focused took strengthened Claire. you, team, tenacity challenging position of we offices for start as COVID of debt obtaining by on like issuing best XXXX employees XX% such XX operate and all pandemic decision store number lenders, growth. adjusting to light and our enhance model, to inventories the operating navigating and to the time I improve our leverage Fiscal we due we they to in changes debt the close we J.Jill XXXX, was other returns. more covenants assortment XXXX, financial manage made profitable mix long-term the our In spend subordinated through the took of amongst the continue to to maximize XXXX and we position by forward growth. years were with a which fleet covenant partnership demonstrated marketing almost only the comprehensive QX year a head of I the XXXX sheet and year, to XXXX. by time expressing and and actions, balance and to by stores. XXXX, maturity of will to center to distribution decisive we recovery to environment, resiliency the future start on a Not uncleared the streamlining We Thank extending J.Jill entire look of product great J.Jill covenant a also a liquidity loan and commitment by fiscal business, loan. in the challenging stores, position uncertainty. would ourselves holiday stability And the gratitude X efficiently the for to aggressively during minimum term for executed a line actions today the to amending the finally, provide to for to steps of traffic initial term review and a clean in the product of fiscal refine And we on took including new store of COVID focusing implementing flows
month we sequentially Top progress. quarter, signs $XXX compared fourth quarter, improved to and the of quarter at see sequentially the improved as million sales well. of each Looking continue within line the third to
by by liquidate lower taken online. also basis price but parties. third positive While better to product. store collections cross Direct below in driven part did lifestyle prior well related year XX% trailing XXX response markdown sales enclosed centers, through threshold full fourth stores new store traffic to customers XX.X% liable meaningfully responded trend sales converted of were and continued the mall that Gross to includes action the customer in quarter quarter, full-priced margin with to total, to points of the products aggressive in
Excluding was by the impact XX.X%, driven price compared strength full to year, liquidations, last of margin up selling. these in gross the
on compared driven efficiently. in reductions store-related by continue last down SG&A selling costs to operating the spend. were business lower year, to more focus and expenses We $XX marketing million
in of XX% defined float to plus liquidity, and ending fourth as year. usage Turning of the the Total ABL cash balance this covenant time down of We to due year as normal the check million measured sheet. the third down last with $XX.X cadence end ended availability as of the the our terms, balance compared compared cash quarter was inventories year. to quarter, to
back to XXXX in prior the permits years. tax, losses be in paid March Regarding CARES Act taxes of carried to recover passed tax
refunds Consistent preparing to required in million and loss refund refund to the year currently down XX, to apply priming a carrying receive million. August expect obtain of agreements, $XX tax our pay the back loan tax expect by this of these filings to our excess $XX are term debt We we current with by XXXX.
as pandemic, strengthening on the still to first we time. We the not XXXX. we focus this recover to continue half business. however, do, in are to continue store foundation at anniversary we providing guidance ongoing XXXX, of related temporary given COVID-XX to closures fiscal With expect in revenues shutdowns visibility the the at Looking the low
focus $XX We exists, to and supported will by select and in the continue store important experience very actions XXXX. set to we profitable driven channel Capital will performance challenging to over increase uncertainties we levels call in a turn back selling. and And XXXX well us for customer is million, initiatives. XXXX approximately for margin J.Jill, fiscal reduced we have investment believe and continue maintenance to inventory will full though expect Claire. channel close continued better driving In a I levels by on improvement now gross capital post-pandemic year. price believe a store normalized we up about return the growth. investments summary, With to enhancing taken that, stores while was macro in the still XX evaluate to future improvement And
