index of those financial statements is found in Item 15.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of January 31, 2026, the end of the period covered by this Annual Report, our disclosure controls and procedures were effective to provide such reasonable assurance.

***Management's Annual Report on Internal Control over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer and effected by the Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has assessed the effectiveness of the Company's internal control over financial reporting as of January 31, 2026. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in *Internal Control – Integrated Framework* (2013). Based on this evaluation, our management concluded that the Company's internal control over financial reporting was effective as of January 31, 2026.

The Company's independent registered public accounting firm, Grant Thornton LLP, has audited the effectiveness of the Company's internal control over financial reporting as of January 31, 2026, and has expressed an unqualified opinion in their report which appears in the Annual Report.

***Limitations on the Effectiveness of Controls and Procedures***

In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and our management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

***Changes to Internal Control over Financial Reporting***

There have been no changes in our internal control over financial reporting during our most recent fiscal quarter ended January 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

During the fourth quarter ended January 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K.

**Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections**

Not applicable.

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**PART III** 

**Item 10. Directors, Executive Officers and Corporate Governance**

The information required by this item will be contained in our definitive proxy statement in connection with our 2026 Annual Meeting of Stockholders (the "Proxy Statement"), which is expected to be filed with the SEC not later than 120 days after the end of our Fiscal Year 2025 and is incorporated herein by reference.

***Code of Business Conduct and Ethics***

Our Board has adopted a code of conduct and ethics that applies to all of our directors, officers and employees and is intended to comply with the relevant listing requirements for a code of conduct as well as qualify as a "code of ethics" as defined by the rules of the SEC. The statement contains general guidelines for conducting our business consistent with the highest standards of business ethics. We intend to disclose future amendments to certain provisions of our code of conduct and ethics, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, and our directors, on our website at <u>www.jjill.com</u>. The code of conduct and ethics is available on our website at <u>www.jjill.com</u>.

**Item 11. Executive Compensation**

The information required by this Item will be set forth in the Proxy Statement and is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this Item will be set forth in the Proxy Statement and is incorporated herein by reference.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by this Item will be set forth in the Proxy Statement and is incorporated herein by reference.

**Item 14. Principal Accounting Fees and Services**

The information required by this Item will be set forth in the Proxy Statement and is incorporated herein by reference.

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**PART IV** 

**Item 15. Exhibits, Financial Statement Schedules**

(a)(1) Financial Statements.

See the "Index to Consolidated Financial Statements" on page F-1 below for the list of financial statements filed as part of this report.

(a)(2) Financial Statement Schedules.

All schedules have been omitted because they are not required or because the required information is given in the Consolidated Financial Statements or Notes thereto set forth below beginning on page F-1.

(a)(3) Exhibits.

The exhibits listed in the Exhibit Index below are filed or incorporated by reference as part of this Annual Report.

**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit Description** |
| 3.1 | [<u>Certificate of Incorporation of J.Jill, Inc. (incorporated by reference from Exhibit 3.1 to the Company's Form 10-K, filed on April 28, 2017 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/0001687932/000119312517147673/d352349dex31.htm) |
| 3.2 | [<u>Certificate of Amendment to the Certificate of Incorporation of J.Jill, Inc. (incorporated by reference from Exhibit 3.1 to the Company's Form 8-K, filed on November 9, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/0001687932/000119312520289210/d816727dex31.htm) |
| 3.3 | [<u>Bylaws of J.Jill, Inc. (incorporated by reference from Exhibit 3.2 to the Company's Form 10-K, filed on April 28, 2017 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517147673/d352349dex32.htm) |
| 4.1 | [<u>Description of the Registrant's Securities Registered pursuant to Section 12 of the Securities Exchange Act of 1934</u>](https://www.sec.gov/Archives/edgar/data/1687932/000156459022014339/jill-ex41_11.htm)[<u>(incorporated by reference from Exhibit 4.1 to the Company's Form 10-K, filed on June 15, 2020 (File No. 001-38026))</u>](https://www.sec.gov/Archives/edgar/data/1687932/000156459022014339/jill-ex41_11.htm). |
| 10.1 | [<u>Form of Indemnification Agreement (incorporated by reference from Exhibit 10.1 to Amendment No. 1 to the Company's Registration Statement on Form S-1, filed on February 27, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517057532/d272297dex101.htm) |
| 10.2 | [<u>Registration Rights Agreement, dated as of March 14, 2017 (incorporated by reference from Exhibit 10.2 to the Company's Form 10-K, filed on April 28, 2017 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517147673/d352349dex102.htm) |
| 10.3† | [<u>J.Jill, Inc. 2017 Omnibus Equity Incentive Plan, as amended (incorporated by reference from Exhibit 99.1 to the Company's Registration Statement on Form S-8, filed on June 14, 2018 (File No. 333-225642)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014218001390/eh1800799_ex9901.htm) |
| 10.4 | [<u>Term Loan Credit Agreement, dated as of April 5, 2023, by and among J.Jill, Inc., as holdings, Jill Acquisition LLC, as the borrower, the lenders party thereto from time to time and Jefferies Finance LLC, as administrative agent and as collateral agent (incorporated by reference from Exhibit 10.1 to the Company's 8-K, filed April 05, 2023 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014223001005/eh230346263_ex1001.htm) |
| 10.5 | [<u>Amendment No. 1 to Term Loan Credit Agreement, dated as of May 10, 2023, among Jill Inc., Jill Acquisition LLC, the lenders party thereto and Jefferies Finance LCC as the administrative and collateral agent. (incorporated by reference from Exhibit 10.2 to the Company's 10-Q, filed June 7, 2023 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023026806/jill-ex10_2.htm) |
| 10.6 | [<u>ABL Credit Agreement, dated as of May 8, 2015, among Jill Holdings LLC, Jill Acquisition LLC, certain subsidiaries of Jill Acquisition LLC from time to time party thereto, the lenders party thereto and CIT Finance LLC, as the administrative agent and collateral agent (incorporated by reference from Exhibit 10.6 to the Company's Registration Statement on Form S-1, filed on February 10, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517037307/d272297dex106.htm) |
| 10.7 | [<u>Amendment No. 1 to ABL Credit Agreement, dated as of May 27, 2016, among Jill Acquisition LLC, Jill Intermediate LLC, certain subsidiaries of Jill Acquisition LLC from time to time party thereto, the lenders party thereto and CIT Finance LLC, as the administrative agent and collateral agent (incorporated by reference from Exhibit 10.7 to the Company's Registration Statement on Form S-1, filed on February 10, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517037307/d272297dex107.htm) |

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit Description** |
| 10.8 | [<u>Amendment No. 4 to ABL Credit Agreement and Waiver, dated as of September 30, 2020 by and among Jill Acquisition LLC and J.Jill Gift Card Solutions, Inc., as borrowers, J.Jill, Inc., as successor to JJill Holdings, Inc. and Jill Intermediate LLC, as parent, the other guarantors from time to time party thereto, the other lenders from time to time party thereto and CIT Finance LLC, as the administrative agent and collateral agent (incorporated by reference from Exhibit 10.4 to the Company's Form 8-K, filed on October 2, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312520262616/d945493dex104.htm) |
| 10.9 | [<u>Amendment No. 5 to ABL Credit Agreement, dated as of April 15, 2022, by and among Jill Acquisition LLC and J.Jill Gift Card Solutions, Inc., as borrowers, J.Jill, Inc., as successor to JJill Holdings, Inc. and Jill Intermediate LLC, as parent, the other guarantors from time to time party thereto, the other lenders from time to time party thereto and CIT Finance LLC, as the administrative agent and collateral agent (incorporated by reference from Exhibit 10.1 to the Company's Form 10-Q, filed on June 8, 2022 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017022011334/jill-ex10_1.htm) |
| 10.10 | [<u>Amendment No. 6 to ABL Credit Agreement, dated as of May 10, 2023, by and among J.Jill, Inc., Jill Acquisition LLC, J.Jill Gift Card Solutions, Inc. the other guarantors party thereto from time to time, the other lenders party thereto from time to time and CIT Finance LLC, as the administrative agent and collateral agent. (incorporated by reference from Exhibit 10.3 to the Company's 10-Q, filed June 7, 2023 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023026806/jill-ex10_3.htm) |
| 10.11 | [<u>Amendment No. 7 to ABL Credit Agreement, dated as of December 1, 2023, by and among J.Jill, Inc., Jill Acquisition LLC, J.Jill Gift Card Solutions, Inc. the other guarantors party thereto from time to time, the other lenders party thereto from time to time and CIT Finance LLC, as the administrative agent and collateral agent (incorporated by reference from Exhibit 10.11 to the Company's Form 10-K, filed April 4, 2024 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023026806/jill-ex10_3.htm) |
| 10.12 | [<u>Priming Credit Agreement, dated as of September 30, 2020, by and among J.Jill. Inc., J.Jill Acquisition LLC, as the borrower, the lenders party thereto from time to time and Wilmington Trust, National Association, as administrative agent and collateral agent (incorporated by reference from Exhibit 10.2 to the Company's Form 8-K, filed on October 2, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312520262616/d945493dex102.htm) |
| 10.13 | [<u>Subordinated Credit Agreement, dated as of September 30, 2020, by and among J.Jill, Inc., Jill Acquisition LLC, as the borrower, the lenders party thereto from time to time and Wilmington Trust, National Association, as administrative agent and collateral agent (incorporated by reference from Exhibit 10.3 to the Company's Form 8-K, filed on October 2, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312520262616/d945493dex103.htm) |
| 10.14<br>| [<u>Term Loan Credit Agreement, dated as of December 12, 2025, by and among J.Jill, Inc., as holdings, Jill <br>Acquisition LLC, as the borrower, the lenders party thereto from time to time and CCP Agency, LLC, as <br>administrative agent and as collateral agent (incorporated by reference from Exhibit 10.1 to the <br>Company's Form 8-K filed on December 15, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312525319455/d28969dex101.htm) |
| 10.15 | [<u>Warrant Agreement, dated as of October 2, 2020, by and among J.Jill, Inc. and American Stock Transfer & Trust Company, LLC (incorporated by reference from Exhibit 10.5 to the Company's Form 8-K, filed on October 2, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/0001687932/000119312520262616/d945493dex105.htm) |
| 10.16 | [<u>Amendment to Warrant Agreement, amended as of December 4, 2020, by and among J.Jill, Inc. and American Stock Transfer & Trust Company, LLC (incorporated by reference from Exhibit 10.7 to the Company's Form 10-Q, filed on December 11, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000156459020056863/jill-ex107_117.htm) |
| 10.17 | [<u>Services Agreement, dated as of May 8, 2015, by and between Jill Acquisition LLC and TowerBrook Capital Partners L.P (incorporated by reference from Exhibit 10.8 to the Company's Registration Statement on Form S-1, filed on February 10, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517037307/d272297dex108.htm) |
| 10.18 | [<u>Lease Agreement, dated as of September 30, 2010, by and between Cole JJ Tilton NH, LLC and Jill Acquisition LLC (incorporated by reference from Exhibit 10.12 to the Company's Registration Statement on Form S-1, filed on February 10, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517037307/d272297dex1012.htm) |
| 10.19 | [<u>Stockholders Agreement, dated as of March 14, 2017 (incorporated by reference from Exhibit 10.13 to the Company's Form 10-K, filed on April 28, 2017 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517147673/d352349dex1013.htm) |
| 10.20† | [<u>Form of Stock Option Award Agreement for Vice Presidents and Above under the J.Jill, Inc. 2017 Omnibus Equity Incentive Plan. (incorporated by reference from Exhibit 10.14 to the Company's Form 10-K, filed on April 13, 2018 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/0001687932/000156459018008155/jill-ex1014_755.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit Description** |
| 10.21† | [<u>Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under the J.Jill, Inc. 2017 Omnibus Equity Incentive Plan (incorporated by reference from Exhibit 10.15 to Amendment No. 1 to the Company's Registration Statement on Form S-1, filed on February 27, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517057532/d272297dex1015.htm) |
| 10.22 | [<u>Amended and Restated Agreement of Limited Partnership of JJill Topco Holdings, LP, dated as of May 8, 2015 (incorporated by reference from Exhibit 10.16 to Amendment No. 1 to the Company's Registration Statement on Form S-1, filed on February 27, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517057532/d272297dex1016.htm) |
| 10.23† | [<u>Form of Grant Agreement under the JJill Topco Holdings, LP Incentive Equity Plan (incorporated by reference from Exhibit 10.18 to Amendment No. 1 to the Company's Registration Statement on Form S-1, filed on February 27, 2017 (File No. 333-215993)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517057532/d272297dex1018.htm) |
| 10.24† | [<u>J.Jill, Inc. Employee Stock Purchase Plan. (incorporated by reference from Exhibit 10.19 to the Company's Form 10-K, filed on April 13, 2018 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000156459018008155/jill-ex1019_502.htm) |
| 10.25† | [<u>Form of Restricted Stock Unit Award Agreement for Vice Presidents and Above under the J.Jill, Inc. 2017 Omnibus Equity Incentive Plan (incorporated by reference from Exhibit 10.1 to the Company's Form 8-K, filed on April 11, 2018 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014218000898/eh1800571_ex1001.htm) |
| 10.26† | [<u>Form of Restricted Stock Unit Award Agreement for Vice Presidents and Above under the J.Jill, Inc. Amended and Restated 2017 Omnibus Equity Incentive Plan (incorporated by reference from Exhibit 10.25 to the Company's Form 10-K, filed April 4, 2024 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023026806/jill-ex10_4.htm) |
| 10.27† | [<u>Form of Performance Based Restricted Stock Unit Award Agreement for Vice Presidents and Above under the J.Jill, Inc. Amended and Restated 2017 Omnibus Equity Incentive Plan (incorporated by reference from Exhibit 10.26 to the Company's Form 10-K, filed April 4, 2024 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023026806/jill-ex10_5.htm) |
| 10.28† | [<u>Election of Director – Shelley Milano (incorporated by reference from Exhibit 99.1 to the Company's Form 8-K, filed on June 10, 2020 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014220001541/eh2000832_ex9901.htm) |
| 10.29† | [<u>Employment Agreement, dated as of October 3, 2020, by and between Claire Spofford and J.Jill, Inc. (incorporated by reference from Exhibit 99.1 to the Company's Registration Statement on Form S-8, filed on February 19, 2021 (File No. 333-253275)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014221000693/eh210132125_ex9901.htm) |
| 10.30†<br>| [<u>Employment Agreement, dated as of February 20, 2025, by and between Mary Ellen Coyne and J.Jill, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_1.htm)<br>[<u>(incorporated by reference from Exhibit 10.1 to the Company's Form 10-Q, filed on June 11, 2025 (File No.</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_1.htm)<br>[<u>001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_1.htm) |
| 10.31†<br>| [<u>Offer Letter, dated as of July 23, 2018, by and between Shelley Liebsch and J.Jill, Inc. (incorporated by</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_2.htm)<br>[<u>reference from Exhibit 10.2 to the Company's Form 10-Q, filed on June 11, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_2.htm) |
| 10.32†<br>| [<u>Offer Letter, dated as of December 14, 2018, by and between Elliot Staples and J.Jill, Inc. (incorporated by</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_3.htm)<br>[<u>reference from Exhibit 10.3 to the Company's Form 10-Q, filed on June 11, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_3.htm) |
| 10.33†<br>| [<u>Retention Agreement, dated as of December 15, 2024 by and between Elliot Staples and J.Jill, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_4.htm)<br>[<u>(incorporated by reference from Exhibit 10.4 to the Company's Form 10-Q, filed on June 11, 2025 (File No.</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_4.htm)<br>[<u>001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_4.htm) |
| 10.34†<br>| [<u>Retention Agreement, dated as of March 13, 2025, by and between Maria Martinez and J.Jill, Inc. <br>(incorporated by reference from Exhibit 10.5 to the Company's Form 10-Q, filed on June 11, 2025 (File No. <br>001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025084826/jill-ex10_5.htm) |
| 10.35† | [<u>Restricted Stock Unit Award Agreement, dated February 18, 2021, by and between Claire Spofford and J. Jill, Inc.) (incorporated by reference from Exhibit 99.2 to the Company's Registration Statement on Form S-8, filed on February 19, 2021 (File No. 333-253275)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095014221000693/eh210132125_ex9902.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Exhibit Description** |
| 10.36† | [<u>Amendment No. 1 Executive Employment Agreement effective February 15, 2024 (incorporated by reference from Exhibit 10.1 to the Company's 10-Q, filed December 5, 2023 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017023068143/jill-ex10_1.htm) |
| 10.37 | [<u>Form of Retention Agreement, dated as of December 13, 2025, by and between Mark Webb and J.Jill, Inc. (incorporated by reference from Exhibit 10.1 to the Company's Form 8-K/A, filed on December 18, 2024 (File No. 001-38026)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687932/000095017024137447/jill-20241213.htm) |
| 10.38\* | [<u>Consulting Service Agreement, dated as of December 9, 2024, by and between Elm St Advisors, LLC and Jill Acquisition LLC</u>](jill-ex10_38.htm) |
| 10.39 | [<u>Amendment No. 1 to Consulting Service Agreement, dated as of March 11, 2025, by and between Elm St Advisors, LLC and Jill Acquisition LLC (incorporated by reference from Exhibit 10.36 to the Company's Form 10-K, filed on April 1, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025048494/jill-ex10_36.htm) |
| 10.40† | [<u>J.Jill, Inc. Amended and Restated 2017 Omnibus Equity Incentive Plan (incorporated by reference from<br>Exhibit 10.6 to the Company's Form 8-K filed on June 6, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312525137151/d948542dex101.htm) |
| 19.1<br>| [<u>Securities Trading Policy (incorporated by reference from Exhibit 19.1 to the Company's Form 10-K, filed on April 1, 2025 (File No. 001-38026))</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025048494/jill-ex19_1.htm). |
| 21.1 | [<u>Subsidiaries of J.Jill, Inc. (incorporated by reference from Exhibit 21.1 to the Company's Form 10-K, filed on April 28, 2017 (File No. 001-30826)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000119312517147673/d352349dex211.htm) |
| 23.1\* | [<u>Consent of Grant Thornton LLP, independent registered public accounting firm.</u>](jill-ex23_1.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](jill-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](jill-ex31_2.htm) |
| 32.1\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](jill-ex32_1.htm) |
| 32.2\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](jill-ex32_2.htm) |
| 97.1\* | [<u>J.Jill, Inc. Clawback Policy (incorporated by reference from Exhibit 97.1 to the Company's Form 10-K, filed on April 1, 2025 (File No. 001-38026)).</u>](https://www.sec.gov/Archives/edgar/data/1687932/000095017025048494/jill-ex97_1.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page formatted as inline XBRL and contained in Exhibits 101 |

---

------

\* Filed herewith.

† Management contract or compensatory plan or arrangement.

