J.Jill initiates quarterly dividend, raises Q1 outlook

For the first quarter of fiscal 2024, J.Jill expects net sales of about 160 million dollars, an increase of 7 percent and adjusted EBITDA of approximately 33 million dollars to 34 million dollars.

The company’s board of directors declared an initial quarterly cash dividend of 7 cents per share payable on June 12, 2024, to all stockholders of record as of May 29, 2024.

J.Jill has paid a total debt of 60.4 million dollars, which reduced the original 175 million dollars term loan issued in April 2023 to 108 million dollars.

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 29 million dollars to 33 million dollars.