US: Q1 profits surge 60% at J Crew
Clothing retailer J Crew Group saw profits surge by 60% in the first quarter on the back of double-digit sales hikes in the company's retail and direct sales divisions.
Retail sales were up 14% to US$167m, while direct sales rose 12% to $66m, giving revenues of $240m, up 14% and profits of $8m, up from $5m last year. Same-store sales rose 12%.
However, gross margins were almost static, thanks to increased markdowns, while expenses were up nearly 10% because of increased catalogue production.
J Crew had planned to raise $200m through an IPO in August last year, but abandoned the plans four months later. It has since said that it would expect an IPO to raise $355m.
Anti-fur campaigners reacted angrily to a recent claim by the International Fur Trade Federation (IFTF) that fur sales were on the up, claiming it was another in a long line of lies spun to further th...
Although the anti-fur movement is strong in the West, in countries where weather is cold or extreme, fur garments are still prized. One of the most innovative natural fur tanneries, dyers, and manufac...
Wal-Mart Stores sneezed on Saturday, and by the end of the weekend the rest of the retail market had a cold....
J Crew Group Inc flipped to a profit from a year-ago loss and increased its operating profit by more than half in the third quarter ended 28 October....
Shirt maker Esquel Group has opened a new woven factory in Gaoming in China's Guangdong province....
Apparel and shoes chain J Crew said three directors plus its co-founder are leaving the company....
Apparel designer Liz Claiborne has appointed Michele Parsons as president and chief merchandising officer of its apparel business, effective 25 September....
Clothing and accessories retailer J Crew enjoyed good sales during the second quarter as the company looks to build on its successful IPO....
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Fashion fit for the future – strategies for speed
- Under Armour Lighthouse will disrupt production
- How TAL Apparel is staying ahead of the game
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- M&S "unappealing" clothing a barrier to growth
- Modern Slavery Act boosts supply chain engagement
- Bangladesh tops China as lead cotton importer
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020