**Item 16. Form 10-K Summary**

None

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized**.**

---

| | | |
|:---|:---|:---|
|  | **J.Jill, Inc.** | **J.Jill, Inc.** |
| Date: March 31, 2026 | By: | /s/ Mary Ellen Coyne |
|  |  | **Mary Ellen Coyne** |
|  |  | **Chief Executive Officer, President and Director** |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Mary Ellen Coyne | Chief Executive Officer, President and Director<br>*(Principal Executive Officer)* | March 31, 2026 |
| **Mary Ellen Coyne** |  |  |
| /s/ Mark Webb | Executive Vice President, Chief Financial and Operating Officer *(Principal Financial Officer and Principal Operating Officer)* | March 31, 2026 |
| **Mark Webb** |  |  |
| /s/ Michael Rahamim | Chairman of the Board of Directors | March 31, 2026 |
| **Michael Rahamim** |  |  |
| /s/ Courtnee Chun | Director | March 31, 2026 |
| **Courtnee Chun** |  |  |
| /s/ Andrew Rolfe | Director | March 31, 2026 |
| **Andrew Rolfe** |  |  |
| /s/ Jyothi Rao | Director | March 31, 2026 |
| **Jyothi Rao** |  |  |
| /s/ Michael Recht | Director  | March 31, 2026 |
| **Michael Recht** |  |  |
| /s/ Michael Eck | Director | March 31, 2026 |
| **Michael Eck** |  |  |
| /s/ Shelley Milano | Director | March 31, 2026 |
| **Shelley Milano** |  |  |

---

------

**J.Jill, Inc.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Report of Independent Registered Public Accounting Firm</u>** <u>(PCAOB ID Number 248)</u>](#rep_ind_acct) | &nbsp;&nbsp;F-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Audited Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheets as of January 31, 2026 and February 1, 2025</u>](#consolidated_balance_sheets) | &nbsp;&nbsp;F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations and Comprehensive Income for the Fiscal Year Ended</u>](#consolidated_statements_operations)[<u>January 31, 2026</u>](#consolidated_balance_sheets)[<u>,</u>](#consolidated_statements_operations)[<u>February 1, 2025</u>](#consolidated_balance_sheets)[<u>and February 3, 2024</u>](#consolidated_statements_operations) | &nbsp;&nbsp;F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Shareholders' Equity (Deficit) for the Fiscal Year Ended</u>](#consolidated_statements_shareholders_equ)[<u>January 31, 2026</u>](#consolidated_balance_sheets)[<u>,</u>](#consolidated_statements_operations)[<u>February 1, 2025</u>](#consolidated_balance_sheets)[<u>and February 3, 2024</u>](#consolidated_statements_operations) | &nbsp;&nbsp;F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the Fiscal Year Ended</u>](#consolidated_statements_cash_flows)[<u>January 31, 2026</u>](#consolidated_balance_sheets)[<u>,</u>](#consolidated_statements_operations)[<u>February 1, 2025</u>](#consolidated_balance_sheets)[<u>and February 3, 2024</u>](#consolidated_statements_operations) | &nbsp;&nbsp;F-7 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | &nbsp;&nbsp;F-8 |

---

------

**Report of Independent Registered Public Accounting Firm**

Board of Directors and Shareholders

J.Jill, Inc.

**Opinion on the financial statements**

We have audited the accompanying consolidated balance sheets of J.Jill, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of January 31, 2026 and February 1, 2025, the related consolidated statements of operations and comprehensive income, shareholders' equity (deficit), and cash flows for each of the three years in the period ended January 31, 2026, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2026 and February 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of January 31, 2026, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), and our report dated March 31, 2026 expressed an unqualified opinion.

**Basis for opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical audit matters**

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2021.

Southfield, Michigan

March 31, 2026

------

**Report of Independent Registered Public Accounting Firm**

Board of Directors and Shareholders

J.Jill, Inc.

**Opinion on internal control over financial reporting**

We have audited the internal control over financial reporting of J.Jill, Inc. (a Delaware corporation) and subsidiaries (the "Company") as of January 31, 2026, based on criteria established in the 2013 *Internal Control—Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 31, 2026, based on criteria established in the 2013 *Internal Control—Integrated Framework* issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated financial statements of the Company as of and for the year ended January 31, 2026, and our report dated March 31, 2026, expressed an unqualified opinion on those financial statements.

B**asis for opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and limitations of internal control over financial reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ GRANT THORNTON LLP

Southfield, Michigan

March 31, 2026

------

**J.Jill, Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $41015 | $35427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 4322 | 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 70066 | 61295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 25786 | 20291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 141189 | 122030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 56794 | 55325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 56322 | 61015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 59697 | 59697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets, net | 128944 | 112303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7270 | 7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $450216 | $417699 |
| **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $57650 | $51980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 30864 | 40479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 1875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 40259 | 34649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 130648 | 127108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of discount and current portion | 71435 | 69419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 14403 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 111231 | 104751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1000 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 328717 | 311930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (see Note 12) |  |  |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.01 per share; 50,000,000 shares authorized; 15,522,614 and 15,344,053 shares issued at January 31, 2026 and February 1, 2025 respectively; and 14,865,040 and 15,324,222 shares outstanding at January 31, 2026 and February 1, 2025, respectively | 157 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 240981 | 242781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 657,574 shares and 19,831 shares at January 31, 2026 and February 1, 2025, respectively | (10888) | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (108751) | (136642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 121499 | 105769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $450216 | $417699 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**J.Jill, Inc.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND**

**COMPREHENSIVE INCOME**

**(in thousands, except share and per share data)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Net sales | $596549 | $610857 | $608043 |
| Costs of goods sold (exclusive of depreciation and amortization) | 186804 | 181001 | 177261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 409745 | 429856 | 430782 |
| Selling, general and administrative expenses | 358451 | 353382 | 344543 |
| Impairment of long-lived assets | 684 | 772 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 50610 | 75702 | 86050 |
| Loss on extinguishment of debt |  | 8570 |  |
| Loss on debt refinancing | 3116 |  | 12702 |
| Interest expense | 10433 | 15701 | 25699 |
| Interest expense - related party |  |  | 1074 |
| Interest income | (1992) | (2550) | (2790) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 39053 | 53981 | 49365 |
| Income tax provision | 11162 | 14498 | 13164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income and total comprehensive income | $27891 | $39483 | $36201 |
| **Per share data (Note 16):** |  |  |  |
| Net income per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.84 | $2.64 | $2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.82 | $2.61 | $2.51 |
| Weighted average common shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 15188966 | 14956165 | 14143127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 15340148 | 15136833 | 14404470 |
| Cash dividends declared per common share | $0.32 | $0.21 | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**J.Jill, Inc.**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)** 

**(in thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  | **Treasury Stock** | **Treasury Stock** |  |  |
|  | **Shares** | **Amount** | **Additional paid-in capital** | **Shares** | **Amount** | **Accumulated<br>Deficit** | **Total Shareholders' Equity (Deficit)** |
| **Balance, January 28, 2023** | 10165361 | $102 | $212005 |  | $— | $(212326) | $(219) |
| Vesting of restricted stock units | 286864 | 2 | (2) |  |  |  |  |
| Surrender of shares to pay withholding taxes | (92398) |  | (2526) |  |  |  | (2526) |
| Equity-based compensation |  |  | 3762 |  |  |  | 3762 |
| Exercise of warrants | 254627 | 3 | (3) |  |  |  |  |
| Net income |  |  |  |  |  | 36201 | 36201 |
| **Balance, February 3, 2024** | 10614454 | $107 | $213236 |  | $— | $(176125) | $37218 |
| Issuance of common stock, net of underwriting and issuance costs | 1000000 | 10 | 28539 |  |  |  | 28549 |
| Third-party common stock issuance costs |  |  | 97 |  |  |  | 97 |
| Repurchase of treasury stock |  |  |  | (19831) | (523) |  | (523) |
| Vesting of restricted stock units | 240187 | 2 | (2) |  |  |  |  |
| Surrender of shares to pay withholding taxes | (83252) | (2) | (2538) |  |  |  | (2540) |
| Cash dividend and dividend equivalents declared ($0.21 per share) |  |  | (3025) |  |  |  | (3025) |
| Equity-based compensation |  |  | 6510 |  |  |  | 6510 |
| Exercise of warrants | 3572664 | 36 | (36) |  |  |  |  |
| Net income |  |  |  |  |  | 39483 | 39483 |
| **Balance, February 1, 2025** | 15344053 | $153 | $242781 | (19831) | $(523) | $(136642) | $105769 |
| Vesting of restricted stock units | 294938 | 4 | 186 |  |  |  | 190 |
| Surrender of shares to pay withholding taxes | (116377) |  | (2380) |  |  |  | (2380) |
| Repurchase of treasury stock |  |  |  | (637743) | (10365) |  | (10365) |
| Cash dividend and dividend equivalents declared ($0.32 per share) |  |  | (4982) |  |  |  | (4982) |
| Equity-based compensation |  |  | 5376 |  |  |  | 5376 |
| Net income |  |  |  |  |  | 27891 | 27891 |
| **Balance, January 31, 2026** | 15522614 | $157 | $240981 | (657574) | $(10888) | $(108751) | $121499 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**J.Jill, Inc.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| **Net income** | $27891 | $39483 | $36201 |
| **Operating activities:** |  |  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 21198 | 21325 | 22921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 684 | 772 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for exited retail stores | (242) | (843) | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets | 218 | 105 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 8570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt refinancing | 3116 |  | 12702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss due to hurricane | (1102) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash interest expense | 1137 | 1652 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 5376 | 6510 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred rent incentives | (550) | (126) | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 5014 | (1578) | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 695 | 25 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (8772) | (8117) | (2674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (4394) | (2386) | (2432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 5742 | 10710 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (9520) | (2113) | (7525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities | (4634) | (3371) | (6672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 287 | (5584) | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 42144 | 65036 | 63313 |
| **Investing activities:** |  |  |  |
| Purchases of property and equipment | (16938) | (14267) | (10689) |
| Capitalized software | (1977) | (3488) | (6245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (18915) | (17755) | (16934) |
| **Financing activities:** |  |  |  |
| Principal repayments on Term Loan | (74287) | (94150) | (6562) |
| Prepayment premium on Term Loan |  | (2562) |  |
| Principal repayments on Priming Term Loan |  |  | (201349) |
| Principal repayments on Subordinated Term Loan - related party |  |  | (21181) |
| Proceeds from issuance of Term Loan, net | 74250 |  | 164050 |
| Third-party debt financing costs |  |  | (3692) |
| Proceeds from issuance of common stock, net of underwriting costs |  | 29450 |  |
| Third-party common stock issuance costs |  | (804) |  |
| Share repurchase costs, net of commission and fees | (10365) | (523) |  |
| Surrender of shares to pay withholding taxes | (2380) | (2538) | (2526) |
| Quarterly cash dividend paid to shareholders | (4859) | (2899) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (17641) | (74026) | (71260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in restricted cash |  | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents and restricted cash | 5588 | (26750) | (24881) |
| **Cash and cash equivalents and restricted cash:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 35790 | 62540 | 87421 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period <sup>(a)</sup> | $41378 | $35790 | $62540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Includes $0.4 million of restricted cash for the fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024. The Company recorded restricted cash in Prepaid expenses and other current assets as presented in the consolidated balance sheets.

The accompanying notes are an integral part of these consolidated financial statements.

------

**J.Jill, Inc.**

**Notes to Consolidated Financial Statements**

**1. General**

J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through 256 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston, Massachusetts.

J.Jill, Inc. is a holding company. Jill Acquisition LLC, its wholly-owned subsidiary, and J.Jill Gift Card Solutions, Inc., a wholly-owned subsidiary of Jill Acquisition LLC, are the operating companies for the business assets.

**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

The Company's fiscal year ends on the Saturday that is closest to January 31, resulting in an additional week of operations every five or six years. The fiscal year ended January 31, 2026 ("Fiscal Year 2025") and the fiscal year ended February 1, 2025 ("Fiscal Year 2024") each contained 52 weeks of operations whereas the fiscal year ended February 3, 2024 ("Fiscal Year 2023") contained 53 weeks of operations.

***Correction of Immaterial Error***

Prior to Fiscal Year 2024, the Company had recorded processing fee income related to customer sales returns as a contra expense within Selling, general and administrative expenses rather than as a component of Net sales in the consolidated statements of operations and comprehensive income. Beginning in Fiscal Year 2024, the Company recorded this revenue as a component of Net sales within the Direct channel. The Company reclassified this income, which increased previously reported Net sales and Selling, general and administrative expenses by approximately $3.4 million for Fiscal Year 2023. The Company has concluded that the reclassification of this income was immaterial to the Fiscal Year 2023 financial statements.

***Use of Estimates***

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect reported amounts of assets, liabilities, shareholders' equity, net sales and expenses, and the disclosure of contingent assets and liabilities. Significant estimates relied upon in preparing these consolidated financial statements include, but are not limited to, revenue recognition, including accounting for outstanding gift cards that will ultimately not be redeemed ("gift card breakage") and estimated merchandise returns; estimating self-insurance reserves; estimating the value of inventory; impairment assessments for goodwill and other indefinite-lived intangible assets, and long-lived assets; discount rates used in the measurement of right-of-use assets and operating lease liabilities; and estimating equity-based compensation expense. Actual results could differ from those estimates, and such differences could be material.

Effective in the first quarter of 2025, the Company revised its methodology for estimating the Direct sales return reserve. Previously, the reserve was calculated based on catalog offer code tracking data. After upgrading its Order Management System ("OMS") in March 2025, the Company transitioned to a curve-based model that aligns with the methodology used to estimate returns for its Retail channel. The new model is expected to provide a more accurate reflection of customer return behavior.

Additionally, in the first quarter, the Company reduced the allowable return window for Direct and Retail sales from 90 to 60 days, which also impacted the estimate of expected returns. The Company further revised its methodology for estimating the Retail sales return reserve in the third quarter of 2025. The Company no longer includes an exchange assumption to better align the reserve with the data provided under its new OMS. These changes have been accounted for as changes in accounting estimates and applied prospectively in accordance with applicable accounting guidance. The impact of these changes is not material to the consolidated financial statements.

***Principles of Consolidation***

The accompanying consolidated financial statements include the assets, liabilities and results of operations of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

------

***Supplemental Cash Flow Information***

The following table shows supplemental cash flow information (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| **Supplemental cash flow information:** |  |  |  |
| Cash paid for interest, net of capitalized interest | $8953 | $15426 | $25948 |
| Cash paid for taxes | 10817 | 15563 | 13355 |
| Cash received for income tax refunds |  | 148 | 35 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 12177 | 12473 | 2061 |
| Noncash investing and financing activities: |  |  |  |
| Capital expenditures financed with the ending balance in accounts payable and accrued expenses | 294 | 381 | 318 |

---

***Segment Reporting***

The Company determined its operating segments on the same basis that it assesses performance and makes operating decisions. The Company's operating segments consist of its Retail and Direct channels, which have been aggregated into one reportable segment.

All of the Company's identifiable assets are located in the United States, which is where the Company is domiciled. The Company has immaterial sales outside the United States. No customer represents more than 10% of total revenues for any period presented.

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting, Improvements to Reportable Segment Disclosures". During the fourth quarter of Fiscal Year 2024, the Company adopted ASU 2023-07, refer to *Note 3. Accounting Standards* and *Note 12. Segment Reporting* for additional details.

***Cash and cash equivalents***

Cash and cash equivalents include cash on hand, demand deposits and all highly liquid investments with original maturities at the time of purchase of three months or less. Certain cash account balances exceed FDIC insured limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of insurance limits. We monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash.

***Restricted Cash***

The Company's restricted cash balance represents an imprest cash account used for the funding of employee healthcare costs. The balance of restricted cash as of January 31, 2026, February 1, 2025 and February 3, 2024 was $0.4 million, which is included in Prepaid expenses and other current assets in the consolidated balance sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Cash and cash equivalents | $41015 | $35427 | $62172 |
| Restricted cash reported in Prepaid expenses and other current assets | 363 | 363 | 368 |
| Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $41378 | $35790 | $62540 |

---

***Accounts Receivable***

The beginning balances at February 3, 2024 for accounts receivable arising from contracts with customers was $7.0 million with ending balances included in "Receivables, net" in the Consolidated Balance Sheets.

The Company's accounts receivable relates primarily to payments due from banks for credit and debit card transactions for approximately 2 to 5 days of sales. These receivables do not bear interest. The Company occasionally sells inventory to liquidators, and if these sales occur near the end of a reporting period, they are also included in accounts receivable.

------

***Inventories***

Inventory consists of finished goods held for sale. Inventory is stated at the lower of cost or net realizable value. Cost is calculated using the weighted average method of accounting, and includes the cost to purchase merchandise from the Company's manufacturers plus duties, tariffs, inbound freight and commissions. The net realizable value of the Company's inventory is estimated based on historical experience, current and forecasted demand, and market conditions. The allowance for excess and obsolete inventory requires management to make assumptions and to apply judgment regarding a number of factors, including estimates applying past and projected sales performance to current inventory levels. As of January 31, 2026 and February 1, 2025, an inventory reserve of $2.7 million and $1.1 million has been recorded, respectively. The Company sells excess inventory in its stores, on-line at www.jjill.com and occasionally to inventory liquidators.

Inventory from domestic suppliers is recorded when it is received at the distribution center. Inventory from foreign suppliers is recorded when goods are cleared for export on board the ship at the port of shipment.

***Property and Equipment***

Property and equipment purchases are recorded at cost. Property and equipment is presented net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of the term of the related lease or the estimated useful lives of the improvements. The Company capitalizes as property and equipment certain qualified costs incurred in connection with the development of internal-use software. Capitalization of internal-use software begins during the application development stage and ends when the software is available for its intended use. Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life of the software. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that significantly enhance the value and increase the estimated useful life of the asset are capitalized and depreciated over the new estimated useful life. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, and any resulting gains or losses are included in the consolidated statements of operations and comprehensive income. See *Note 7. Property and Equipment* for additional information.

Estimated useful lives of property and equipment asset categories are as follows:

---

| | |
|:---|:---|
| Furniture, fixtures and equipment | &nbsp;&nbsp;5-7 years |
| Computer software and hardware | &nbsp;&nbsp;3-7 years |
| Leasehold improvements | &nbsp;&nbsp;Shorter of estimated useful life or lease term |

---

***Capitalized Interest***

The cost of interest that is incurred in connection with long-term leasehold improvements and software related projects is capitalized using a weighted average interest rate. These costs are included in property and equipment and amortized over the useful life of the related property or equipment.

***Long-lived Assets***

The carrying value of long-lived assets, including amortizable identifiable intangible assets, and asset groups are evaluated whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Conditions that may indicate impairment include, but are not limited to, a significant decrease in the market price of an asset, a significant adverse change in the extent or manner in which an asset is being used or a significant decrease in its physical condition, and operating performance that demonstrates continuing cash flow losses associated with an asset or asset group. A potential impairment has occurred if the projected future undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group are less than the carrying value of the asset or asset group. The estimate of cash flows includes management's assumptions of cash inflows and outflows directly resulting from the use of the asset in operation. If the carrying value exceeds the sum of the undiscounted cash flows, an impairment charge is recorded equal to the excess of the asset or asset group's carrying value over its fair value. Fair value is measured based on a projected discounted cash flow model using a discount rate the Company believes is commensurate with the market participant rate. Any impairment charge would be recognized within operating expenses.

------

***Goodwill and Indefinite-lived Intangible Assets***

Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in conjunction with an acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment at least annually or more frequently between annual tests when events or changes in circumstances indicate that the carrying value may not be recoverable.

The Company continues to evaluate goodwill for impairment on an annual basis, using the last day of our eleventh fiscal month as the test date, rather than the end of our fiscal year, which reduces resource constraints related to the Company's year-end close and financial reporting process and provides additional time for completing impairment testing. It also aligns with the Company's long-range planning and forecasting processes. Judgments regarding indicators of potential impairment are based on market conditions and operational performance of the business.

The Company's policy is to perform a quantitative analysis every three years. During those years when a quantitative assessment is not performed initially, the Company may assess these assets for impairment using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that an impairment exists, then a quantitative analysis is performed to determine if there is any impairment.

See *Note 6. Goodwill and Other Intangible Assets* for additional information.

***Revenue Recognition***

Revenue is primarily derived from the sale of apparel and accessory merchandise through our retail stores and through our website and catalog orders. The Company recognizes revenue when its single performance obligation is met at the time when the control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Revenue from our Retail channel is recognized at the time of sale and revenue from our Direct channel is recognized upon shipment of merchandise to the customer.

The Company has a return policy where merchandise returns will be accepted within 60 days of the original purchase date. At the time of sale, the Company records a reserve for merchandise returns, which are estimated using the expected value method based on historical prior returns experience and expected future returns. The estimated sales reserve is recorded as a return asset (and corresponding adjustment to cost of goods sold) for the cost of inventory and a return liability for the amount to settle the return with a customer (and a corresponding adjustment to revenue). The return asset and return liability are recorded in Prepaid expenses and other current assets and Accrued expenses and other current liabilities, respectively, in the consolidated balance sheets. The Company collects and remits sales and use taxes in all states in which Retail and Direct sales occur and taxes are applicable. These taxes are reported on a net basis and are thereby excluded from revenue.

