US: J Crew third quarter net income rises 53.7%
- Q3 net income rose 53.7% to $33.2m
- Revenue increased 16% to $55.8m
- Comparable sales rose 10%
US clothing retailer J Crew has recorded a jump in third quarter profit thanks to rising sales and gross margins.
The company saw net income reach US$33.2m over the quarter ended 29 October, rising 53.7% from $21.6m in the same period of the prior year.
Revenue grew 16% to $555.8m, while comparable sales rose 10% over the period. Meanwhile, gross margin increased to 47.3% from 42.1% in the third quarter of last year.
Yesterday, J Crew revealed that its first store outside North America will be located on Regent Street, in London. The 17,000 square foot store is set to open in late 2013.
"London was an easy decision - it's a place where people understand and respect the integrity of great style and great design. We share this appreciation and are excited to introduce J Crew to more customers throughout the UK," said chairman and chief executive Millard Drexler.
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