Home / Knowledge / News / Apparel/Garments / Direct sales soar at J. Crew Group
Direct sales soar at J. Crew Group
06
Sep '11
J. Crew Group Inc. announced financial results for the three months (second quarter) and six months (first six months) ended July 30, 2011.

Second Quarter highlights:
• Revenues increased 7% to $435.0 million. Comparable company sales increased 3% in the second quarter. Comparable company sales increased 12% in the second quarter of fiscal 2010. Comparable company sales include comparable store sales, direct sales and shipping and handling revenues. Store sales increased 5% to $311.0 million, with comparable store sales increasing 1%. Comparable store sales increased 11% in the second quarter of fiscal 2010. Direct sales (Internet and Phone) increased 13% to $116.0 million. Direct sales increased 16% to $102.5 million in the second quarter of fiscal 2010.
• Gross margin was 36.5% compared to 44.6% in the second quarter of fiscal 2010. The decrease in gross margin was impacted by amortization of step-up in inventory value and the net impact of favorable/unfavorable store lease amortization which totaled $23.0 million that were recorded in connection with the acquisition.
• Selling, general and administrative expenses increased to $146.4 million from $122.5 million in the second quarter of fiscal 2010. The second fiscal quarter includes $14.0 million of incremental expenses as a result of purchase accounting and related transaction impact which includes: $5.5 million increase in depreciation and amortization related to purchase accounting and a $6.5 million charge in connection with the August 30, 2011 settlement of the shareholder litigation and certain legal costs.
• Operating income was $12.3 million, or 2.8% of revenues, compared to $59.0 million, or 14.5% of revenues, in the second quarter of fiscal 2010. Operating income in the second quarter of fiscal 2011 includes $37.0 million of incremental costs and amortization incurred with the acquisition and related to purchase accounting. Operating income in the second quarter of fiscal 2010 included a benefit of $3.2 million in share-based compensation for recognition of forfeited share-based awards.
• Net loss was $10.5 million compared with net income of $34.9 million in the second quarter of fiscal 2010. The second quarter of fiscal 2011 was impacted by costs and amortization incurred with the acquisition and related to purchase accounting as noted above and increased interest expense as a result of debt incurred in connection with the acquisition.
• Adjusted EBITDA in the second quarter of fiscal 2011 was $64.2 million compared to $69.5 million in the second quarter of fiscal 2010. An explanation of how we use Adjusted EBITDA and a reconciliation of net income (loss) to Adjusted EBITDA are included in Exhibit (3).

First Six Months highlights:
• Revenues increased 3% to $844.4 million. Comparable company sales were flat in the first six months of fiscal 2011. Comparable company sales increased 14% in the first six months of fiscal 2010. Store sales increased 1% to $592.2 million, with comparable store sales decreasing 3%. Comparable store sales increased 13% in the first six months of fiscal 2010. Direct sales increased 9% to $236.3 million. Direct sales increased 18% to $216.9 million in the first six months of fiscal 2010.


Must ReadView All

Vietnam’s textile & garment exports earn $7.3 bn in Q1

Textiles | On 20th Apr 2018

Vietnam’s textile & garment exports earn $7.3 bn in Q1

Vietnam earned $7.339 billion from textile and garment exports in the ...

Uganda yet to exploit AGOA benefits: US envoy Malac

Apparel/Garments | On 20th Apr 2018

Uganda yet to exploit AGOA benefits: US envoy Malac

Uganda is yet to take full advantage of the Africa Growth and...

Courtesy: KBR, Inc

Textiles | On 20th Apr 2018

KBR completes KPIC’s ethylene plant revamp project

KBR, Inc. has successfully completed the ethylene plant revamp...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search