J Crew Q1 revenues down 3 percent

Total revenues at J Crew decreased 3 percent to 567.5 million dollars in the first quarter and comparable company sales decreased 7 percent following a decrease of 8 percent in the first quarter last year. J.Crew sales decreased 6 percent to 480.7 million dollars, while comparable sales decreased 8 percent following a decrease of 10 percent in the first quarter last year.

Commenting on the first quarter performance, Millard Drexler, Chairman and CEO, said, “Overall, we have been aggressive in managing all aspects of our business in a challenging retail environment while continuing to focus on delivering the very best product and brand experience for our customers across all channels. We look forward to the contributions from our assortment and merchandising strategies within our J.Crew brand, the continued growth of Madewell and Mercantile and other key operational initiatives including our SG&A, sourcing and supply chain optimization programs.”

Important highlights of the first quarter

Madewell sales increased 17 percent to 72.5 million dollars and comparable sales increased 6 percent following an increase of 12 percent in the first quarter last year.

Gross margin was 36.1 percent compared to 37.2 percent in the first quarter last year. Net loss was 8 million dollars compared to 462.4 million dollars in the first quarter last year. Adjusted EBITDA increased to 45.4 million dollars from 44.8 million dollars in the first quarter last year.

picture:jcrew.com