J. JILL STOCK DROPS 46.2%
NEW YORK — Shares of J. Jill Group tumbled 46.2 percent Monday, giving up 5 1/4 to close at 6 1/8 in over-the-counter trading, after the catalog firm announced plans to discontinue its Nicole Summers catalog and post a third-quarter loss of 11 cents a share before one-time restructuring charges.
J. Jill also expects to incur substantial one-time restructuring charges in the second half. Wall Street had been estimating third-quarter earnings of 8 cents a share, down from 14 cents a year earlier. Fourth-quarter results will also be hurt by the lower-than-expected sales from Nicole Summers and maturation at its core J. Jill catalog, the firm said. J. Jill said it will continue to expand its retail and e-commerce initiatives.