USA: J Crew Same-Store Sales Fall 13 Per Cent In Q1
However, comparable store sales in the period ended 4 May 2002 decreased 13.0 per cent, while net sales in J Crew's Direct business increased 1 per cent for the thirteen-week period.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were a loss of $453,000 compared to income of $150,000 last year. Net loss was $12.1 million compared to a net loss of $9.3 million last year.
Results for the first quarter of 2002 include a pre-tax charge of $4.6 million for severance charges related to headcount reductions and the departure of the former Chief Executive Officer.
Scott Rosen, chief financial officer, stated: "Our first quarter results primarily reflect the continuing challenges we are facing on the merchandising front."
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