J. Crew Group, Inc. today reported financial results for the thirteen weeks ended April 29, 2000. Revenues were $158.8 million for the fiscal 2000 first quarter, up 11% from revenues of $143.0 million in the fiscal 1999 first quarter. Operating cash flow, defined as earnings before interest, taxes, depreciation, and amortization (EBITDA), was $5.0 million in the fiscal 2000 first quarter compared to $.1 million in the fiscal 1999 first quarter.

Revenues in J. Crew's Retail segment grew to $78.7 million in the fiscal 2000 first quarter, up 21.8% from $64.6 million in the year-ago period. The company had 83 retail stores in North America at the end of the fiscal 2000 first quarter compared to 67 stores at the end of the first quarter of fiscal 1999. Comparable store sales increased by 3% in the first fiscal quarter. Revenues in the J. Crew Direct segment, which includes J. Crew catalog and the jcrew.com online business, were $60.2 million in the fiscal 2000 first quarter compared to $58.6 million in the fiscal 1999 first quarter.

``J. Crew continued to exhibit strength in its business, reporting solid year-over-year growth,'' said Mark Sarvary, Chief Executive Officer of J. Crew. ``Our financial results in the first quarter of 2000 were led by increased sales in our retail stores as well as continued strength in our Internet business, which reported revenues of more than $19 million in the quarter, up 96% from the year-ago quarter. Our balance sheet also continued to improve in the quarter with inventories and borrowings significantly below last year's levels.''

J. Crew Group, Inc. is a leading retailer of men's and women's apparel, shoes and accessories. It operates 86 retail stores, a catalog business, the jcrew.com online business, and 42 factory outlet stores. Certain statements herein are ``forward-looking statements'' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the overall level of consumer spending or preferences in apparel, the performance of the Company's products within the prevailing retail environment, trade restrictions and political or financial instability in countries where the Company's goods are manufactured, postal rate increases and charges, paper and printing costs and other factors which are set forth in the Company's Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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