The Company sells gift cards without expiration dates to customers. The Company does not charge administrative fees on unused gift cards. Proceeds from the sale of gift cards are recorded as a contract liability until the customer redeems the gift card or when the likelihood of redemption is remote. Based on historical experience, the Company estimates the value of gift card breakage and will not be escheated under statutory state unclaimed property laws. This gift card breakage is recognized as revenue over the time period established by the Company's historical gift card redemption pattern.

The Company recognizes revenues from shipments to customers when the shipping and handling activities occur and will accrue those related costs. Shipping and handling costs are recorded in Selling, general and administrative expenses.

***Costs of Goods Sold***

The Company's costs of goods sold includes the direct costs of sold merchandise, which include customs, taxes, tariffs, duties, commissions and inbound shipping costs, inventory shrinkage, and adjustments and reserves for excess, aged and obsolete inventory. Costs of goods sold does not include distribution center costs and allocations of indirect costs, such as occupancy, depreciation, amortization, or labor and benefits.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses consist primarily of payroll and related expenses, occupancy costs, information systems costs and other operating expenses related to our stores and operations at our headquarters, including utilities, depreciation and amortization. These expenses also include marketing expense, including catalog production and mailing costs, warehousing, distribution and outbound shipping costs, customer service operations, consulting and software services, natural disaster related costs, professional services and other administrative costs.

------

Outbound shipping costs to customers recorded in Selling, general and administrative expenses were $21.0 million, $21.4 million, and $20.2 million for the Fiscal Years 2025, 2024 and 2023, respectively.

***Loss Contingencies***

The Company accrues for legal costs when it is both probable that a loss will be incurred, and the amount of the loss is reasonably estimable. The Company evaluates pending litigation and other contingencies at least quarterly and adjusts the accrual for such contingencies for changes in probable and reasonably estimable losses. The Company includes an estimate for related legal costs in the Selling, general and administrative expenses line item in the consolidated statements of operations and comprehensive income at the time such costs are both probable and reasonably estimable.

***Advertising Costs***

The Company incurs costs to produce, print, and distribute its catalogs. Catalog costs are recorded to Prepaid and other current assets in the consolidated balance sheets when paid, and expensed when the catalog is mailed to the customer (the first time the advertising occurs). Catalog advertising expenses were $17.5 million, $18.0 million, and $17.0 million for the Fiscal Years 2025, 2024 and 2023, respectively. The costs are included in Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

Other advertising costs are recorded as incurred. Other advertising costs recorded were $21.4 million, $21.4 million, and $21.0 million for the Fiscal Years 2025, 2024 and 2023, respectively. The costs are included in Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

***Operating Leases***

The Company determines if an arrangement is a lease at inception. Lease agreements will typically exist with lease and non-lease components, which are generally accounted for separately. The Company has elected not to recognize right-of-use assets or lease obligations for leases with an initial term of twelve months or less.

The Company recognizes operating lease liabilities equal to the present value of the lease payments and operating lease assets representing the right to use the underlying asset for the lease term. The lease expense for lease payments is recognized on a straight-line basis over the lease term.

As the Company's leases do not provide an implicit rate, the Company uses an Incremental Borrowing Rate ("IBR") based on the information available at lease commencement in determining the present value of lease payments. The IBR is estimated using a secured borrowing approach, which considers the Company's credit rating based on a combination of public ratings, synthetic credit rating models, and secured borrowing activities. In determining the IBR, the Company also considers the economic environment at lease commencement, including prevailing market interest rates and adjustments for the Company's credit profile. The operating lease assets include any lease payments made prior to lease commencement and are reduced by any lease incentives.

Under lease accounting guidance, for any new leases entered into, the Company assesses if it is reasonably certain to exercise lease options to extend or terminate the lease for inclusion (or exclusion) in the lease term when the Company measures the lease liability. The depreciable life of any assets and leasehold improvements are limited by the expected lease term.

For certain lease agreements, the Company allocates the consideration in the agreement to separate lease components by determining the relative standalone price of separate lease and non-lease components. Certain of the Company's retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels. Variable rental payments are recognized in the consolidated statements of operations and comprehensive income in the period in which the obligation for those payments is incurred. Allowances received or payable at or before lease commencement are recorded as a reduction of the right-of-use asset. For allowances received after commencement, the Company estimates the timing of tenant improvement allowance receipts when preparing lease schedules and reflects such amounts as a reduction of the lease liability. Any differences between estimated and actual receipts are adjusted to the lease liability upon receipt. The related lease incentive is recognized as a reduction of lease expense on a straight-line basis over the lease term.

***Cloud-Based Software Arrangements***

Certain costs incurred to implement software development on cloud computing arrangements hosted by third party vendors are capitalized when incurred during the application development phase, and recognized as Prepaid expenses and other current assets for the current portion and as Other assets for the long-term portion in the consolidated balance sheets. Implementation costs are subsequently amortized on a straight-line basis over the expected term of the related cloud service, beginning on the date the related software or module is ready for its intended use. The amortization of cloud-based software implementation costs is recorded as a component of Selling, general, and administrative expenses, in the consolidated statements of operations and comprehensive income, the same line item as the expense for the associated hosting arrangement. The carrying value of cloud computing implementation costs are tested for

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impairment when an event or circumstance indicates that the asset might be impaired. Cloud computing arrangement implementation costs are classified within operating activities in the consolidated statements of cash flows.

For the Fiscal Years ended January 31, 2026 and February 1, 2025, the Company amortized $2.2 million and $0.9 million, respectively, of cloud-based software implementation costs.

As of January 31, 2026, the Company had $11.3 million of gross capitalized cloud-based software implementation costs and $2.2 million of related accumulated amortization, for a net balance of $9.1 million, made up of $2.4 million recorded within Prepaid expenses and other current assets and $6.7 million recorded within Other assets in the consolidated balance sheets.

As of February 1, 2025, the Company had $9.5 million of gross capitalized cloud-based software implementation costs and $0.9 million of related accumulated amortization, for a net balance of $8.6 million, made up of $1.9 million recorded within Prepaid expenses and other current assets and $6.7 million recorded within Other assets in the consolidated balance sheets.

***Debt Issuance Costs***

The Company defers costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized using the effective interest rate method over the term of the related long-term debt agreement and the straight-line method for the revolving credit agreement. Debt issuance costs related to long-term debt are reflected as a direct deduction from the carrying amount of the debt on the Company's consolidated balance sheets. From time-to-time the Company could make prepayments on the long-term debt and a portion of the debt issuance costs associated with the prepayment would be accelerated and expensed at that time.

***Interest Income***

The Company recorded interest income of $2.0 million, $2.6 million and $2.8 million for Fiscal Years 2025, 2024 and 2023, respectively.

***Income Taxes***

The Company accounts for income taxes using the asset and liability method and elected to be taxed as a C corporation. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and their respective tax bases, using enacted tax rates expected to be applicable in the years in which the temporary differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected, scheduling of anticipated reversals of taxable temporary differences, and considering prudent and feasible tax planning strategies.

The Company records liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where an individual tax position is evaluated as to whether it has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have less than a 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The amount of benefit that may be recognized is the largest amount that has greater than 50% likelihood of being realized on ultimate settlement. The actual benefits ultimately realized may differ from the estimates. In future periods, changes in facts, circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in income tax expense and liability in the period in which such changes occur.

Any interest or penalties incurred are recorded in Income tax expense in the accompanying consolidated statements of operations and comprehensive income. The Company incurred immaterial amounts of interest expense and penalties related to income taxes for Fiscal Years 2025, 2024 and 2023.

***Comprehensive Income***

Comprehensive income is a measure of net income and all other changes in equity that result from transactions other than with equity holders and would normally be recorded in the consolidated statements of shareholders' equity and the consolidated statements of comprehensive income. The Company's management has determined that net income is the only component of the Company's comprehensive income. Accordingly, there is no difference between net income and comprehensive income.

***Share-Based Payment***

The Company accounts for share-based payment for employees and directors by recognizing the fair value of share-based payments as an expense in the calculation of net income, based on the grant-date fair value. The Company recognizes share-based

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compensation expense in the periods in which the employee or director is required to provide service, which is generally over the vesting period of the individual equity instruments. The fair value of the share-based awards is determined using either the Black-Scholes option pricing model, Monte Carlo simulation model or the stock price on the date of grant.

Liability-classified awards issued to non-employees are measured at the end of the reporting period and must be re-measured at each reporting period until a grant date is established and the awards are issued. Once the grant date is established and the options are issued, they become equity-classified and the corresponding liability is reclassified from accrued liabilities to additional paid-in capital in the consolidated balance sheets. Compensation cost for each period until grant date establishment and the awards are vested is based on the change in the fair value of the liability-classified awards each reporting period. Ultimately, the share-based compensation expense recognized for a liability- classified award equals the amount for which the award granted and vested.

On December 9, 2024, the Board awarded 100,000 performance-based stock options to Elm St Advisors, LLC ("Elm Street") under the J.Jill, Inc. Omnibus Equity Incentive Plan ("2024 Elm Street Award") which was subsequently amended on March 11, 2025 (as amended, the "Consulting Agreement"). The Consulting Agreement resulted in a net award of 33,334 stock options to Elm Street, which vested on February 7, 2025. The amendment resulted in the cancellation of 66,666 of the original 100,000 stock options initially awarded under the Consulting Agreement, and accordingly, $0.3 million of compensation expense was reversed in Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income during Fiscal year 2025. The 2024 Elm Street Award expires three years from the date of grant if unexercised.

All share-based awards granted by the Company during Fiscal Years 2025 and 2023 were equity-classified awards. Fiscal Year 2024 share-based awards included both equity-classified and liability-classified awards. Compensation expense for all of awards was recognized in Selling, general, and administrative expenses in the consolidated statements of operations and comprehensive income. Forfeitures were recorded as they occurred.

***Earnings Per Share***

Basic net income per common share attributable to common shareholders is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share attributable to common shareholders is calculated by dividing net income attributable to common shareholders by the diluted weighted average number of common shares outstanding for the period.

***Credit Card Agreement***

During Fiscal Year 2023 the Company entered into an amended and restated arrangement with a third party to provide a private label credit card to its customers through January 31, 2031, and will automatically renew thereafter for successive one-year terms, unless either party provides a notice of intention to terminate. The Company does not bear the credit risk associated with the private label credit card at any point prior to the termination of the agreement, at which point the Company would be obligated to purchase the receivables.

The Company receives royalty payments through its private label credit card agreement. The royalty payments are recognized as revenue when they are earned each month. Royalty payments recognized were $3.6 million, $3.7 million, and $2.4 million for the Fiscal Years 2025, 2024 and 2023, respectively.

The Company also receives reimbursements for costs of marketing programs related to the private label credit card, which are recorded as revenue as earned and the costs incurred are recorded as Selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Reimbursements for costs of marketing programs of $1.6 million, $1.6 million, and $1.3 million were recognized in revenue in Fiscal Years 2025, 2024 and 2023, respectively.

The previous credit card agreement provided a signing bonus to the Company, which was recognized as revenue through August 2023. The amended and restated agreement provided for an upfront payment which is being recorded as revenue on a straight line basis through January 2031. See *Note 4*. *Revenues* for additional information related to our upfront payment.

***Employee Benefit Plan***

The Company has a 401(k) retirement plan covering all eligible employees who meet certain age and employment requirements pursuant to Section 401(k) of the Internal Revenue Code. Subject to certain dollar limits, eligible employees may contribute a portion of their pretax annual compensation to the plan, on a tax-deferred basis. The plan operates on a calendar year basis. The Company contributes up to 50% of the first 6% of the gross salary of the employee, which vests immediately. Discretionary contributions made by the Company for the Fiscal Years 2025, 2024 and 2023 were $2.2 million, $1.9 million, and $1.5 million, respectively.

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***Self-Insured Group Health Insurance Reserves***

In Fiscal Year 2024, the Company transitioned to a self-insured group health insurance program. Prior to this transition, the Company had fully insured cost group health insurance programs. The Company is now self-insured through retentions or deductibles with stop-loss insurance for medical claims that reach a certain limit per claim. The Company records its liability for estimated incurred losses based on historical claim data in the accompanying consolidated financial statements on an undiscounted basis. While the Company believes these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. Such costs are accrued based on known claims and estimates of incurred but not reported ("IBNR") claims. IBNR claims are estimated using historical claim information and actuarial estimates. The accrued liability for self-insurance is included in Accrued expenses and other current liabilities in the consolidated balance sheets.

***Concentration of Credit Risks***

Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash held in financial institutions and accounts receivable. The Company considers the credit risk associated with these financial instruments to be minimal. Cash is held by financial institutions with high credit ratings and the Company has not historically sustained any credit losses associated with its cash balances. The Company evaluates the credit risk associated with accounts receivable to determine if an allowance for estimated credit losses is necessary. As of January 31, 2026 and February 1, 2025, the Company determined that no allowance for estimated credit losses was necessary.

**3. Accounting Standards**

***Recently Issued Accounting Standards***

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. This update makes technical corrections and clarifications to the Codification, including conforming amendments and editorial changes. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements or disclosures.

In December 2025, the FASB also issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update clarifies certain interim reporting requirements and is intended to reduce diversity in practice. The amendments relate primarily to the presentation and disclosure of interim financial information. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This ASU modernizes the capitalization criteria for internal-use software by eliminating references to project-stage phases and clarifying when capitalization should begin. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)." Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. These standards provide guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its disclosures on the Company's consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative". This ASU amends the FASB Accounting Standards Codification in response to the SEC's disclosure update and simplification initiative. This guidance will be applied prospectively with the effective date for each amendment to be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the related disclosures from Regulation S-X or Regulation S-K, the pending amendments will not become effective for any entity. The Company is assessing what impact this guidance will have on its disclosures in the Company's consolidated financial statements.

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***Recently Adopted Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures." This ASU requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The other amendments in this update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit), and (2) removing disclosures that are no longer considered cost beneficial or relevant. The Company adopted the ASU during the fourth quarter of Fiscal Year 2025 and updated its disclosures accordingly. Refer to *Note 14. Income Taxes* for additional details.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting, Improvements to Reportable Segment Disclosures." This ASU enhances the disclosures required about a public entity's reportable segments in its annual and interim condensed consolidated financial statements. The amendments in this update require additional detailed and enhanced information about reportable segments' expense, including significant segment expenses and other segment items that bridge segment revenue, significant expenses to segment profit or loss. The ASU also requires disclosure of the title and position of the Chief Operating Decision Maker ("CODM") on an annual basis as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The Company adopted the ASU during the fourth quarter of Fiscal Year 2024 and updated its disclosures accordingly. Refer to *Note 12 - Segment Reporting* for additional details.

**4. Revenues**

***Disaggregation of Revenue***

The Company sells its apparel and accessory merchandise through its Retail and Direct channels. The following table presents revenues disaggregated by revenue source (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Retail | $308757 | $320676 | $323259 |
| Direct | 287792 | 290181 | 284784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $596549 | $610857 | $608043 |

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***Remaining Performance Obligations***

As of January 31, 2026, the transaction price allocated to remaining performance obligations amount to $0.4 million, which relate to the marketing and promotion of the Company's private label credit card program. This amount will be recognized as revenue evenly through January 2031.

***Contract Liabilities***

The Company recognizes a contract liability when it has received consideration from the customer and has a future obligation to the customer. Total contract liabilities consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| Upfront payment <sup>(1)</sup> | 405 | $486 |
| Unredeemed gift cards <sup>(2)</sup> | 7370 | 7003 |
| Total contract liabilities | $7775 | $7489 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The current and noncurrent portions of the upfront payment received in connection with the private label credit card agreement are included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the Company's consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The unredeemed gift cards balance is included in Accrued expenses and other current liabilities in the Company's consolidated balance sheets. Revenue recognized for Fiscal Years 2025, 2024, and 2023 related to the contract liability balance as of the beginning of each fiscal year was $4,007, $3,931 and $4,013, respectively.

For Fiscal Years 2025, 2024 and 2023, the Company recognized approximately $12.5 million, $10.8 million, and $11.1 million, respectively, of revenue related to gift card redemptions and breakage. Revenue recognized consists of gift cards that were part of the unredeemed gift card balance at the beginning of the period as well as gift cards that were issued and redeemed during the period.

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***Practical Expedients and Policy Elections***

The Company excludes from revenue all amounts collected from customers for sales taxes that are remitted to taxing authorities.

Shipping and handling activities that occur after control of related goods transfers to the customer are accounted for as fulfillment activities rather than assessing these activities as performance obligations.

The Company does not disclose the transaction price allocated to remaining performance obligations for contracts with customers that have an expected duration of one year or less. The Company applies the optional exemption to not disclose the transaction price allocated to remaining performance obligations where revenue represents sales-or-usage-based royalty. This optional exemption applies to royalty payments received from allowing a third party to use the J.Jill brand in providing a private label credit card to its customers through January 31, 2031. These royalties are based on an agreed-upon percentage of sales generated through the use of the private label credit card.

**5. Prepaid Expenses and Other Current Assets**

Prepaid expenses and other current assets include the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| Prepaid rent | $2060 | $2260 |
| Prepaid catalog costs | 2494 | 1912 |
| Prepaid store supplies | 2185 | 2278 |
| Prepaid insurance | 1168 | 1360 |
| Prepaid software project costs | 2372 | 1894 |
| Prepaid software maintenance costs | 2864 | 3202 |
| Returns reserve asset | 2670 | 2732 |
| Prepaid income taxes | 5522 | 281 |
| Other prepaid expenses | 2844 | 3585 |
| Other current assets <sup>(a)</sup> | 1607 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $25786 | $20291 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Other current assets include restricted cash of $0.4 million which is used solely for funding employee healthcare costs.

**6. Goodwill and Other Intangible Assets**

The balance of goodwill was $59.7 million at January 31, 2026 and February 1, 2025. The Company did not recognize any impairment losses for Fiscal Years 2025 and 2024. The accumulated goodwill impairment losses as of January 31, 2026 are $137.3 million.

A summary of other intangible assets as of January 31, 2026 and February 1, 2025 is as follows (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
|  | **Weighted Average Useful Life (Years)** | **Gross** | **Accumulated Amortization** | **Accumulated Impairment** | **Carrying Amount** |
| Indefinite-lived: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade name | N/A | $58100 | $— | $24100 | $34000 |
| Definite-lived: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 13.2 | 134200 | 109258 | 2620 | 22322 |
| Total intangible assets |  | $192300 | $109258 | $26720 | $56322 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **February 1, 2025** | **February 1, 2025** | **February 1, 2025** | **February 1, 2025** |
|  | **Weighted Average Useful Life (Years)** | **Gross** | **Accumulated Amortization** | **Accumulated Impairment** | **Carrying Amount** |
| Indefinite-lived: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade name | N/A | $58100 | $— | $24100 | $34000 |
| Definite-lived: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 13.2 | 134200 | 104565 | 2620 | 27015 |
| Total intangible assets |  | $192300 | $104565 | $26720 | $61015 |

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***Impairment Tests***

*General*

Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment at least annually, or more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. Definite-lived intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable. Judgments regarding indicators of potential impairment are based on market conditions and operational performance of the business.

The Company's policy is to perform a quantitative analysis of goodwill and indefinite-lived intangible assets every three years. During those years when a quantitative assessment is not performed initially, the Company will assess these assets for impairment initially using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that an impairment exists, then a quantitative analysis is performed to determine if there is any impairment.

For goodwill, the quantitative assessment requires comparing the fair value of a reporting unit to its carrying value, including goodwill. The Company estimates fair value using the income approach. The income approach uses a discounted cash flow model, which involves significant estimates and assumptions, including preparation of revenue and profitability growth forecasts, selection of a discount rate, and selection of a terminal year multiple. These assumptions are classified as Level 3 inputs. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and no further testing is required. If the carrying amount exceeds the reporting unit's fair value, a goodwill impairment charge is recognized for the amount in excess, not to exceed the total amount of goodwill allocated to that reporting unit. An impairment charge is recorded within the Company's consolidated statements of operations and comprehensive income.

