J. Jill shares plummet after outlook cut

J.Jill Inc. shares plummeted in the extended session Wednesday after the women’s apparel retailer cut its outlook for the third quarter because of lower-than-expected sales. J.Jill shares dropped 35% to $6.50 after hours. The company forecast adjusted earnings of 8 cents to 10 cents a share for the third quarter, down from a previous forecast of 18 cents to 20 cents a share. J.Jill also expects third-quarter same-store sales to decline by 3% to 5%. Analysts surveyed by FactSet had estimated earnings of 19 cents a share with a 7.4% increase in same-store sales. "We have experienced a lower than expected sales trend across both our retail and direct channels, and are updating our guidance for the quarter," said Paula Bennett, J.Jill Chief Executive, in a statement. "We have been assessing the change in trend and have identified product and marketing calendar issues that are affecting traffic and conversion, and we are reacting quickly."

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