J.Crew Group Inc., an omni-channel retailer of women’s, men’s and children’s apparels, shoes and accessories, has announced financial results for the fourth quarter and fiscal year ended January 28, 2017.
During the quarter under review, the company’s total revenues decreased 2 per cent to US $ 695.0 million. Comparable company sales tumbled 5 per cent following a decrease of 4 per cent in the fourth quarter last year. Gross margin was 34.7 per cent compared to 33.3 per cent in the fourth quarter last year.
Net income was US $ 1.1 million compared with a net loss of US $ 7.0 million in the fourth quarter last year while adjusted EBITDA was US $ 51.5 million compared to US $ 44.0 million in the fourth quarter last year.
During the fiscal 2016, the brand’s total revenues plunged 3 per cent to US $ 2,425.5 million. Comparable company sales dropped 7 per cent following a decrease of 8 per cent last year.
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The net loss last year reflects the impact of non-cash impairment charges and a charge for severance and related costs associated with the company’s workforce reduction.