For other intangible assets, impairment losses are recorded to the extent that the carrying value of the intangible asset exceeds its fair value. The Company measures the fair value of its trade name using the relief from royalty method and the fair value of customer relationships using a recoverability approach. The most significant estimates and assumptions inherent in these approaches are the preparation of revenue forecasts, selection of royalty and discount rates and a terminal year multiple. These assumptions are classified as Level 3 inputs.

*Fiscal Year 2025 and 2024 Impairment Tests*

For goodwill and other intangible assets, the Company performed the required impairment tests applying the qualitative approach and no impairments were indicated.

**Definite-Lived Intangible Assets**

The definite-lived intangible assets are amortized over the period the Company expects to receive the related economic benefit, which for customer lists is based upon estimated future net cash inflows. The estimated useful lives of intangible assets are as follows:

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| | | |
|:---|:---|:---|
| **Asset** | **Amortization Method** | **Estimated Useful Life** |
| Customer lists | Pattern of economic benefit | 9 - 16 years |

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Total amortization expense for these amortizable intangible assets was $4.7 million, $5.2 million, and $6.9 million for the Fiscal Years 2025, 2024 and 2023, respectively.

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

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| | |
|:---|:---|
| **Fiscal Year** | **Estimated Amortization Expense** |
| 2026 | $4556 |
| 2027 | 4418 |
| 2028 | 4246 |
| 2029 | 4109 |
| 2030 | 4023 |
| Thereafter | 970 |
| &nbsp;&nbsp;Total | $22322 |

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**7. Property and Equipment**

Property and equipment at January 31, 2026 and February 1, 2025 consist of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| Leasehold improvements | $121106 | $115546 |
| Furniture, fixtures and equipment | $50381 | 49495 |
| Computer hardware and software | 69287 | 69911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, gross | 240774 | 234952 |
| Accumulated depreciation | (190544) | (187949) |
| Subtotal | 50230 | 47003 |
| Construction in progress | 6564 | 8322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $56794 | $55325 |

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Construction in progress is primarily comprised of leasehold improvements, furniture, fixtures and equipment related to unopened retail stores and costs incurred related to the implementation of certain computer software and hardware.

Capitalized software, subject to amortization, included in property and equipment at January 31, 2026 and February 1, 2025 had a cost basis of approximately $56.0 million and $55.8 million, respectively, and accumulated amortization of $45.7 million and $45.6 million, respectively. The Company capitalized internal use software costs of $2.0 million and $3.5 million, for Fiscal Years 2025 and 2024, respectively.

Total depreciation expense recorded within Selling, general and administrative expenses in the consolidated statements of operations was $16.5 million, $16.1 million, and $16.0 million, for the Fiscal Years 2025, 2024 and 2023, respectively.

During Fiscal Years 2025 and 2024, the Company recorded noncash impairment charges of $0.4 million and $0.5 million, respectively, related to leasehold improvements at certain store locations driven by the actual performance at these locations.

The Company capitalized $0.2 million, $0.4 million and $0.6 million amount of interest in connection with construction in progress for Fiscal Years 2025, 2024 and 2023, respectively.

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**8. Accrued Expenses and Other Current Liabilities**

Accrued expenses and other current liabilities include the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| Accrued payroll and benefits | $3460 | $9725 |
| Accrued returns reserve | 6839 | 7494 |
| Gift cards redeemable | 7370 | 7003 |
| Accrued professional fees | 1212 | 2309 |
| Accrued corporate expenses (a) | 1329 | 1458 |
| Accrued retail expenses | 1562 | 1382 |
| Taxes, other than income taxes | 2465 | 2635 |
| Accrued occupancy | 619 | 1118 |
| Self-insured group health insurance reserves | 329 | 765 |
| Other accrued employee costs | 2005 | 2044 |
| Other | 3675 | 4546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accrued expenses and other current liabilities | $30864 | $40479 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within Accrued corporate expenses as of February 1, 2025 is a liability-classified share-based payment of $0.4 million related to stock options granted to Elm Street consultant, which vested on February 7, 2025.

The following table reflects the changes in the accrued returns reserve for Fiscal Years 2025, 2024 and 2023 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Accrued returns reserve** | **Beginning<br>of Period** | **Charged to<br>Expenses** | **Deductions** | **End of<br>Period** |
| Fiscal Year Ended February 3, 2024 | $6702 | $161217 | $(160195) | $7724 |
| Fiscal Year Ended February 1, 2025 | 7724 | 154599 | (154829) | 7494 |
| Fiscal Year Ended January 31, 2026 | 7494 | 145742 | (146397) | 6839 |

---

The following table reflects the changes in the accrued self-insurance reserve for Fiscal Year 2025 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Self-insured group health insurance reserves** | **Beginning<br>of Period** | **Charged to<br>Expenses** | **Deductions** | **End of<br>Period** |
| Fiscal Year Ended February 1, 2025 | $— | $1307 | $(542) | $765 |
| Fiscal Year Ended January 31, 2026 | 765 | 12699 | (13135) | 329 |

---

**9. Debt**

The components of the Company's outstanding long-term debt at January 31, 2026 and February 1, 2025 were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
|  | **Outstanding Principal Balance** | **Original Issue Discount** | **Capitalized Fees & Expenses** | **Balance Sheet** |
| Term Loan due 2030 | $75000 | $(727) | $(963) | $73310 |
| Less: Current portion | (1875) |  |  | (1875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term debt | $73125 | $(727) | $(963) | $71435 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **February 1, 2025** | **February 1, 2025** | **February 1, 2025** | **February 1, 2025** |
|  | **Outstanding Principal Balance** | **Original Issue Discount** | **Capitalized Fees & Expenses** | **Balance Sheet** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term debt (Term Loan due 2028) | $74288 | $(3652) | $(1217) | $69419 |

---

------

The original issue discount and capitalized fees and expenses are amortized over the related term of the debt.

The Company recorded interest expense related to long-term debt of $9.0 million, $14.1 million, and $23.8 million, in Fiscal Years 2025, 2024 and 2023, respectively. During Fiscal Years 2025, 2024 and 2023, $1.1 million, $1.6 million and $2.8 million of debt discount and debt issuance costs related to long-term debt were amortized to interest expense, respectively.

***Term Loan Credit Agreement***

On December 12, 2025, the Company and Jill Acquisition LLC (the "Borrower") entered into a new Term Loan Credit Agreement (the "2025 Term Loan Credit Agreement"), with the lenders party thereto from time to time and CCP Agency, LLC, as administrative agent and as collateral agent. The 2025 Term Loan Credit Agreement provides for a senior secured term loan facility in an aggregate principal amount of $75.0 million with a maturity date of December 12, 2030 (the "2025 Term Loan Facility").

The proceeds from the 2025 Term Loan Facility were used to pay off in full all outstanding principal balance under the Term Loan Credit Agreement dated as of April 5, 2023 (the "2023 Term Loan Credit Agreement"). All security interests and liens granted in connection with the 2023 Term Loan Credit Agreement were released.

A portion of the transaction was accounted for as a debt modification. As a result, approximately $1.0 million of deferred costs will continue to be deferred and amortized using the effective interest method through December 12, 2030, the maturity date of the Term Loan Credit Agreement. These fees are presented as a direct reduction from the carrying amount of long-term debt on the consolidated balance sheets. For repayment of the remaining portion of the 2023 Term Loan Credit Agreement the Company recorded a loss on debt refinancing of $3.1 million inclusive of the write-off of original issue discount, and deferred debt issuance costs and other fees, in the line item "Loss on debt refinancing" in its consolidated statements of operations and comprehensive income (loss) and in the consolidated statement of cash flows for the Fiscal Year Ended January 31, 2026.

Loans under the 2025 Term Loan Credit Agreement bear an upfront fee of 1.00% and interest at the Borrower's election at (1) the Base Rate (as defined in the 2025 Term Loan Credit Agreement) plus 4.50% through August 1, 2026 and 4.25% thereafter or (2) Term SOFR (as defined in the Credit Agreement) plus 5.50% through August 1, 2026 and 5.25% thereafter, subject to a floor rate of 1.00%.

The Term Loan Facility is to be repaid in quarterly payments of $468,750 on the last Business Day of each Fiscal Quarter of the Borrower, commencing with the Fiscal Quarter ending May 2, 2026, until January 30, 2027 and of $187,500 commencing on the Fiscal Quarter ending May 1, 2027 and each Fiscal Quarter thereafter, with the remaining aggregate principal amount of Initial Term Loans then outstanding to be paid on maturity on December 12, 2030. Additionally, the Term Loan Facility is subject to mandatory repayment, subject to certain exceptions, including (i) 100% of the net proceeds of any issuance or incurrence of indebtedness other than debt permitted in the Term Loan Credit Agreement, (ii) 100% of the net cash proceeds of certain asset sales/insurance proceeds, subject to reinvestment rights and certain other exceptions, and (iii) an annual payment ranging from 25%-75%, based on the First Lien Net Leverage Ratio, of the annual Excess Cash Flow ("ECF"), less certain voluntary prepayments made during the year, as defined in the Term Loan Credit Agreement.

The Term Loan Facility may be voluntarily prepaid after the one-year anniversary without premium or penalty but on or prior to the one-year anniversary, subject to a premium of 1.0% of the aggregate principal amount being prepaid.

The obligations under the 2025 Term Loan Credit Agreement were guaranteed by the Company and J.Jill Gift Card Solutions, Inc., and were secured by substantially all of the real and personal property of the Borrower and the guarantors, subject to customary exceptions. The agreement included customary representations and warranties, affirmative and negative covenants, financial covenants, and events of default.

In conjunction with entering into the 2025 Term Loan Credit Agreement, the Company incurred $0.3 million of third-party fees which were expensed as incurred.

During Fiscal Year 2024, the Company made voluntary and required principal repayments totaling $94.2 million under the 2023 Term Loan Credit Agreement, including voluntary prepayments of $58.2 million on May 10, 2024 and $27.2 million on June 21, 2024. In connection with these voluntary prepayments, the Company paid a prepayment premium of $2.6 million and recognized a loss on extinguishment of debt of approximately $8.6 million, consisting primarily of accelerated amortization of deferred financing costs and the prepayment premium.

As of January 31, 2026, the outstanding principal balance under the 2025 Term Loan Credit Agreement was $75.0 million, and the Company was in compliance with all covenants.

***Asset-Based Revolving Credit Agreement***

On May 8, 2015, the Company entered into a five-year secured $40.0 million asset-based revolving credit facility agreement (the "ABL Facility"). The ABL Facility had an initial maturity of May 8, 2020. On June 12, 2019, this ABL Facility was amended to extend the termination date to May 8, 2023.

------

On April 15, 2022, the Company entered into an amendment to the ABL Facility, whereby (i) the maturity date of the ABL Facility was extended from May 8, 2023 to May 8, 2024, and (ii) changed the benchmark interest rate applicable to the loans under the ABL Facility from LIBOR to the forward-looking secured overnight financing rate ("Term SOFR").

On May 10, 2023, the Company entered into Amendment No. 6 to the ABL Credit Agreement, which extended the maturity date of the ABL Credit Agreement from May 8, 2024 to May 10, 2028 (or 180 days prior to the maturity date of the Company's Term Loan Credit Agreement if the maturity date of such Term Loan Facility has not been extended to a date that is at least 180 days after the maturity date of the ABL Credit Agreement). The other terms and conditions of the ABL Facility remain substantially unchanged. The benchmark interest rate applicable to the loans under the ABL Facility is the forward-looking secured overnight financing rate.

On December 1, 2023, the Company entered into Amendment No. 7 (the "ABL Amendment") to the ABL Credit Agreement, which made a technical revision for administrative purposes that removed the requirement for a Borrower's non-negotiable bill of lading, non-negotiable sea waybill or other similar shipping document (each a "Non-Negotiable Document") to state on its face that the inventory that is subject to such Non-Negotiable Document is subject to the lien of the administrative agent.

The ABL Facility consists of revolving loans and swing line loans. Borrowings classified as revolving loans under the ABL Facility may be maintained as either Term SOFR or Base Rate loans, each of which has a variable interest rate plus an applicable margin. Borrowings classified as swing line loans under the ABL Facility are Base Rate loans. Term SOFR loans under the ABL Facility accrue interest at a rate equal to Term SOFR plus a spread ranging from 1.50% to 1.75%, depending on borrowing amounts. Base Rate loans under the ABL Facility accrue interest at a rate equal to (i) the greatest of (a) the financial institution's prime rate, (b) the overnight Federal Funds Effective Rate plus 0.50%, (c) Adjusted Term SOFR (as adjusted by any Floor) plus 1.00% (ii) a spread ranging from 0.50% to 0.75%, depending on borrowing amounts.

Interest on each Term SOFR loan is payable on the last day of each interest period and no more than quarterly, and interest on each Base Rate loan is payable in arrears on the last business day of April, July, October and January. For both Term SOFR and Base Rate loans, interest is payable periodically upon repayment, conversion or maturity, with interest periods ranging between 30 to 180 days at the election of the Company, or 12 months with the consent of all lenders.

The ABL Facility also requires the quarterly payment, in arrears, of a commitment fee. The commitment fee is payable in an amount equal to 0.25% of the Unutilized Revolving Loan commitment.

The Company had no short-term borrowings under the Company's ABL Facility as of January 31, 2026 and February 1, 2025. During the fiscal years ended January 31, 2026 and February 1, 2025, no amount was drawn or outstanding under the ABL Facility. Based on the terms of the agreement and the increase for the letters of credit, the Company's available borrowing capacity under the ABL Facility as of January 31, 2026 and February 1, 2025 was $35.7 million and $35.7 million, respectively.

The Company incurred an immaterial amount of interest expense and amortization of deferred fees related to the ABL facility for Fiscal Years 2025, 2024 and 2023, respectively.

Borrowings under the ABL Facility are secured by a first lien on accounts receivable and inventory. In connection with the ABL Facility, the Company is subject to various financial reporting (including with respect to liquidity), financial and other covenants. Affirmative covenants include providing timely quarterly and annual financial statements and prompt notification of the occurrence of any event of default or any other event, change or circumstance that has had, or could reasonably be expected to have, a material adverse effect as defined in the ABL Facility. In addition, there are negative covenants, including certain restrictions on the Company's ability to incur additional indebtedness, create liens, enter into transactions with affiliates, transfer assets, pay dividends, consolidate or merge with other entities, make advances, investments and loans or modify its organizational documents. The ABL Facility also includes certain financial maintenance covenants, including a requirement to maintain a fixed charge coverage ratio greater than or equal to 1.00:1.00 if availability under the ABL Facility is less than specified levels. As of January 31, 2026 and February 1, 2025, the Company was in compliance with all financial covenants in effect.

If an event of default occurs under the ABL Facility, the Company's obligations may be accelerated. In addition, a 2.00% interest surcharge will be imposed on overdue amounts.

***Letters of Credit*** 

As of January 31, 2026 and February 1, 2025, there were outstanding letters of credit of $4.3 million and $4.3 million, respectively, which reduced the availability under the ABL Facility. As of January 31, 2026, the maximum commitment for letters of credit was $15.0 million. Letters of credit accrue interest at a rate equal to the applicable margin with respect to revolving loans maintained as Term SOFR loans under the ABL facility. The Company primarily used letters of credit to secure payment of workers' compensation claims and customs bonds. Letters of credit are generally obtained for a one-year term and automatically renew annually and would only be drawn upon if the Company fails to comply with its contractual obligations.

***Payments of Long-term Debt Obligations Due by Period*** 

As of January 31, 2026, the minimum future principal amounts payable under the Company's outstanding long-term debt are as follows (in thousands):

------

---

| | |
|:---|:---|
| **Fiscal Year** | **Term Loan Credit Agreement** |
| 2026 | 1875 |
| 2027 | 750 |
| 2028 | 750 |
| 2029 | 750 |
| 2030 | 70875 |
|  | $75000 |

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**10. Fair Value Measurements**

Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Valuation techniques used to measure fair value requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 - Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 - Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets or liabilities in markets that are not active; or other inputs other than quoted prices that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities, including interest rates and yield curves, and market corroborated inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These are valued based on management's estimates and assumptions that market participants would use in pricing the asset or liability.

The following tables present the carrying value and fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of January 31, 2026 and February 1, 2025, respectively (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value as of January 31, 2026** | **Fair Value as of January 31, 2026** | **Fair Value as of January 31, 2026** |
|  | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial instruments not carried at fair value:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $73310 | $— | $75607 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial instruments not carried at fair value | $73310 | $— | $75607 | $— |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value as of February 1, 2025** | **Fair Value as of February 1, 2025** | **Fair Value as of February 1, 2025** |
|  | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial instruments not carried at fair value:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $69419 | $— | $73968 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial instruments not carried at fair value | $69419 | $— | $73968 | $— |

---

The Company's debt instruments include the Term Loan Credit Agreement. The debt instruments are recorded at cost, net of debt issuance costs and any related discount. The fair value of the debt instruments is obtained based on observable market prices quoted on public exchanges for similar instruments.

The Company believes that the carrying amounts of its other financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and any amounts drawn on its revolving credit facilities, consisting primarily of instruments without extended maturities, based on management's estimates, approximates their fair value due to the short-term maturities of these instruments.

*Assets and Liabilities with Recurring Fair Value Measurements -* Certain assets and liabilities may be measured at fair value on an ongoing basis. We did not elect to apply the fair value option for recording financial assets and financial liabilities. Other than total debt, we do not have any assets or liabilities which we measure at fair value on a recurring basis.

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*Assets and Liabilities with Nonrecurring Fair Value Measurements -* Certain assets and liabilities are not measured at fair value on an ongoing basis. These assets and liabilities, which include long-lived assets, goodwill, and intangible assets, are subject to fair value adjustments as part of the related impairment tests. Assumptions used to measure these fair value adjustments are classified as Level 3 inputs. Other than impairment accounting adjustments, no adjustments to fair value or fair value measurements were required for non-financial assets and liabilities for all periods presented. See *Note 6. Goodwill and Other Intangible Assets*, for additional information.

**11. Commitments and Contingencies**

***Legal Proceedings*** 

The Company is subject to various legal proceedings that arise in the ordinary course of business. Although the outcome of such proceedings cannot be predicted with certainty, management does not believe that the Company is presently party to any legal proceedings the resolution of which management believes would have a material adverse effect on the Company's financial statements. The Company establishes reserves for specific legal matters, including legal costs, when the Company determines that the likelihood of an unfavorable outcome is probable, and the loss is reasonably estimable.

***Concentration Risk***

An adverse change in the Company's relationships with its key suppliers, or loss of the supply of one of the Company's key products for any reason, could have a material effect on the business and results of operations of the Company. One supplier accounted for 11.7% of the Company's purchases during Fiscal Year 2025. There are many potential suppliers in the industry that could become a supplier if we were to lose one of our large suppliers.

***Other Commitments***

The Company enters into other cancelable and noncancelable commitments. Typically, these commitments are for less than one year in duration and are principally for the procurement of inventory. Preliminary commitments with the Company's merchandise vendors are made approximately six months in advance of the planned receipt date.

**12. Segment Reporting**

***Adoption of ASU 2023-07***

In Fiscal Year 2024, the Company adopted ASU 2023-07, "Improvements to Reportable Segment Disclosures." This ASU enhances the segment reporting disclosures provided in the Company's annual and interim consolidated financial statements.

***Operating Segments***

The Company operates through two operating segments, Retail and Direct, based on the criteria used by the Chief Operating Decision Maker ("CODM") to monitor performance and allocate resources. For reporting purposes, these operating segments have been aggregated into a single reportable segment due to their similar economic characteristics and shared resources. The segment derives its revenues from the sale of apparel and accessory merchandise through the retail stores and website and catalog orders.

