J.Crew Group Inc., an American omni-channel retailer of women’s, men’s and children’s apparels, shoes and accessories, has announced financial results for the first quarter fiscal 2019.
During the quarter under review, the fashion company’s total revenue increased by 3 per cent to US $ 540.5 million. Comparable sales increased by 1 per cent as compared to an 8 per cent drop in the corresponding quarter last year.
J.Crew’s sales, however, plunged 7 per cent to US $ 391.9 million. Comparable sales during the period under review decreased by 6 per cent as compared to 8 per cent decline in the same quarter last year.
Gross margin during the quarter increased from 36.3 in the corresponding period last year to 38.3 per cent this year.
Sales of Madewell brand increased by 39 per cent to US $ 115.8 million during the review period while comparable sales inclined 31 per cent as against 11 per cent in same quarter of the previous fiscal.
Operating loss in the review period stood at US $ 0.9 million as compared to US $ 151.0 million in the corresponding quarter last year. Net loss for J.Crew was US $ 33.9 million against US $ 121.0 million in the first quarter last year.
“The strong start in 2018 is encouraging for us. The year 2018 is pivotal for the company,” stated Jim Brett, Chief Executive Officer, adding, “This is for the first time company achieved growth in comparable sales since 2014.”
J.Crew currently operates 228 J.Crew retail stores, 121 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com, and 175 factory stores, markedly.
