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. ...
Overall store growth was flat as some major chains are aiming to improve store productivity by closing underperforming locations and independents and growing chains seek out new opportunities to expan...
US apparel and accessories retailer J Crew Group has said it expects third-quarter revenues to increase in the high-single to low-double digit range, from US$555.8m last year....
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