***Performance Assessment and Resource Allocation***

The Company's CODM is the Chief Executive Officer. To assess the performance of the Company, the CODM primarily uses net income to analyze shopping behaviors and allocate resources effectively to enhance sales and margins. Net income is integral to the annual budgeting and forecasting process, with monthly reviews of variances from actuals against plan and forecast when making decisions on marketing spend, capital investments, and personnel. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

An extract of the financial information that is regularly provided to the CODM for the Company's single reportable segment is listed below:

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| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** |
| Net sales | $596549 | $610857 |
| Costs of goods sold (exclusive of depreciation and amortization) | 186804 | $181001 |
| Selling expenses | 195196 | $188815 |
| Marketing expenses | 52432 | $52690 |
| General and administrative expenses | 77772 | $82090 |
| Other segment items <sup>(a)</sup> | 56454 | $66778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income and total comprehensive income | $27891 | $39483 |

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(a)Other segment items represent the Company's OMS upgrade, management incentives, impairments of long-lived assets, loss on extinguishment of debt, loss on debt refinancing, interest expense, interest income, income taxes, and depreciation and amortization.

***Geographic Information***

All of the Company's identifiable assets are located in the United States, which is where the Company is domiciled. The Company has immaterial sales outside the United States. No customer represents more than 10% of total revenues for any period presented.

**13. Operating Leases**

As of January 31, 2026, the Company leases all of its retail stores, a distribution center, and office space. As of that same date, the Company did not have any financing leases and no operating leases contained any material residual value guarantees or material restrictive covenants. Certain of the Company's retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels.

Some retail leases include one or more options to renew, with renewal terms that can extend the lease term from one to fifteen years. The Company's distribution center has renewal terms that can extend the lease term up to twenty years. The exercise of lease renewal options is at the Company's sole discretion.

The Company maintained a tenant incentive liability of $0.1 million and $0.2 million as of January 31, 2026 and February 1, 2025, respectively, related to certain variable retail leases.

The components of lease expense were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
| **Lease Cost** | **Classification** | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Operating lease cost | SG&A Expenses | $43492 | $39866 | $39102 |
| Variable lease cost | SG&A Expenses | 2382 | 3675 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost |  | $45874 | $43541 | $42191 |

---

For Fiscal Year 2025, noncash impairment charges related to certain operating lease right-of-use ("ROU") assets of $0.3 million were recorded. The Company reduced the carrying value of the related ROU assets to their estimated fair value, which was determined using a fair market rent analysis.

For Fiscal Year 2024, noncash impairment charges related to ROU assets of $0.3 million were recorded. The impairment charges related primarily to a ROU asset which arose from the revised sublease assumptions relating to one floor of the corporate headquarters located in Quincy, Massachusetts that was vacated in July 2019. There were no impairments recorded in Fiscal Year 2023.

For Fiscal Years 2025, 2024, and 2023, Selling general and administrative expenses included common area maintenance expense of $13.7 million, $12.2 million and $13.2 million, respectively.

For Fiscal Years 2025, 2024, and 2023, the total cash paid for amounts included in the measurement of operating lease liabilities was $47.9 million, $43.2 million and $45.1 million, respectively.

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:

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| | |
|:---|:---|
| **Lease Term and Discount Rate** | **January 31, 2026** |
| Weighted-average remaining lease term (in years) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 5.1 |
| Weighted-average discount rate |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 6.9% |

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Maturities of lease liabilities as of January 31, 2026 were as follows (in thousands):

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| | |
|:---|:---|
| **Fiscal Year** | **Operating Leases**<sup>(1)</sup> |
| 2026 | 43800 |
| 2027 | 40047 |
| 2028 | 30215 |
| 2029 | 23777 |
| 2030 | 14307 |
| Thereafter | 29958 |
| Subtotal | 182104 |
| Less: Imputed interest | 30614 |
| Present value of lease liabilities | $151490 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)There were no operating leases with legally binding minimum lease payments for leases signed but for which the Company has not taken possession.

**14. Income Taxes**

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the United States ("U.S."). The OBBBA includes significant tax provisions, such as accelerated cost recovery of qualified property and the immediate expensing of U.S.-based research and development costs. The OBBBA has multiple effective dates, with most business provisions effective in tax years beginning after either December 31, 2024 or December 31, 2025. The estimated impact of these immaterial changes have been recognized during Fiscal year ended January 31, 2026.

The provision for income taxes for the Fiscal Years 2025, 2024, and 2023 consists of the following (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal | $4468 | $12668 | $9148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local | 1680 | 3408 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current | 6148 | 16076 | 12256 |
| Deferred tax (benefit) expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal | 3877 | (1502) | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local | 1137 | (76) | (1063) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax (benefit) expense | 5014 | (1578) | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax provision | $11162 | $14498 | $13164 |

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We adopted ASU 2023-09 on a prospective basis beginning with the year ended January 31, 2026. A reconciliation of the

Company's effective income tax rate to the 21% U.S. federal statutory income tax rate for the year ended January 31, 2026,

reflecting the adoption of ASU 2023-09, is presented below (in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **January 31, 2026** |
| U.S. federal statutory income tax | $8201 | 21.0% |
| State and local income taxes, net of federal benefit<sup>(1)</sup> | 2289 | 5.9% |
| Non-taxable or non-deductible items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disallowed officer compensation | 1134 | 2.9% |
| Changes in unrecognized tax benefits | (211) | (0.6)% |
| Other adjustments | (251) | (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | $11162 | 28.6% |

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<sup>(1)</sup> State and local taxes in California, Massachusetts, Minnesota, New Hampshire, New Jersey, New York, Texas, and Pennsylvania, and comprise the majority of this category.

The effective tax rate for the fiscal year ended January 31, 2026 differs from the federal statutory rate of 21% primarily due to the impact of state and local income taxes and the impact of executive compensation limitations.

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A reconciliation of the Company's effective income tax rate to the 21% U.S. federal statutory income tax rate for the years prior to the adoption of ASU 2023-09, is presented below:

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| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **February 1, 2025** | **February 3, 2024** |
| Federal statutory income tax rate | 21.0% | 21.0% |
| State income taxes, net of federal tax effect | 4.9% | 6.0% |
| Disallowed Interest |  | 1.8% |
| Disallowed officer compensation | 2.5% | 2.5% |
| Valuation allowance |  | (2.7)% |
| Equity-based compensation expense | (1.5)% | (1.6)% |
| Charitable contributions | (0.2)% | (0.2)% |
| Tax return to provision adjustments |  | 0.1% |
| Other | 0.2% | (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective Tax Rate | 26.9% | 26.7% |

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For the fiscal year ended January 31, 2026, the Company paid income taxes (net of refunds) entirely from domestic operations. Income taxes paid (net of refunds) were as follows (in thousands):

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| | |
|:---|:---|
|  | **For the Fiscal Year Ended** |
|  | **January 31, 2026** |
| Federal | $8200 |
| State | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $10817 |

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The components of deferred tax assets (liabilities) were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **February 1, 2025** |
| **Deferred tax assets** |  |  |
| Lease Liability | $38624 | $35346 |
| NOL and Interest Carryforwards | 306 | 320 |
| Start-Up Costs | 238 | 294 |
| Accrued expenses and other | 3470 | 4286 |
| Tax OID & Voluntary Paydown |  | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets, gross | 42638 | 41987 |
| **Deferred tax liabilities** |  |  |
| Right of use assets | (33164) | (28893) |
| Inventory Retail Method Adjustment | (971) | (750) |
| Fixed Asset Depreciation | (7781) | (5523) |
| Intangibles Amortization | (14420) | (15628) |
| Prepaid and Other Accruals | (705) | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (57041) | (51376) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liabilities | $(14403) | $(9389) |

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Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets on a quarterly basis. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carry-back net operating losses, the existence of reversing temporary differences, the availability of tax planning strategies and available sources of future taxable income. It has also considered the ability to implement certain strategies that would, if necessary, be implemented to accelerate taxable income and use expiring deferred tax assets. The Company has concluded future taxable income can be considered a source of income to realize a benefit for deferred tax assets in certain jurisdictions. The Company believes it is able to support the deferred tax assets recognized as of the end of the year based on all of the available evidence.

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As of January 31, 2026, the Company does not have a federal net operating loss carryforward. As of January 31, 2026 and February 1, 2025, the Company had $0.3 million and $0.3 million of state net operating loss carryforwards, respectively, that would expire if unutilized by the tax year 2040. The Company does not have federal or state tax credit carryforwards as of January 31, 2026. The Company had $0.1 million and $0.1 million of state business interest carryforwards, available to offset future taxable income as of January 31, 2026 and February 1, 2025, respectively. This carryforward can be carried forward indefinitely for state tax purposes.

The following table summarizes the changes in the Company's unrecognized income tax benefits for Fiscal Years 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| Balance at the beginning of the period | $127 | $127 | $425 |
| (Decreases) Increases for tax positions related to prior periods | (127) |  | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at the end of the period | $— | $127 | $127 |

---

The Company did not have gross unrecognized tax benefits as of January 31, 2026. The Company had gross unrecognized tax benefits of $0.1 million as of February 1, 2025 and February 3, 2024, recorded in Other liabilities in the consolidated balance sheets. The Company will recognize interest and penalties, if any, related to uncertain tax positions in Income tax expense. As of January 31, 2026, no significant amount of penalties or interest have been accrued.

For federal and state income tax purposes, the Company's tax years remain open under statute for Fiscal Year 2022 to present.

**15. Shareholders**' **Equity**

***Common Stock Issuance***

On June 12, 2024, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC, William Blair & Company, L.L.C., and TD Securities (USA) LLC (collectively, the "Underwriters"), as well as TowerBrook Capital Partners, LP ("TowerBrook"), an affiliate and the Company's largest stockholder (the "Selling Stockholder"). Pursuant to the Underwriting Agreement, (i) the Company offered, issued, and sold 1,000,000 shares of its common stock and, (ii) the Selling Stockholder offered and sold 1,300,000 shares of the Company's common stock, which included 300,000 shares sold as a result of the Underwriters' full exercise of their option to purchase additional shares (collectively, the "Equity Offering"). The shares were offered at an offering price of $31.00 per share, less underwriting discounts and commissions. The Equity Offering was completed on June 14, 2024.

The gross proceeds to the Company from the issuance of the Company's 1,000,000 shares amounted to $31.0 million and the Company did not receive any proceeds from the shares sold by the Selling Stockholder. After deducting underwriting discounts and commissions of approximately $1.5 million, the net proceeds to the Company from the Equity Offering were $29.5 million. The issuance of the 1,000,000 new shares sold by the Company increased the total number of outstanding shares and are reflected in the stockholders' equity section of the Company's consolidated balance sheet as of February 1, 2025. In connection with the Equity Offering, the Company incurred $0.8 million of third-party expenses. The net proceeds, after deducting both underwriting discounts and commissions and third- party expenses have been recorded in Additional paid-in capital and are detailed in the consolidated statements of shareholders' equity for the fiscal year ended February 1, 2025.

The Company utilized the net proceeds from its sale of shares in the Equity Offering for repayment of its debt and general corporate purposes.

***Share Repurchase Program***

On December 6, 2024, the Board approved a share repurchase program (the "Share Repurchase Program"), under which the Company is authorized to repurchase up to $25.0 million of the Company's common stock over the next two years. Under the Share Repurchase Program, shares of the Company's common stock may be purchased from time to time through open market or private transactions, block trades, or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations under the Exchange Act and share repurchase parameters determined by the Board.

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During the year ended January 31, 2026 and February 1, 2025, the Company repurchased 637,743 shares and 19,831 shares of its Common Stock for an aggregate purchase price of $10.4 million and $0.5 million, respectively. As of January 31, 2026, the Company had $14.1 million of availability remaining under its stock repurchase authorization. The purchase price of these share repurchases, and the related fees, have been classified as Treasury stock in the accompanying consolidated balance sheet as of January 31, 2026 and February 1, 2025.

The timing and the number of shares repurchased are subject to the discretion of the Company and may be affected by market conditions and other factors. The Share Repurchase Program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time.

***Dividends***

During Fiscal Year 2025, the Board of Directors (the "Board") declared total cash dividend payments of $0.32 per share of common stock (the "Dividend"). During Fiscal Year 2025, the Company paid $4.9 million in cash dividends and $0.1 million in dividend equivalent units relating to employee share-based payment awards. While dividends are generally recorded as a reduction to Retained earnings, since the Company has an accumulated deficit, dividends are recorded as a reduction to Additional paid-in capital.

The Company intends to pay cash dividends quarterly in the future, subject to market conditions and at the discretion of the Board. Our ability to pay dividends in the future is based on a number of factors, such as earnings levels, capital requirements, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements and the ability of our operating subsidiaries to pay dividends to us as a holding company.

**16. Net Income Per Share**

The following table summarizes the computation of basic and diluted net income per common share for the Fiscal Years 2025, 2024 and 2023 (in thousands, except share and per share data):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **January 31, 2026** | **February 1, 2025** | **February 3, 2024** |
| *Numerator* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $27891 | $39483 | $36201 |
| *Denominator* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding | 15188966 | 14956165 | 10561652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed exercise of warrants |  |  | 3581475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares, basic | 15188966 | 14956165 | 14143127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of share-based awards | 151182 | 180668 | 261343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares, diluted | 15340148 | 15136833 | 14404470 |
| Net income per common share, basic | $1.84 | $2.64 | 2.56 |
| Net income per common share, diluted | $1.82 | $2.61 | $2.51 |

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Share-based awards are excluded from the diluted earnings per share calculation when their inclusion would have an antidilutive effect such as when the Company has a net loss for the reporting period, or if the assumed proceeds per share of the award is in excess of the related fiscal period's average price of the Company's common stock. Accordingly, there were 261,853, 98,338, and 57,914 such awards excluded for the Fiscal Years 2025, 2024 and 2023, respectively.

During the fiscal year ended February 1, 2025, the Company issued 3,572,664 shares of common stock following the exercise of all the remaining 3,573,707 warrants (the "Warrants") that were previously issued pursuant to a Warrant Agreement, dated as of October 2, 2020, by and between the Company and American Stock Transfer & Trust Company, LLC (the "Warrant Agreement"). The exercise price of the Warrants was net share settled as per the terms of the Warrant Agreement and as detailed in the consolidated statements of shareholders' equity for the fiscal year ended January 31, 2026. Given the non-substantive exercise price of the Warrants in relation to the fair value of the common shares issued upon exercise, the exercise of these Warrants had no impact on net income per common share, both basic and diluted. Upon exercise, the net share settled warrants are included in the Weighted average number of common shares outstanding in the table above for the fiscal year ended February 1, 2025.

**17. Share-Based Payment**

In conjunction with the initial public offering, on March 9, 2017, the Company established the J.Jill, Inc. Omnibus Equity Incentive Plan, as amended and restated on June 1, 2023 (the "A&R Plan"), which reserves common stock for issuance upon exercise of options, or in respect of granted awards. The A&R Plan is administered by the Compensation Committee of the Board of Directors (the

------

"Committee"). The Board has the authority to determine the type, size and terms and conditions of awards to be granted and to grant such awards.

On March 11, 2025, the Board approved and authorized an amendment and restatement (the "Amendment") to the Company's Amended and Restated 2017 Omnibus Incentive Plan (the "A&R Plan"). The A&R Plan is administered by the Compensation Committee of the Board of Directors (the "Committee"). The Committee has the authority to determine the type, size and terms and conditions of awards granted under the A&R Plan.

On June 27, 2025, the Company registered an additional 750,000 shares of its common stock at par value of $0.01 per share. As of January 31, 2026, the A&R Plan has 2,793,453 shares of common stock reserved for issuance to awards granted by the Committee with an aggregate of 1,174,385 shares remaining for future issuance.

During Fiscal Year 2025, the Board approved and granted Restricted Stock Units ("RSUs"), dividend equivalent RSUs, Performance Stock Units ("PSUs") and dividend equivalent PSUs under the A&R Plan.

***Restricted Stock Units***

For Fiscal Years 2025, 2024 and 2023, the Board granted RSUs under the A&R Plan, which vest in one to three equal annual installments, beginning one year from the date of grant. Additionally, during Fiscal Year 2024, in order to reward, retain, and further incentivize key personnel, the Board granted RSUs, fifty percent (50%) of which vests beginning one year from the date of grant, and the remaining fifty percent (50%) of which vests in four equal amounts (i.e. 12.5% of the total RSU grant) on the last day of each quarter, with the first such quarter beginning January 1, 2026 and ending on March 31, 2026. In connection with the cash dividend paid on the Company's common stock and in accordance with the terms of the A&R Plan, participants holding RSUs were credited with dividend equivalent RSUs, which are subject to the same vesting terms as the RSUs.

The grant-date fair value of RSUs is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. In connection with the cash dividend paid on the Company's common stock and in accordance with the terms of the A&R Plan, participants holding RSUs were credited with dividend equivalent RSUs, which are subject to the same vesting terms as the RSUs. The fair market value of RSUs was determined based on the market price of the Company's shares on the date of the grant.

For the Fiscal Year 2025, the fair market value of RSUs was determined based on the market price of the Company's shares on the date of the grant.

The following table summarizes the RSUs award activity, for Fiscal Year 2025:

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| | | |
|:---|:---|:---|
|  | **Number of RSUs** | **Weighted Average Grant Date Fair Value** |
| **Unvested units outstanding at February 1, 2025** | 479888 | $23.66 |
| Granted | 474748 | $15.84 |
| Vested | (294932) | $19.69 |
| Forfeited | (79293) | $24.78 |
| **Unvested units outstanding at January 31, 2026** | 580411 | $18.61 |

---

As of January 31, 2026, there was $8.4 million of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average service period of 1.6 years. The total fair value of RSUs vested during Fiscal Years 2025, 2024, and 2023 was $5.8 million, $3.3 million, and $3.6 million, respectively.

***Performance Stock Units***

For Fiscal Years 2025 and 2024, the Board granted PSUs, a portion of which are based on achieving an adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") goal and the remaining portion is based on achieving an annualized absolute total shareholder return ("TSR") growth goal.

Each PSU award reflects a target number of shares ("Target Shares") that may be issued to the award recipient provided the employee continues to provide services to the Company throughout the three-year performance period of the award. For Adjusted EBITDA based PSUs, the number of units earned will be determined based on the achievement of the predetermined Adjusted EBITDA goals at the end of each performance year, and for TSR based PSUs, the number of units earned will be determined based on the achievement of the predetermined TSR growth goal at the end of a three-year performance period. The TSR is based on J.Jill's 30-trading day average beginning and closing price of the three-year performance period, assuming the reinvestment of dividends. Depending on the performance results based on Adjusted EBITDA and TSR, the actual number of shares that a grant recipient receives at the end of the vesting period may range from 0% to 200% of the Target Shares granted. PSUs are converted into shares of common stock upon vesting, under the terms of the A&R Plan. In connection with the cash dividend paid on the Company's common stock and

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in accordance with the terms of the A&R Plan, participants holding PSUs were credited with dividend equivalent PSUs, a portion of which are based on an Adjusted EBITDA goal and the remaining portion is based on achieving an annualized TSR growth goal, each subject to the same vesting terms as the corresponding PSUs.

The fair value of the PSUs granted during the Fiscal Years 2025 and 2024 for which the performance is based on an Adjusted EBITDA goal was determined based on the market price of the Company's shares on the date of the grant. Additionally, for those awards whose performance is based on a TSR growth goal, the fair value was estimated using a Monte Carlo simulation as of the grant date. These valuations were based on the assumptions noted below:

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| | |
|:---|:---|
|  | **For the Fiscal Year Ended** |
| **Monte Carlo Simulation Assumptions** | **January 31, 2026** |
| Risk Free Interest Rate | 3.66%-3.68% |
| Expected Dividend Yield |  |
| Expected Volatility | 45.85%-46.39% |
| Expected Term | 2.75-2.81 |

---

The Company recognizes share-based compensation expense related to Adjusted EBITDA based PSUs based on the Company's estimate of the percentage of the award that will be achieved. The Company evaluates the estimate of these awards on a quarterly basis and adjusts share-based compensation expense related to these awards, as appropriate. For the TSR based PSUs, the share-based compensation expense is recognized on a straight-line basis over the three-year performance period based on the grant-date fair value of these PSUs.

