US: J Crew Q4 profit slumps as margins shrink
- Q4 net profit down 42% to US$5.9m
- Q4 revenues rise 7% to $686.2m
- Comparable store sales up 3%
Fashion retailer J Crew Group posted a slump in fourth quarter profit thanks to shrinking margins, which fell to 36.8% from 38.4% 12 months earlier.
The US company said store sales had risen 5% in the three months to 1 February, with direct revenues rising 10%.
That helped full-year revenues to increase 9% to $2.428bn, with comparable store sales up 3%, store sales up 6% and direct revenues rising 16%.
Meanwhile, net income for the year fell 8.3% to $88.1m, the company said.
Clothing retailer J Crew slid to a fourth quarter and full-year loss, impacted by large-scale charges related to impairment and refinancing....
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