These preliminary results surpass the prior guidance for the first quarter of fiscal 2024, which projected net sales growth in the low to mid-single digits compared to the first quarter of fiscal 2023. The previous forecast for adjusted EBITDA was between $29 million and $33 million, the company said in a press release.
American omnichannel retailer J.Jill reported preliminary net sales of about $160 million in Q1 FY24, an increase of 7 per cent from Q1 FY23.
The company expects adjusted EBITDA between $33 million and $34 million in the first quarter, exceeding prior guidance, which projected lower net sales growth and adjusted EBITDA of $29-$33 million.
“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. Through this balanced and disciplined approach to capital allocation, we are maintaining strong financial flexibility to continue to invest in our growth while demonstrating our commitment to driving total shareholder returns,” said Claire Spofford, president and chief executive officer of J.Jill.
Fibre2Fashion News Desk (DP)