The following table summarizes the PSU awards activity for Fiscal Year 2025:

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| | | |
|:---|:---|:---|
|  | **Number of PSUs** | **Weighted Average Grant Date Fair Value** |
| **Unvested units outstanding at February 1, 2025** | 167743 | $36.56 |
| Granted | 106858 | $12.10 |
| Forfeited | (69564) | $33.59 |
| **Unvested units outstanding at January 31, 2026** | 205037 | $22.89 |

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As of January 31, 2026, there was $1.6 million of total unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a weighted-average service period of 1.6 years.

Share-based compensation expense for RSUs and PSUs was recorded in the Selling, general and administrative expenses in the consolidated statement of operations and comprehensive income. The Company recorded $5.4 million for the year ended January 31, 2026. As per the terms of the A&R Plan, as the dividend equivalent awards are subject to the same vesting conditions as their underlying awards, the Company did not record any additional share-based compensation expense associated with these awards.

***Stock Options***

During Fiscal Years 2018 and 2017, the Committee granted stock options under the A&R Plan. Stock options are granted to purchase ordinary shares at prices as determined by the Board, but in no event shall the exercise price be less than the fair market value of the common stock at the time of grant. Options generally vest in equal installments over a four-year period. Options expire not more than 10 years from the date of grant. The grant date fair value of options is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recorded as incurred.

As of January 31, 2026, there was no unrecognized compensation cost related to employee stock options as all options were fully vested. During Fiscal Year 2025, the Company forfeited 2,485 stock options. The Company did not grant or exercise any stock options during Fiscal Year 2025. As of January 31, 2026, the outstanding and exercisable stock options have a weighted average grant date fair value of $30.17, weighted average exercise price of $59.85 and a weighted average remaining contractual term of 1.3 years.

On December 9, 2024, the Company entered into a consulting agreement with Elm St Advisors, LLC ("Elm Street"), which was subsequently amended on March 11, 2025 (as amended, the "Consulting Agreement"). The Consulting Agreement resulted in a net award of 33,334 stock options to Elm Street, which vested on February 7, 2025. The amendment resulted in the cancellation of 66,666 of the original 100,000 stock options initially awarded under the Consulting Agreement, and accordingly, $0.3 million of compensation expense was reversed in Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income during the Fiscal Year ended January 31, 2026. The stock options expire three years from the December 9, 2024 grant date. As of January 31, 2026, there was no unrecognized compensation cost as the stock options were fully vested.

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The Company applied liability accounting to the stock options prior to their vesting since the Board retained sole discretion over the determination of the milestone achievements and the related vesting, as described in the Consulting Agreement. Upon vesting the stock options became equity-classified and the corresponding liability was reclassified from Accrued expenses and other current liabilities to Additional paid-in capital in the consolidated balance sheets.

The fair value of the stock options as of February 7, 2025 was calculated using the Black-Scholes option-pricing model with the following assumptions:

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| | |
|:---|:---|
| **Black Scholes Options Pricing Model** | **February 7, 2025** |
| Risk Free Interest Rate | 4.27% |
| Expected Dividend Yield | 1.0% |
| Expected Volatility | 45.90% |
| Expected Term | 1.59 |

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During the Fiscal Year 2025, the outstanding stock options, including previously issued stock options have a weighted average fair value of $30.17, weighted average exercise price of $59.85 and a weighted average remaining contractual term of 1.3 years.

***Employee Stock Purchase Plan (the "Purchase Plan")***

The Company established the Purchase Plan during Fiscal Year 2017, under which a maximum of 40,000 shares of common stock may be purchased by eligible employees as defined by the Purchase Plan. As of January 31, 2026, February 1, 2025 and February 3, 2024, there were 2,344 shares authorized and available for future issuance under the Purchase Plan. As of January 31, 2026, the Purchase Plan remains suspended due to an inadequate number of authorized and available shares.

**18. Related Party Transactions**

On June 14, 2024, the Company, and TowerBrook, as the Selling Stockholder, completed the Equity Offering, which resulted in the dilution of TowerBrook's ownership and voting power in the Company. As a result, TowerBrook no longer controls a majority of the voting power of the Company's outstanding voting stock and, therefore, the Company no longer qualifies as a "controlled company" within the meaning of the New York Stock Exchange corporate governance standards. Despite this change, TowerBrook remains an affiliated entity of the Company.

On December 9, 2024, the Company and Elm Street entered into the Consulting Agreement to assist the Company in developing enhanced operational strategies with a focus on growth opportunities. This agreement was subsequently amended on March 11, 2025. Elm Street is owned by Jim Scully, who served as a director on the Company's Board until June 2024. Effective May 20, 2025, the Company and Elm Street agreed to end the engagement.

During Fiscal Year 2025 and FY 2024, the Company incurred costs of $0.8 million and $0.4 million, respectively, under the Consulting Agreement. The Company did not incur such costs in FY 2023. As of January 31, 2026, the Company did not owe Elm Street. As of February 1, 2025, the Company owed $0.7 million. The Consulting Agreement resulted in a net award of 33,334 stock options to Elm Street, which vested on February 7, 2025. The amendment resulted in the cancellation of 66,666 of the original 100,000 stock options initially awarded under the Consulting Agreement, and accordingly, $0.3 million of compensation expense was reversed in Selling, general and administrative expenses in the consolidated statements of operations and comprehensive income during the Fiscal Year ended January 31, 2026. The stock options expire three years from the December 9, 2024 grant date. As of January 31, 2026, there was no unrecognized compensation cost as the stock options were fully vested.

During Fiscal Year 2024 the Company paid Elm Street a one time non-refundable upfront fee of $0.2 million in December 2024, which was recorded to Prepaid expenses and other current assets in the consolidated balance sheet and was being amortized over the term of the Consulting Agreement. Additionally, as of February 1, 2025, the Company paid a monthly installment payment of $0.3 million as per the terms of the Consulting Agreement.

The Company was party to the Subordinated Credit Agreement, with a group of lenders that includes certain affiliates of TowerBrook and the Chairman of our Board, until it was repaid in full on April 5, 2023.

In the consolidated statements of operations and comprehensive income, in association with the Subordinated Facility, the Company incurred $1.1 million of Interest expense – related party during Fiscal Year 2023. The Company did not incur Interest expense – related party during Fiscal Years 2025 and 2024.

For Fiscal Year 2024, the Company incurred $0.1 million in third-party expenses, primarily related to the payment of legal and professional fees associated with TowerBrook's sale of the Company's common stock in connection with the Equity Offering. The company did not incur such expenses during Fiscal Year 2025 and 2023. During the Fiscal Years 2025, 2024 and 2023, the Company incurred an immaterial amount of other related party transactions.

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**19. Subsequent Events**

***Dividends***

On March 31, 2026, the Board declared a cash dividend of $0.09 per share, payable on April 28, 2026 to stockholders of record of issued and outstanding shares of the Company's common stock as of April 14, 2026.

***Tariff Ruling***

On February 20, 2026, the U.S. Supreme Court invalidated the current U.S. presidential administration's tariff measures after concluding that the International Emergency Economic Powers Act ("IEEPA") did not authorize their imposition. As a result of this ruling, the Company may be eligible for refunds of tariffs paid during Fiscal Year 2025 and the first month of the fiscal year ending January 30, 2027. Due to the inherent uncertainty regarding the administrative process for filing claims with U.S. Customs and Border Protection and the potential for further legal challenges, the Company has determined that the recovery of these funds is not yet probable or reasonably estimable.

On February 24, 2026, President Trump revoked the IEEPA tariffs and implemented a 10% additional global tariff under Section 122 of the Trade Act of 1974. Pursuant to the Trade Act of 1974, these tariffs will expire in 150 days on July 24, 2026, unless earlier modified or suspended or extended beyond July 24 by an act of Congress. The scope and duration of future tariffs remain uncertain. The Trump Administration has announced that it also plans to initiate new investigations on "most major trading partners" under Section 301 of the Trade Act of 1974, which may lead to additional tariffs. It is uncertain how future repercussions of the ruling and other changes in trade policy would impact our operations, supply chain, and cash flow.

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## Exhibit 10.38

**Exhibit 10.38**

**CONSULTING SERVICES AGREEMENT**

This Consulting Services Agreement (this "**Agreement**") dated December 9, 2024 (the "**Effective Date**") is by and between ELM ST Advisors, LLC, a Delaware limited liability company ("**Consultant**"),and **Jill Acquisition LLC** ("**Client**"). For purposes of this Agreement, the term Consultant shall mean ELM ST Advisors, LLC and its affiliates, employees, members, contractors, successors or assigns.Consultant agrees to provide certain services to Client in accordance with the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Services and Compensation. Consultant agrees to perform for Client the services (the "Services")of the general nature, and subject to any specific requirements, set forth in each Statement of Work annexed hereto as an exhibit (each, an "SOW"). Each SOW annexed hereto, and any new SOW executed pursuant to and in accordance with this Agreement shall be designated in numerical order (i.e., Exhibit A-1, Exhibit A-2, and so forth). In full consideration of the Services rendered, Client agrees to pay Consultant the compensation set forth in the applicable SOW in the manner specified in such SOW(s). If either party wishes to change or expand the scope or performance of the Services under any SOW, such party will provide notice to the other party, and the parties shall negotiate and execute a new SOW, which new SOW will state whether the applicable prior SOW is superseded, amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Independent Contractor Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is the express intention of the parties that Consultant is an independent contractor and that Consultant shall perform the Services hereunder as an independent contractor. Nothing contained in this Agreement shall be construed to imply a partnership, joint venture, principal-agent, or employer employee relationship between Consultant and Client. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement, and Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client is contracting with Consultant for the Services and Consultant reserves the right to determine the method, manner and means by which the Services shall be performed consistent with the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ownership of Work Product. Consultant agrees that all information, work product, materials,properties or rights developed, delivered or contributed to, in whole or in part, by or on behalf of Consultant as part of the Services or other services provided under this Agreement (including all notes,reports, templates, specifications, designs, results, work papers, tangible embodiments (such as computer disks and documents), technical data or information, or other information or materials relating to the Services); all inventions, modifications, enhancements, improvements, processes, works of authorship,techniques or similar matters relating to the Services; all intellectual property rights with respect to any of the foregoing; and all products and proceeds of, and all claims and causes of action with respect to, any of the foregoing (collectively, the "**Work Product**"), is and shall be owned by the Client and Consultant hereby assigns all rights in Work Product to the Client, provided that pre-existing models, templates,methodologies and other pre-existing proprietary information of Consultant ("**Pre-Existing Work**")remains owned by Consultant. If and to the extent that Consultant incorporates any Pre-Existing Work into the Work Product, Consultant retains ownership of such Pre-Existing Work and hereby grants Client a perpetual, royalty-free, non-sublicensable, worldwide right to use such Pre-Existing Work for

------

Client'sown internal use only. Client may not sublicense or otherwise use such Pre-Existing Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time during the term of this Agreement, either party (as the "**Disclosing Party**") may disclose or make available to the other party (as the "**Receiving Party**"), non-public,proprietary, and confidential information of Disclosing Party that, if disclosed in writing or other tangible form is clearly labeled as "confidential," or if disclosed orally, is identified as confidential when disclosed,or by its nature or based on the circumstances under which it was disclosed or made available should reasonably be considered to be confidential or proprietary in nature ("**Confidential Information**").Confidential Information includes all information and materials (regardless of the form and regardless of by whom prepared) relating to the Work Product, all non-public information related to the Client and its affiliates' past, present and future business affairs including finances, products, services, operations,organizational structure, internal practices, business plans and forecasts, and all third-party confidential information. Confidential Information does not include any information that: (i) is or becomes generally available to the public other than as a result of Receiving Party's violation of this Section 4; (ii) is or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that, to the Receiving Party's knowledge, such third-party source is not and was not prohibited from disclosing such Confidential Information; (iii) was in Receiving Party's possession prior to Disclosing Party's disclosure hereunder; or (iv) was or is independently developed by Receiving Party without using any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the term of this Agreement and for a period of one (1) year thereafter, the Receiving Party shall: (x) protect and safeguard the confidentiality of the Disclosing Party's Confidential Information with at least the same degree of care as the Receiving Party would protect its own Confidential Information,but in no event with less than a commercially reasonable degree of care; (y) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (z) not disclose any such Confidential Information to any person or entity, except to the Receiving Party's affiliates, officers, directors, managers and other representatives who need to know the Confidential Information to assist the Receiving Party, or act on its behalf, to exercise its rights or perform its obligations under this Agreement. Notwithstanding anything herein to the contrary, the Receiving Party may disclose any Confidential Information if required by applicable law, legal process or other governmental or regulatory authority; provided, however, that the Receiving Party shall, to the extent permitted by law, use commercially reasonable efforts to notify Disclosing Party of such disclosure to afford Disclosing Party the opportunity to seek, at Disclosing Party's sole cost and expense, a protective order or other remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consultant acknowledges that Client's parent company (the "**Company**") is a publicly traded Company. Consultant further acknowledges the existence of laws and regulations prohibiting "insider trading", including the purchase or sale of securities of a company while in the possession of "material nonpublic information." Consultant

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acknowledges and agrees that Consultant and its representatives may have access to certain material nonpublic information of the Company as a result of receiving Confidential Information of the Company. Consultant shall, and shall direct its representatives to, treat such information as Confidential Information, and Consultant covenants and agrees that Consultant will not, and will inform its Representatives of their obligation not to, engage in insider trading or disclose such information to any third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Non-Solicitation. In the course of receiving or providing the Services, the parties shall each necessarily become aware of the identity and qualifications of certain of the other party's talented employees and/or contractors who work directly with such party in fulfilling the objectives of this Agreement (each, a "**Covered Person**"). Each party agrees that during the term of this Agreement and for a period of one (1) year following termination of this Agreement (the "**Non-Solicitation Period**") not to engage, employ or accept services directly or indirectly from any Covered Person, unless mutually agreed upon by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Representations and Warranties; Acknowledgments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party hereto represents and warrants to the other party that (i) such party has full power, authority and capacity to enter into this Agreement and to perform its obligations hereunder; and (ii)the execution and delivery of this Agreement and the performance of its obligations hereunder does not and shall not constitute a breach or violation of or a default under, or otherwise conflict with, the organizational documents of such party or any contract or agreement to which such party is a party or by which such party is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client acknowledges that timely delivery of the Services by Consultant will depend on Client's prompt response and delivery to Consultant of any information or materials reasonably requested by Consultant that Consultant considers necessary or useful for the performance of the Services, and that Client's failure to respond in a timely manner may result in a delay of the Services or any timeline set forth on any SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Taxes. Client shall pay, or shall reimburse Consultant for paying, any applicable sales, use or similar tax on any materials or services provided to Client by Consultant under this Agreement. Any other taxes, including income taxes on income received by Consultant, shall be the responsibility of Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party hereto (the "**Indemnifying Party**") agrees to indemnify and hold harmless the other party and its affiliates, and their respective past, present and future directors, officers, partners,members, employees, agents, representatives, advisors, subcontractors, affiliates and controlling persons(collectively, the "**Indemnified Parties**"), to the fullest extent lawful, from and against any and all losses,claims, damages, expenses (including reasonable attorneys' fees and court costs), fees, penalties or other liabilities (or actions in respect thereof) that are actually incurred by the Indemnified Party (collectively,"**Losses**") in connection with, arising out of, based upon or related to (i) any grossly negligent or more culpable act or omission of the

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Indemnifying Party (including any reckless or willful misconduct) in connection with the performance of this Agreement, (ii) the material breach or non-fulfillment of any material representation, warranty, or covenant set forth in this Agreement by the Indemnifying Party, or (iii)any violation or alleged violation of applicable laws or regulations, or any actual or alleged infringement or misappropriation of any intellectual property rights or any other rights of any person or entity by the Indemnifying Party; provided, however, that the Indemnifying Party shall not be required to indemnify any Indemnified Party for such Losses to the extent such Losses arose primarily because of the gross negligence or willful misconduct of any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein, and without limitation of the indemnification provisions set forth in Section 8(a) above, Consultant and each of Indemnified Parties shall further be entitled to indemnification and advancement of expenses from the Client to the same extent as provided for officers of the Client under the Client's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any claim, suit, action, proceeding, arbitration or investigation (each an "**Action**") shall be brought, threatened or asserted against any Indemnified Party in respect of which indemnity may besought against an Indemnifying Party, the Indemnified Party shall promptly notify the Indemnifying Party in writing, and the Indemnifying Party shall be entitled, at its expense, and upon delivery of written notice to the Indemnified Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. Such Indemnified Party shall have the right to employ separate counsel in any such Action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party has agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed to assume the defense in a timely manner or pursue the defense reasonably diligently, or (iii) outside counsel to an Indemnified Party has advised such Indemnified Party that in such Action there is an actual or potential conflict of interest or a conflict on any material issue between the Indemnifying Party's position and the position of such Indemnified Party, in which case, the Indemnifying Party shall be responsible for the fees and expenses of such separate counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indemnifying Party agrees that, without the Indemnified Party's prior written consent(which shall not be unreasonably withheld, conditioned or delayed), it will not settle, compromise or consent to the entry of any judgment in any pending or threatened Action in respect of which indemnification or contribution is reasonably likely to be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such Action), unless such settlement, compromise or consent (i) includes an unconditional release from the settling, compromising or consenting party of each Indemnified Party from all liability arising out of such Action, (ii) shall not include a statement as to, or an admission of, fault,culpability or a failure to act by or on behalf of any Indemnified Party, and (iii) shall not impose any continuing obligations or restrictions on any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights of the Indemnified Parties hereunder shall be in addition to any other rights that any Indemnified Party may have at common law, by statute or otherwise. Except as otherwise expressly provided for in this Agreement, if any term, provision,

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covenant or restriction contained herein is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Agreement shall all remain in full force and effect and shall in no way be affected, impaired or invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Term and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is effective commencing on the Effective Date and shall continue in full force and effect unless earlier terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated by either party at any time upon thirty (30) days' written notice to the other party. If either party materially breaches this Agreement and fails to remedy such breach within fifteen (15) days written notice of such breach, the non-breaching party may terminate this Agreement immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, termination or expiration of this Agreement shall not affect any of the parties' respective rights or obligations that are intended by the parties to survive such termination or expiration, including the applicable portions of Sections 3, 4, 5, 7, 8, 9, 14 and 17. At all times during the term of this Agreement and thereafter in perpetuity, each party agrees not to disparage the other party or its employees or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Limitation of Liability. No party shall be liable for any exemplary damages, punitive damages or consequential damages that are not reasonably foreseeable or arise solely from the special circumstances of the other party, whether arising out of tort, breach of contract or otherwise. In no event shall either party's aggregate liability arising out of or related to this Agreement or the provision of the Services exceed the aggregate amount paid or payable to Consultant by Client as consideration for the Services.The exclusions and limitations set forth in this Section will not apply to: (a) a party's failure to comply with its confidentiality, compliance with laws, intellectual property or data protection obligations; (b) a party's indemnification obligations solely with respect to third-party claims; or (c) a party's gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. DISCLAIMER OF WARRANTIES. CONSULTANT MAKES NO WARRANTIES(INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES WITH RESPECT TO THEACHIEVEMENT OF ANY PARTICULAR RESULTS IN CONNECTION WITH THE PROVISION OFTHE SERVICES) AND HEREBY DISCLAIMS ALL OTHER WARRANTIES, EITHER EXPRESS,IMPLIED, STATUTORY, OR OTHERWISE IN CONNECTION WITH THIS AGREEMENT, ANYWORK PRODUCT OR THE PROVISION OF THE SERVICES, AND SPECIFICALLY DISCLAIMSALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULARPURPOSE, TITLE AND NON-INFRINGEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Services to Others. Client acknowledges that Consultant is in the business of providing Services to other businesses and entities. Consultant's services hereunder are not exclusive to Client and Consultant shall have the right to perform the same or similar services for others, as well as engage in other business activities; provided, however, that

