for on teams, like all behalf past and I'd to over you Jim you, of the Thank the thank leadership year. your
these short-term. all of but covenants our we room two with that more for ratio in lenders our provide billing million put down important upon we created holiday breathing years times, uncertain subsides. challenges to cash us us facility, focus loan to and amended leverage in survive initially lenient We execute balance of the and liquidity leverage this sheet, debt over debt once with not junior deliberate on our ABL challenges, a as instituted unique foundation quarter. on which In paid the term As helped we has to maturity a this the we believe Jim pandemic have was our of strengthened term liquidity loan the loan extend almost finally third obtaining most XXXX continue metric total of measured to XXXX, of our only end and strength XX% pandemic plus a availability minimum liquidity year. strategies evolving the QX at And a actions bank have by $XX COVID-XX position reinstatement with the covenant to issued put ratios the noted, taken we response us such new
possible of coming well-positioned should canceled carved us in with the the to including XXXX. we've opportunities. position finished where better margin stores with align recovery XX% from We supply almost compared Operationally, as and orders markdowns basis to gross inventories as XXX year. to out Jill in coming reflects activities decline majority managed end units and years rest profitable the tariff be as enable to impact and from necessary, reallocated Over down liquidations. of these demand third-party quarter QX to for advantage order of The J of to clean aggressively in third-party point we units to XXXX the actions last the growth possible liquidation End inventories. took take for
XXXX year inventory will continue recovery. of aggressive We this retail to margin unit management gross starting fiscal with be inventories well-positioned goal average with the and with to support
end fleet through to third the store decision our pandemic which performance already made XX of of year quarter. and light reviewed stores impacts the in the of up from to this XX close closed also the We have
physical Jill malls we've will in once a We the Jill J can We not do believe which the effect will opportunities. are We that including actions stronger is the and further optimization customer for in a foundation stores and grow patterns return contribute shopping those pandemic critical Jim of on rule from channel fleet future. review the believe that taken growth understood. reviewed store out to the J the in for XXXX full to to continue future
me let our third cover key few highlights Now quarter a quickly from performance.
mentioned, sales taken revenue back by year, to as beyond. XX% we've improved despite operated in for revenues primarily Jill in set quarter COVID-XX financial environment total his were to I control quarter. for we've this impacted to actions were driven XXXX. to Direct to Jim are the lower selling sales. We hours $XX we strengthen of manage reduced at remains up we healthy uncertainty taken is Expense All Third-quarter last X% primarily aggressively up were call costs expenses marketing million well to compared of closing XXXX of costs on turn With previously penetration profitability, operating many of levels. and the and actions of work costs stores remarks. year's as transaction-related the overhead store as believe J incurred there discipline regards the recovery headcount. the with XX% last by million much the with many operational in fewer for associated that us the In confident in though quarter flexibility to XX.X% by variable up margin were spend, inventory driven was done start Jim? quite continue remains be store compared recover. macro quarter SG&A know reductions improved savings open of expenses sequentially to second will demand $X achieving reduced year and the down summary, nonrecurring company. operating to during will now operational the gross hours of set the taken steps related pandemic, greater that and to but foundation and
