J Crew Group has announced a rise in second quarter revenues and net profiits, with a double digit lift in same store sales.
The company said in a statement that revenues increased 14% to US$407.5m. Store sales increased 14% to $295m, with comparable store sales increasing 11%. Comparable store sales decreased 5% in the second quarter of fiscal 2009.
Net income was $34.9m, or $0.53 per diluted share, compared to net income of $18.6m, or $0.29 per diluted share, in the second quarter of fiscal 2009.
Millard Drexler, J. Crew’s chairman and CEO said: “While we are really pleased with the second quarter, it is more critical than ever to continue to move forward and invest in our business for quality, long term, earnings growth. It’s about moving, doing, creating – it never stops.”
For the first six months revenues increased 17% to $821.4m. Store sales increased 17% to $585m, with comparable store sales increasing 13%. Comparable store sales decreased 5% in the first six months of fiscal 2009.
Net income was $79.6m, or $1.21 per diluted share, compared to net income of $39.1m, or $0.61 per diluted share, in the first six months of fiscal 2009.
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By GlobalDataFor fiscal 2010 the company currently expects diluted earnings per share in the range of $2.25 to $2.35, which includes a benefit of $0.03 for recognition of forfeited share-based awards from the resignation of its president of retail and direct, as compared to its previous guidance range of $2.35 to $2.45 and fiscal 2009 diluted earnings per share of $1.91.
