US: J Crew first-quarter profit falls 4.6%
- Q1 profit fell 4.6% to $29.3m
- Revenues increased 12% to $564.1m
- Comparable sales rose 5%
US apparel, footwear and accessories retailer J Crew has seen its first-quarter profit fall 4.6% after increased costs offset higher revenues.
Net income stood at US$29.3m for the three months to 4 May, compared to $30.7m in the same period last year.
Revenues increased 12% to $564.1m from $503.5m the prior year, and comparable sales rose 5%. Store sales were up 7% to $380.2m, while direct sales jumped 23% to $176.2m.
Gross margin fell to 44.7% against 47.6% the prior year.
Selling, general and administrative expenses, however, increased 8.6% to $178.4m against $164.2m the year before.
US apparel and accessories retailer J Crew has booked an increase in earnings and sales in the third quarter. ...
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