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until this Agreement terminates, without the Client's written consent,Consultant shall not provide any services to those certain competitors of Client as set forth on Exhibit B attached hereto (each, a "**Competitor**"), and shall promptly disclose to Client any potential or actual conflict between the Services provided to Client, and the services provided to any other business or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Subcontracting. Consultant may, at its expense and with the prior written consent of Client in each instance, subcontract with any entity or person concerning the provision of Services contemplated hereunder; provided, however, that Consultant shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor and, provided further, that Consultant shall be responsible for all acts of such subcontractor as if such acts were its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. No Publicity. Neither party will disclose the existence of this Agreement or the provisions of this Agreement, or any SOW or other attachment, schedule or exhibit hereto, without the prior written approval of the other party (which approval will not be unreasonably withheld, conditioned or delayed), except for initial disclosures required by law or applicable regulatory authorities regarding the existence of this Agreement (provided that Client will provide to Consultant a copy of the narrative related to this Agreement that is to be included in the Company's Form 8-K prior to filing and public disclosure thereof).Except with the prior written consent of Client, which consent will not be unreasonably withheld,conditioned or delayed, Consultant will not use the name of J.Jill in any publicity, advertising or customer list; provided, however, that Consultant may orally disclose the fact that Client is a client of Consultant to the extent such information has previously been made public. Notwithstanding anything to the contrary in this Section 14, if Client issues any press release, website disclosure or any other public statement (including public disclosures required by law or regulatory authority) relating to the Work Product or any event or occurrence with respect to which Consultant has provided services to Client, Client and Consultant will work together in good faith to ensure that Consultant approves the applicable language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Entire Agreement. On execution of this Agreement, the rights, duties and obligations of the parties hereto with respect to the matters set forth herein shall be governed solely by the provisions of this Agreement, and all representations, warranties, terms and conditions with respect to such matters which may be contained in any prior agreements or understandings (written or oral) between such parties shall be null and void and of no further force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Choice of Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of law. The parties hereby irrevocably submit to the exclusive jurisdiction of the state or federal courts sitting in Wilmington,Delaware and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue, and any right to trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Amendments. No amendment to or modification of or rescission or discharge of this Agreement,including Exhibit A attached hereto, is effective unless it is in writing, identified as an amendment to or rescission or discharge of this Agreement and signed by each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Successors and Assigns. This Agreement is binding on and inures to the benefit of the parties to this Agreement and their respective permitted successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be deemed an original, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart; all of such counterparts shall together constitute one and the same instrument. The parties agree that .pdf or facsimile copies of this Agreement shall be deemed to be the equivalent of originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notice. Any notice or communication required or permitted under this Agreement shall be in writing and shall be deemed received (i) on the date personally delivered, (ii) the next day after sending if sent by facsimile, Federal Express or any other next-day carrier service, or (iii) the third day after mailing via first-class mail, return receipt requested, to a party at the address below or such other address as the parties may designate from time to time. Unless otherwise specified herein, notices shall be delivered to the names and addresses below:

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# EXHIBIT A-1

# SERVICES

# Statement of Work
This Statement of Work (this "**SOW**") is hereby incorporated into that certain Consulting Services Agreement dated December 9, 2024 (the "**Agreement**"), by and between Jill Acquisition LLC("**Client**") and ELM ST Advisors, LLC, a Delaware limited liability company (the "**Consultant**").As used herein, the term Consultant shall mean ELM ST Advisors, LLC and its affiliates,contractors, consultants, successors or assigns. All terms used and not expressly defined in this SOW will have the meanings given to them in the Agreement.This SOW describes Services and deliverables to be performed and provided by the Consultant pursuant to the Agreement. If any item in this SOW is inconsistent with the Agreement prior to such incorporation, the terms of this SOW will control, but only with respect to the Services to be performed under this SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Services. Consultant shall provide the following services (collectively the "**Services**").The Services do not include the rendering of legal, tax or securities advice and Consultant shall have no liability to Client should Client improperly utilize advice or opinions of Consultant in matters of law, taxation or securities. Consultant shall perform the Services as an independent contractor and not as an employee or affiliate of Client. Consultant will not have the authority to enter into binding contracts on behalf of Client or to make binding financial decisions on behalf of Client, and Consultant will have no responsibility for obligations under any Client contracts that may be entered into or financial decisions that the Client or the Company may make based on the advice of Consultant. Without limitation of the foregoing, the Client and the Company will retain full responsibility for the content and accuracy of their financial reports and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Services to be performed by Consultant shall be in the general nature of financial and strategic advisory services for the senior leadership and management teams and other consulting services as agreed between the Consultant and Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Services will be performed by Jim Scully, a partner of Consultant, serving in the capacity of a consultative advisor hired for a temporary duration, and shall be supported by the Elm ST Advisors team. Consultant reports to and shall be directed by a subcommittee of the Board.The scope of the Services will include the following activities and the corresponding deliverables:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Strategic Growth Plan:

**Services**

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Company Vision and Long-term Strategy: Support the executive team in defining and implementing the long-term vision and strategy, providing counsel on critical decisions Risk Management: Work with the executive team to identify and manage risks to the strategic objectives Performance Oversight: Support the executive team in delivering performance goals, regarding strategic initiatives and aligning to the Board's objectives

**Deliverables**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Outline expectations with Board and Subcommittee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establish cadence and updates to the Subcommittee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintain regular updates to the Subcommittee and engage as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Work with team to define and quantify growth pillars that will drive top-line performance of the business over the next 1-3 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Work with team to define and quantify incremental investment required to deliver growth pillars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Work with team to define and quantify impacts to core business that will support, fund,and mitigate risks to the growth plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transformation Assistance:

**Services**

Leadership Support: Act as a resource to the executive team. Support any changes to the organization required to deliver transformation plans Strategic Execution: Support the identified work streams Business Continuity: Provide solutions and alternatives to operational gaps that may arise Financial Performance: Monitor and make recommendations related to financial performance(including monitoring KPIs and key initiatives)

**Deliverables**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establish expectations for how to support the executive team

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engage with executive team and external sources to drive transformation plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assess augmentations to existing (and any potential new talent) and provide recommendations on structure and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintain open dialogue with Subcommittee on learnings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Attend weekly / monthly business reviews as needed as determined by the Subcommittee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As requested by the Subcommittee, act as a resource for Board and executive-level decision-making

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Elm ST Advisors shall support Jim Scully in his work and provide additional surge capacity to the senior team on specific projects as well as day-to-day operations. The Elm ST Advisors team will consist of 2-3 FTEs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Term. Unless sooner terminated as provided in the Agreement, the term of this SOW shall expire on the six-month anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consulting Fee*: As consideration for the Services, the Client shall compensate the Consultant at the rate of $300,000 per month (the "**Consulting Fee**") and pay to Consultant a onetime retainer fee of $200,000 (the "**Retainer**"). The Retainer shall be due and payable to Consultant on or prior to the Effective Date. The Client shall pay the Consultant the Consulting Fee, which shall be billed in advance of the first of each month, and any other fees due hereunder,within thirty (30) days of Client's receipt of the relevant invoice; provided, however, that the first month's Consulting Fee shall be due and payable on or prior to the Effective Date. If the Agreement is terminated prior to the end of any month, the Client shall pay a pro rata portion of the applicable Consulting Fee due to Consultant. For the avoidance of doubt, other than with respect to the first Consulting Fee due and payable in advance as of the Effective Date, the Consulting Fee shall be proportionately adjusted as to any partial calendar month that occurs during the term of this SOW. The Retainer is non-refundable, notwithstanding any early termination of the Agreement or this SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Stock Options*: On the first day following the Effective Date that the Company has an open trading window (the "**Grant Date**"), the Company will grant to Consultant the option to purchase 100,000 shares of the Company common stock issued under the J.Jill, Inc. 2017Amended and Restated Omnibus Equity Incentive Plan. The exercise price ("**Exercise Price**") per share of Common Stock for each Option shall be equal to 100% of the Fair Market Value of such share, determined as of the Grant Date. "Fair Market Value" means the closing sales price of Company Common Stock reported the national securities exchange on which such shares are listed on the Grant Date, or if there is no such sale on that date, then on the last preceding date on which such a sale was reported. This grant is subject to vesting as follows: Consultant shall meet with the Subcommittee every sixty (60) days during the term of this SOW to review the status of the Services (each, a "**Review Meeting**"). Upon successful completion by Consultant of certain milestones, as may be determined in the sole reasonable discretion of the Subcommittee at each Review Meeting, 33,333.33 options will vest. In the event that the relevant milestones have not been successfully completed in the sole reasonable discretion of the Subcommittee at the time of such Review Meeting, the entire tranche of options subject to vesting at such Review Meeting will be cancelled (i.e., there shall be no partial vesting of any tranche of options). If any portion of the options are cancelled pursuant to the foregoing sentence, then, notwithstanding anything set forth in Section 9(b) of the Agreement, the Agreement and this SOW may thereafter be terminated by either party at any time upon seven (7) days' written notice to the other party. All options granted pursuant to this section will expire on the third anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Payment. Payment should be wired to Chase Bank, 73 Purchase St, Rye, NY 10580,ABA#021000021 for the account of: Elm St Advisors, LLC Account #853166830. All fees and expenses payable under the terms of this Agreement shall be free and clear of any withholding,deductions or charge for withholding taxes or deductions, goods and service tax, sales tax, value added tax or other applicable or similar taxes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Expense Reimbursement. In addition to the fees referenced herein, the Client shall pay Consultant $12,000 per month (flat rate) as reimbursement for all out-of-pocket expenses. All reimbursements hereunder shall be made in the same manner as other compensation under Section3 of this SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Routine Reviews. Client and Consultant shall review the scope of the Services and the term of this SOW every thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Administrative Assistance. The Client shall provide access to office workspace for the Consultant(s) at the Company's offices in Boston, as well as access to a Company computer and email, as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Waiver. Notwithstanding anything herein to the contrary, in performing the Services hereunder, the Consultant is not assuming responsibility for the Client's or its affiliates' decision to pursue (or not pursue) or effect (or not to effect) any business strategy, investment or other transaction.

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## Exhibit 10.39

**Exhibit 10.39**

**AMENDMENT No. 1**

This Amendment No. 1 (hereinafter called "Amendment"), made and entered into as of March 11, 2025 (the "Effective Date"), modifies the existing Agreement (as defined below), by and between **JILL ACQUISITION LLC** ("J.Jill") and **ELM ST ADVISORS, LLC,** ("Consultant"). J.Jill and Consultant shall individually be referred to as a "Party" and collectively as the "Parties.")

**WHEREAS,** J.Jill and Consultant entered into an Services Agreement ("Agreement") and Statement of Work dated December 9, 2024; and

**WHEREAS,** the Parties intend to amend the Statement of Work as set forth herein.

**NOW THEREFORE,** for and in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. <u>Term</u>. Section 2 of the Statement of work is hereby deleted in its entirety and replaced with the following:

<u>Term</u>. Unless sooner terminated as provided in the Agreement, the term of this SOW shall expire November 30, 2025.

2. <u>Consideration</u>. Section 3 of the Statement of work is hereby deleted in its entirety and replaced with the following:

<u>Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Consulting Fee:* As consideration for the Services, the Client shall compensate the Consultant at the rate of $300,000 per month for the first two months of the engagement December 2024 - January 2025), $125,000 per month for months three through seven of the engagement (February 2025 - June 2025) and $100,000 per month for months eight through twelve of the engagement (July 2025 - November 2025)(the **<u>"</u><u>Consulting Fee</u><u>"</u><u>)</u>** and pay to Consultant a one- time retainer fee of $200,000 (the **<u>"</u><u>Retainer")</u>.** The Retainer shall be due and payable to Consultant on or prior to the Effective Date. The Client shall pay the Consultant the Consulting Fee, which shall be billed in advance of the first of each month, and any other fees due hereunder, within thirty (30) days of Client's receipt of the relevant invoice; provided, however, that the first month's Consulting Fee shall be due and payable on or prior to the Effective Date. If the Agreement is terminated prior to the end of any month, the Client shall pay a pro rata portion of the applicable Consulting Fee due to Consultant. For the avoidance of doubt, other than with respect to the first Consulting Fee due and payable in advance as of the Effective Date, the Consulting Fee shall be proportionately adjusted as to any partial calendar month that occurs during the term of this SOW. The Retainer is non-refundable, notwithstanding any early termination of the Agreement or this sow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Stock Options:* On the first day following the Effective Date that the Company has an open trading window (the **<u>"Grant</u> <u>Date")</u>,**the Company will grant to Consultant the option to purchase 33,334 shares of the Company common stock issued under the J.Jill, Inc. 2017 Amended and Restated Omnibus Equity Incentive Plan. The exercise price **<u>("Exercise</u> <u>Price</u><u>"</u><u>)</u>** per share of Common Stock for each Option shall be equal to 100% of the Fair Market Value of such share, determined as of the Grant Date. "Fair Market Value" means the closing sales price of Company Common Stock reported the national securities exchange on which such shares are listed on the Grant Date, or if there is no such sale on that date, then on the last preceding date on which such a sale was reported.

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This grant is subject to vesting as follows: Consultant shall meet with the Subcommittee every sixty (60) days after the start of the term of this SOW to review the status of the Services (the **<u>"Review</u> <u>Meeting").</u>** Upon successful completion by Consultant of certain milestones, as may be determined in the sole reasonable discretion of the Subcommittee at the Review Meeting, the options will vest. In the event that the relevant milestones have not been successfully completed in the sole reasonable discretion of the Subcommittee at the time of such Review Meeting, the options will be cancelled (i.e., there shall be no partial vesting of options). If any portion of the options are cancelled pursuant to the foregoing sentence, then, notwithstanding anything set forth in Section 9(b) of the Agreement, the Agreement and this SOW may thereafter be terminated by either party at any time upon seven (7) days' written notice to the other party. All options granted pursuant to this section will expire on the third anniversary of the Grant Date.

3. <u>Full Force & Effect</u>. Except as set forth in this Amendment, all terms of the Agreement remain in full force and effect. After the effective date of this Amendment, the term "Agreement" as used in the Agreement shall mean the Agreement as amended by this Amendment.

4. <u>Entire</u> <u>Agreement.</u> The provisions set forth in this Amendment represent the entire agreement between the Parties in relation to the matters contained herein and therein. Any oral or written representation not contained or referenced in the Amendment shall not be binding on any Party. Each Party agrees that it has not relied on, or been induced by, any representations of any other Party not contained in this Amendment.

5. <u>Authorization</u>. Each Party hereby represents and warrants that (i) its execution and delivery of its obligations under this Amendment have been duly authorized by all requisite corporate action, and (ii) this Amendment as so executed and delivered constitutes its legal, valid and binding obligation, enforceable against such Party in accordance with its terms.

6. <u>Counterparts.</u> This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same document.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Effective Date.

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## Exhibit 19.1

**Exhibit 19.1**

**J.JILL, INC.**

**SECURITIES TRADING POLICY**

**(adopted by the Board of Directors on March 8, 2017)**

**I. Purpose**

To describe the standards concerning the handling of non-public information relating to J.Jill, Inc. and its subsidiaries (the "Company") and the buying and selling of securities of the Company.

**II. Persons Affected and Prohibited Transactions**

This Policy applies to directors, executive officers, other officers and associates of the Company. Please note that the <u>general prohibitions apply to all directors, officers and associates of the Company</u>, while the restrictions set forth in Part V (blackout periods) and Part VI (pre-clearance) apply only to directors, executive officers and certain designated officers and associates. If you are unsure whether you are subject to the restrictions set forth in Parts V or VI, please contact the Company's General Counsel or his or her designee.

The same restrictions described in this Policy also apply to your spouse, minor children and anyone else living in your household, partnerships in which you are a general partner, trusts of which you are a trustee, estates of which you are an executor and investment funds or other similar vehicles with which you are affiliated (collectively"Related Parties"). **<u>You will be responsible for compliance with this Policy by your Related Parties.</u>**

For purposes of this Policy, references to "<u>trading</u>" or to "<u>transactions insecurities of the Company</u>" include purchases or sales of Company stock, bonds, options,puts and calls, derivative securities based on securities of the Company, gifts of Company securities, loans of Company securities, hedging transactions involving or referencing Company securities, contributions of Company securities to a trust, sales of Company stock acquired upon the exercise of stock options, broker-assisted cashless exercises of stock options, market sales to raise cash to fund the exercise of stock options and trades in Company stock made under an associate benefit plan, such as a 401(k) plan.

**III. Policy Statement**

**If a director, officer or associate has material nonpublic information (as further discussed below) relating to the Company, it is our policy that neither that person nor any Related Party may:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **effect transactions in securities of the Company (other than pursuant to a pre-arranged trading plan that complies with Rule 10b5-1 ("<u>Rule 10b5-1</u>") under the Securities Exchange Act of 1934, as amended (the"Exchange Act") as described in Part VII below) or engage in any other action to take advantage of that information, or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **pass that information on to any person outside the Company or suggest or otherwise recommend that any such person outside the Company effect a transaction in securities of the Company or engage in any other action to take advantage of that information.**

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This Policy will continue to apply after termination of employment to the extent that a former director, officer or associate is in possession of material nonpublic information at the time of termination. In such case, no transaction in securities of the Company may take place until the information becomes public or ceases to be material.

This Policy also applies to information, obtained in the course of employment with, or by serving as a director of, the Company, relating to any other company,including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our customers, clients or suppliers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entity with which we may be negotiating a major transaction or business combination, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entity as to which we have an indirect or direct control relationship or a designee on the board of directors.

No director, officer or associate may effect transactions in the securities of any such other company while in possession of material nonpublic information concerning such company that was obtained in the course of employment with the Company.

Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are no exception. Even the appearance of an improper transaction must be avoided to preserve our reputation for adhering to the highest standards of conduct.

*Material Information*. "<u>Material information</u>" is any information that a reasonable investor would consider important in a decision to effect a transaction insecurities of the Company. In short, any information that could reasonably affect the price of such securities. Either positive or negative information may be material.Common examples of information that will frequently be regarded as material are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of future earnings or losses, or other guidance concerning earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that earnings are inconsistent with consensus expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a pending or proposed merger, joint venture, acquisition or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant sale of assets or the disposition of a subsidiary or business unit;• changes in dividend policies or the declaration of a stock split or the offering of additional securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or other key associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant legal or regulatory exposure due to a pending or threatened lawsuit or investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impending bankruptcy or other financial liquidity problems;• changes in legislation affecting our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or loss of a substantial customer, client or supplier.

*20-20 Hindsight*. Remember, if your transaction in securities of the Company becomes the subject of scrutiny, it will be viewed after-the-fact with the benefit of hindsight. As a result, before engaging in any transaction you should carefully consider how regulators and others might view your transaction in hindsight.

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*Tipping Information to Others*. Whether the information is proprietary information about the Company or other information that could have an impact on the price of the Company's securities, directors, officers and associates must not pass the information on to others. Penalties will apply whether or not you derive, or even intend to derive, any profit or other benefit from another's actions.

*When Information is Public*. You may not trade on the basis of material information that has <u>not</u> been broadly disclosed to the marketplace, such as through a press release or a filing with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"),and the marketplace has had time to absorb the information. As a general rule,information should not be considered fully absorbed by the marketplace until the end of the first business day after the information is released. Thus, if information is released on a Monday, trading should not take place until Wednesday.

*Transactions under Company Plans.* Although this Policy does not generally apply to the exercise of employee stock options (other than cashless exercises as described below), it does apply to the sale of common stock received upon exercise. This Policy applies however to the sale as part of a broker-assisted cashless exercise of a stock option and the market sale for the purpose of raising cash to fund the exercise of an option. This Policy also applies to the following elections under a 401(k) plan (if and when the Company makes Company securities an investment alternative under our401(k) plan):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing or decreasing periodic contributions allocated to the purchase of Company securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intra-plan transfers of an existing balance in or out of Company securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• borrowing money against the account if the loan results in the liquidation of any portion of Company securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-paying a loan if the pre-payment results in allocation of the proceeds to Company securities.

