J.Jill anticipates net sales of roughly US $ 160 million for the first quarter of fiscal 2024, a 7% increase, and adjusted EBITDA of roughly US $ 33 million to US $ 34 million.
The first quarterly cash dividend of 7 cents per share, payable on 12th June 2024, to all stockholders of record, was declared by the company’s board of directors.
The initial US $ 175 million dollar term loan provided in April 2023 was lowered to US $ 108 million after J.Jill paid down a total of US $ 60.4 million in debt.
Commenting on the development, Claire Spofford, president and CEO of J.Jill, Inc. stated in a statement, “We are pleased to be in a position to leverage the strong cash generation of the business to rapidly de-lever our balance sheet, reduce interest costs, and return capital directly to shareholders.”
The prior first-quarter guidance expected net sales to increase in the low to mid-single digits and for adjusted EBITDA to be in the range of US $ 29 million to US $ 33 million.
