American fashion retailer J.Crew Group has reported a decrease of 3 per cent in total revenues to US $ 2,505.8 million in fiscal year 2015. However, net loss at the company was US $ 1,242.7 million compared to US $ 657.8 million last year.s
The apparel retailer’s sales dropped 7 per cent to US $ 2,146.7 million; and its comparable sales plunged 10 per cent, following a decrease of 2 per cent last fiscal. Operating loss for the fiscal was US $ 1,320.2 million as against US $ 585.0 million last year. Gross margin was 35.7 per cent versus 37.6 per cent in 2014.
In the fourth quarter that ended on January 30, 2016, J.Crew Group noted total revenues up 1 per cent to US $ 711.0 million. It sales bombed 3 per cent to US $ 604.5 million. Comparable sales to dropped 5 per cent, following a decrease of 5 per cent in the fourth quarter last year, the company release states. Net loss stood at US $ 7 million compared to US $ 30.6 million in the fourth quarter last year.
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Commenting on the results, Millard Drexler, Chairman and Chief Executive Officer of the company, said, “The fourth quarter represented a positive ending to a difficult year. We believe we are better positioned having made important changes in our product and marketing and through the careful management of expenses and inventory. Looking ahead, our team is focused on delivering further improvements in the business by executing on our strategic initiatives to deliver long term, sustained growth for our brands.”