*Confidentiality Obligations*. The restrictions set forth in this Policy are designed to avoid misuse of material nonpublic information in violation of the securities laws.These restrictions are in addition to, and in no way alter, the general obligations that each director, officer and associate of the Company has to maintain the confidentiality of all confidential or proprietary information concerning the Company and its business, as well as any other confidential information, that may be learned in the course of service or employment with the Company. No such information is to be disclosed to any other person in the Company, unless that person has a clear need to know that information, and no such information may be disclosed to any third parties, except as required or otherwise contemplated by your function or position.

**IV. Additional Prohibited Transactions**

Because we believe it is improper and inappropriate for any person to engage in short-term or speculative transactions involving the Company's securities, it is the policy of the Company that directors, officers and associates of the Company, and their Related Parties, are prohibited from engaging in any of the following activities with respect to securities of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases of stock of the Company on margin. Although you may pledge Company securities as security for margin accounts, you are responsible for ensuring that foreclosure on any such account would not

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violate this Policy and you should be aware that sales of such securities could have securities law implications for you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Short sales (*i.e.*, selling stock you do not own and borrowing the shares to make delivery). The SEC effectively prohibits directors and officers from selling Company securities short. This Policy is simply expanding this prohibition to cover all associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Buying or selling puts, calls, options or other derivatives in respect of securities of the Company.

Although the Company discourages speculative hedging transactions, the Company does permit long-term hedging transactions that are designed to protect an individual's investment in Company securities (i.e., the hedge must be for at least twelvemonths and relate to stock or options held by the individual). If you wish to engage in any such transaction, you must pre-clear it in accordance with the pre-clearance procedures described in Part VI below (even if you are not one of the persons otherwise required to submit your transaction in Company securities to pre-clearance). Because these activities raise issues under U.S. federal securities laws, any person intending to engage in permitted hedging transactions is strongly urged to consult legal counsel.

**V. Blackout Periods – For Directors, Executive Officers and Certain Other Personnel with Access to our Results**

The Company's announcement of quarterly financial results has the potential to have a material impact on the market for the Company's securities. Therefore, in order to avoid any appearance that its directors, officers, associates and other insiders are trading while aware of material nonpublic information, all directors, executive officers and certain other persons who are or may be expected to be aware of quarterly financial results of the Company will be subject to quarterly blackouts on trading.

The Company has established the following "<u>blackout periods</u>" in relation to the publication of its annual and quarterly results: **(a) the period commencing three weeks prior to the end of its fiscal year and ending on and including the first trading day after public announcement of the Company's annual financial results; (b) the period commencing three weeks prior to the end of each of its fiscal quarters and ending on and including the first trading day after public announcement of the Company's financial results for such quarter; and (c) for directors and executive officers, to the extent and during the periods as the General Counsel or his or her designee may direct, including as required by Section 306 of the Sarbanes-Oxley Act of 2002 or its implementing regulations.**

During these blackout periods, the following persons and their Related Parties are **<u>prohibited</u>** from effecting transactions in securities of the Company (except as otherwise expressly provided below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directors and their secretaries and other assistants;• executive officers, any other officer who has an obligation to file reports under Section 16 of the Exchange Act, and their secretaries and other assistants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain associates in the accounting, finance and legal departments;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person designated by the General Counsel or his or her designee.

You should be aware that the blackout periods described above may be modified by the Company at any time. In addition, the Company may from time to time determine that effecting

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transactions in securities of the Company is inappropriate at a time that is outside the blackout periods and, accordingly, may notify you of additional closed periods at any time. For example, a short blackout period may be imposed shortly before issuance of interim earnings guidance. Those subject to blackout period requirements will receive notice of any modification by the Company of the closed period policy or of any additional prohibition on trading during a non-blackout period. Persons subject to the blackout period restrictions who terminate their employment with the Company during a blackout period will remain subject to the restrictions until the end of such period.

The prohibition described in this Part V shall not apply to gifts of Company securities and contributions of Company securities to a trust so long as the requirements of Part VI below are complied with. The General Counsel or his or her designee may, on a case-by-case basis, authorize effecting a transaction in Company securities during a blackout period if the person who wishes to effect such a transaction (i) has, at least two business days prior to the anticipated transaction date, notified the Company in writing of the circumstances and the amount and nature of the proposed transaction and (ii) has certified to the Company that he or she is not in possession of material nonpublic information concerning the Company.

See Part VII below for the principles applicable to transactions under Rule 10b5-1plans.

**VI. Pre-Clearance of Securities Transactions**

To provide assistance in preventing inadvertent violations of the law (which could result for example, from failure by directors and officers subject to reporting obligations under Section 16 of the Exchange Act) and avoiding even the appearance of an improper transaction (which could result, for example, where an officer engages in a trade while unaware of a pending major development), we are implementing the following procedure:

**All transactions in securities of the Company by the following persons and their Related Parties must be pre-cleared with the Company's General Counsel or his or her designee:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **directors and their secretaries and other assistants;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **executive officers, any other officer who has an obligation to file reports under Section 16 of the Exchange Act, and their secretaries and other assistants;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **certain associates in the accounting, finance and legal departments; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **any other person designated by the General Counsel or his or her designee.**

**Persons subject to these restrictions should contact the General Counsel or his or her designee <u>at least two business days (or such shorter period as the General Counsel or his or her designee may determine) in advance</u> and may not effect any transaction subject to the pre-clearance request unless given clearance to do so,which clearance, if granted, will be valid only for two business days following the approval date. If a transaction for which clearance has been granted is not effected(i.e., the trade is not placed) within such two business day period, the transaction must again be pre-cleared.**

To the extent that a material event or development affecting the Company remains nonpublic, persons subject to pre-clearance will not be given permission to effect7transactions in securities of the Company. Such persons may not be informed of the reason why they may not trade. Any person that is made aware of the reason for an event-specific prohibition on trading should in no event disclose the reason for the prohibition to third parties and should avoid

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disclosing the existence of the prohibition, if possible. Caution should be exercised when telling a broker or other person who suggested a trade that the trade cannot be effected at the time.

Note that the pre-clearance procedures may delay the disposition of any security after it is purchased.

See Part VII below for the principles applicable to transactions under Rule 10b5-1plans.

**VII. 10b5-1 Plans.**

The SEC has adopted a safe harbor rule, Rule 10b5-1, which provides a defense against insider trading liability for trades that are effected pursuant to a pre-arranged trading plan that meets specified conditions. The trading plan must be properly documented and all of the procedural conditions of the Rule must be satisfied to avoid liability.

Rule 10b5-1 plans allow transactions for the account of an insider to occur during blackout periods or while the insider has material nonpublic information provided the insider has previously given instructions or other control to effect pre-planned transactions in securities of the Company to a third party. The insider must establish the plan at a time when he or she is not in possession of material nonpublic information and the insider may not exercise any subsequent influence over how, when or whether to effect transactions. In addition to other specified conditions, a Rule 10b5-1 plan would specify in writing in advance the amount and price of the securities to be sold and the date for the sale (or a formula for determining the amount, price and date) or would otherwise not permit the insider to exercise any subsequent influence over how, when or whether to effect the sales. After adopting a valid Rule 10b5-1 plan, the insider will have an affirmative defense that a sale under the plan was not made "on the basis of" material nonpublic information.

The Company will treat the creation, modification or termination of a pre-planned trading program or arrangement established to meet the requirements of Rule 10b5-1 as a transaction subject to the blackout period rules set forth in Part V of this Policy.Transactions effected pursuant to a properly established Rule 10b5-1 plan however will not be subject to the blackout periods under Part V of this Policy.

The Company will treat the creation, modification or termination of a pre-planned trading program or arrangement established to meet the requirements of Rule 10b5-1 as a transaction subject to pre-clearance under Part VI of this Policy at the time the plan is established, modified or terminated. Persons subject to the pre-clearance policy should coordinate any such plans or arrangements with the Company's General Counsel or his or her designee. Even though each transaction effected under a Rule 10b5-1 plan does not8need to be pre-cleared, it nonetheless must be made in accordance with Rule 144 and must be reported on a Form 4 under Section 16 of the Exchange Act.

**VIII. Assistance**

Any person who has any questions about this Policy or about specific transactions may contact the Company's General Counsel or his or her designee. Remember,however, that the ultimate responsibility for adhering to this Policy and avoiding improper transactions rests with you. In this regard, it is imperative that you use your best judgment and to ask before acting if you are unsure.

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our reports dated March 31, 2026, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of J.Jill, Inc. on Form 10-K for the year ended January 31, 2026. We consent to the incorporation by reference of said reports in the Registration Statements of J.Jill, Inc. on Form S-8 (Nos. 333- 216687, 333-225644, 333-225642, 333-225640, 333-230776, 333-230777, 333-232069, 333-253275, 333-257235, 333-273016 and 333-288388) and Form S-3 (No. 333-274536).

/s/ Grant Thornton LLP

Southfield, Michigan

March 31, 2026

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mary Ellen Coyne, certify that:

1. I have reviewed this Annual Report of J.Jill, Inc. (the "Company") on Form 10-K for the period ended January 31, 2026;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Mary Ellen Coyne |
|  |  | **Mary Ellen Coyne** |
|  |  | **Chief Executive Officer, President and Director** |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mark Webb, certify that:

1. I have reviewed this Annual Report of J.Jill, Inc. (the "Company") on Form 10-K for the period ended January 31, 2026;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Mark Webb |
|  |  | **Mark Webb** |
|  |  | **Executive Vice President, Chief Financial and Operating Officer** |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of J.Jill, Inc. (the "Company") on Form 10-K for the period ended January 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Mary Ellen Coyne |
|  |  | **Mary Ellen Coyne** |
|  |  | **Chief Executive Officer, President and Director** |

---

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of J.Jill, Inc. (the "Company") on Form 10-K for the period ended January 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Mark Webb |
|  |  | **Mark Webb** |
|  |  | **Executive Vice President, Chief Financial and Operating Officer** |

---

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## Exhibit 97.1

**Exhibit 97.1**

**J.Jill Inc.**

**INCENTIVE-BASED COMPENSATION RECOVERY POLICY**

**EFFECTIVE October 2, 2023**

**I.** **<u>Purpose</u>.** 

The purpose of this J.Jill Inc. (the "<u>Company</u>") Incentive-Based Compensation Recovery Policy (this "<u>Policy</u>") is to enable the Company to recover Erroneously Awarded Compensation in the event that the Company is required to prepare an Accounting Restatement. This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), Rule 10D-1 promulgated under the Exchange Act and Section 303A.14 of the New York Stock Exchange ("<u>NYSE</u>") Listed Company Manual (the "<u>Listing Rule</u>"). Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in <u>Section 7</u>.

**II.** **<u>Administration</u>.** 

This Policy shall be administered by the Compensation Committee (the "<u>Committee</u>") of the Company's Board of Directors (the "<u>Board</u>") unless the Board determines to administer this Policy itself. The Committee has full and final authority to make all determinations under this Policy. All determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company, its affiliates, its stockholders and Executive Officers. Any action or inaction by the Committee with respect to an Executive Officer under this Policy in no way limits the Committee's actions or decisions not to act with respect to any other Executive Officer under this Policy or under any similar policy, agreement or arrangement, nor shall any such action or inaction serve as a waiver of any rights the Company may have against any Executive Officer other than as set forth in this Policy.

**III.** **<u>Application</u>.** 

This Policy applies to the Company's current and former Executive Officers, (each at "<u>Covered Individual</u>").

This Policy applies to all Incentive-Based Compensation received by a Covered Individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)after beginning service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)who served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)while the Company had a class of securities listed on a national securities exchange or a national securities association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)during the three completed fiscal years immediately preceding the Accounting Restatement Date.

In addition to such last three completed fiscal years, the immediately preceding clause (d) includes any transition period that results from a change in the Company's fiscal year within or immediately following such three completed fiscal years; <u>provided</u>, <u>however</u>, that a transition period between the last

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day of the Company's previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to twelve months shall be deemed a completed fiscal year. For purposes of this <u>Section 3</u>, Incentive-Based Compensation is deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

**IV.** **<u>Recovery Requirement</u>.** 

In the event of an Accounting Restatement, the Company must recover, reasonably promptly, Erroneously Awarded Compensation, in amounts determined pursuant to this Policy. The Company's obligation to recover Erroneously Awarded Compensation is not dependent on if or when the Company files restated financial statements. Recovery under this Policy with respect to a Covered Individual shall not require the finding of any misconduct by such Covered Individual or such Covered Individual being found responsible for the accounting error leading to an Accounting Restatement. In the event of an Accounting Restatement, the Company shall satisfy the Company's obligations under this Policy to recover any amount owed from any applicable Covered Individual by exercising its sole and absolute discretion in how to accomplish such recovery.

The Company's recovery obligation pursuant to this <u>Section 4</u> shall not apply to the extent that the Committee, or in the absence of the Committee, a majority of the directors serving on the Board, excluding any Executive Officer subject to this Policy, determines that such recovery would be impracticable and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the NYSE;

; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Code.

**V.** **<u>Prohibition on Indemnification and Insurance Reimbursement</u>.** 

The Company is prohibited from indemnifying any Covered Individual against the loss of Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing a Covered Individual for purchasing insurance to cover any such loss.

**VI.** **<u>Method of Recovery</u>.** 

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The Committee will determine, in its sole discretion, the method for recouping Erroneously Awarded Compensation pursuant to this Policy. Subject to the requirement that recovery be made reasonably promptly, the Committee will determine the appropriate means of recovery, which may vary, without limitation, between Covered Individuals or based on the nature of the applicable Incentive-Based Compensation. Such methods of recovery may involve, without limitation: establishing a deferred repayment plan or set-off against current or future compensation otherwise payable to the Covered Individual; cancelling outstanding vested or unvested equity awards made to the Covered Individual; and taking any other remedial and recovery action permitted by law, as determined by the Committee.

To the extent the Committee determines to enforce recoupment, (a) Committee shall provide the Covered Individual written notice of its intent to recoup Incentive-Based Compensation under this Policy, along with the timeline within which the Covered Individual must respond, (b) to the extent the Covered Individual does not intend to comply, they must respond in writing to the Committee within ten (10) business days after receipt of such notice, setting forth the reasons why the Covered Individual believes non-compliance is warranted, and (c) if the Compensation Committee disagrees with the Covered Individual's assertions, then it must respond to the Covered Individual in writing that sets forth its reasons within twenty (20) business days immediately following its receipt of the Covered Individual's written response. Following the completion of the required notice periods in this paragraph, either party may commence with a suit, action or other proceeding against the other party and exercise their rights pursuant to this Policy.

**VII.** **<u>Definitions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Accounting Restatement</u>" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Accounting Restatement Date</u>" means the earlier to occur of: (i) the date the Board concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Erroneously Awarded Compensation</u>" means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received that exceeds the amount of Incentive-Based Compensation that otherwise would have been received had it been determined based on the restated amounts in such Accounting Restatement, and must be computed without regard to any taxes paid by the relevant Executive Officer; <u>provided</u>, <u>however</u>, that for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i)

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the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received; and (ii) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Executive Officer</u>" means the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. An executive officer of the Company's subsidiary is deemed an "Executive Officer" if the executive officer performs such policy making functions for the Company. The determination as to an individual's status as an Executive Officer shall be made by the Board and such determination shall be final, conclusive and binding on such individual and all other interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Financial Reporting Measure</u>" means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in part from such measure; <u>provided</u>, <u>however</u>, that a Financial Reporting Measure is not required to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a "Financial Reporting Measure." For purposes of this Policy, "Financial Reporting Measure" includes, but is not limited to, stock price and total stockholder return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Incentive-Based Compensation</u>" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. For purposes of this Policy, "Incentive-based Compensation" shall also be deemed to include any amounts which were determined based on (or were otherwise calculated by reference to) Incentive-based Compensation (including, without limitation, any amounts under any long-term disability, life insurance or supplemental retirement plan or any notional account that is based on Incentive-based Compensation, as well as any earnings accrued thereon).

**VIII.** **<u>Acknowledgement</u>.** 

Each Covered Individual shall sign and return to the Company, within 30 calendar days following the later of (i) the effective date of this Policy first set forth above or (ii) the date the individual becomes an Covered Individual, the Acknowledgement Form attached hereto as <u>Exhibit A</u>, pursuant to which the Covered Individual agrees to be bound by, and to comply with, the terms and conditions of this Policy.

**IX.** **<u>Disclosure of Policy.</u>**

A copy of this Policy and any amendments thereto shall be filed as an exhibit to the Company's annual report on Form 10-K.

**X.** **<u>Severability</u>.** 

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The provisions in this Policy are intended to be applied to the fullest extent of the law. To the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision shall be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

**XI.** **<u>Amendment; Termination</u>.** 

The Board may amend this Policy from time to time in its sole and absolute discretion and shall amend this Policy as it deems necessary to reflect the Listing Rule. Unless otherwise required by applicable law, this Policy shall no longer be effective from and after the date that the Company no longer has a class of securities listed on a United States national securities exchange.

**XII.** **<u>Other Recovery Obligations; General Rights</u>.** 

To the extent that the application of this Policy would provide for recovery of Incentive-Based Compensation that the Company recovers pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations, the amount the relevant Executive Officer has already reimbursed the Company will be credited to the required recovery under this Policy. This Policy shall not limit the rights of the Company to take any other actions or pursue other remedies that the Company may deem appropriate under the circumstances and under applicable law. Nothing contained in this Policy shall limit the Company's ability to seek recoupment, in appropriate circumstances (including circumstances beyond the scope of this Policy) and as permitted by applicable law, of any amounts from any individual, in each case to the extent permitted under the Listing Rule.

**XIII.** **Interpretation.** 

Notwithstanding anything to the contrary herein, this Policy is intended to comply with the requirements of Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual (and any applicable rules, regulations, administrative interpretations or listing standards adopted in connection therewith), and the provisions of this Policy shall be interpreted in a manner that satisfies such requirements, and this Policy shall be applied accordingly. If any provision of this Policy would otherwise frustrate or conflict with this intent, the provision shall be interpreted and deemed amended so as to avoid such conflict.

**XIV.** **<u>Successors</u>.** 

This Policy is binding and enforceable against all Covered Individuals and their beneficiaries, heirs, executors, administrators or other legal representatives.

**XV.** **<u>Governing Law; Venue</u>.** 

This Policy and all rights and obligations hereunder are governed by and construed in accordance with the internal laws of the State of Delaware, excluding any choice of law rules or principles that may direct the application of the laws of another jurisdiction. All actions arising out of or relating to this Policy shall be heard and determined exclusively in the Court of Chancery of the State of Delaware or, if such court declines to exercise jurisdiction or if subject matter jurisdiction over the matter that is the

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subject of any such legal action or proceeding is vested exclusively in the U.S. federal courts, the U.S. District Court for the District of Delaware.

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**<u>EXHIBIT A</u>**

J.Jill Inc.

**INCENTIVE-BASED COMPENSATION RECOVERY POLICY**

**ACKNOWLEDGEMENT FORM**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the J.Jill Inc.(the "<u>Company</u>") Incentive-Based Compensation Recovery Policy (the "<u>Policy</u>").

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner consistent with, the Policy.

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| |
|:---|
| **Claire Spofford**<br>|
| Signature<br>10/6/23 |
| Date |

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**<u>EXHIBIT A</u>**

J.Jill Inc.

**INCENTIVE-BASED COMPENSATION RECOVERY POLICY**

**ACKNOWLEDGEMENT FORM**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the J.Jill Inc.(the "<u>Company</u>") Incentive-Based Compensation Recovery Policy (the "<u>Policy</u>").

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner consistent with, the Policy.

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| |
|:---|
| **Mark Webb**<br>|
| Signature<br>10/6/23 |
| Date |

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**<u>EXHIBIT A</u>**

J.Jill Inc.

**INCENTIVE-BASED COMPENSATION RECOVERY POLICY**

**ACKNOWLEDGEMENT FORM**

By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy of the J.Jill Inc.(the "<u>Company</u>") Incentive-Based Compensation Recovery Policy (the "<u>Policy</u>").

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner consistent with, the Policy.

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| |
|:---|
| **James Guido** <br>|
| Signature<br>10/6/23 |
| Date |

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