New store openings at J Crew Group Inc will slow down in the current fiscal year.

According to its annual report filed with the Securities and Exchange Commission, the company plans 15 new outlets in the fiscal year ending 31 January 2003, compared with 34 new stores in the year ended 3 February 2002.

The store openings are likely to cost around $25 million against $42.6 million in the previous fiscal year, although this latter figure included the outlay for some systems enhancements, primarily the SAP enterprise resource planning system.

This year's capital expenditure will be funded from internally generated cash flows and by borrowings from available financing sources the company said.