Home / Knowledge / News / Apparel/Garments / Clothing retailer J.Crew revenues jump 12% in Q3
Clothing retailer J.Crew revenues jump 12% in Q3
02
Dec '11
J.Crew Group Inc. announced financial results for the three months (third quarter) and nine months (first nine months) ended October 29, 2011.

The results below reflect the Company's performance for the "combined period" which consists of the period prior to its acquisition on March 7, 2011 by affiliates of TPG Capital, L.P. and Leonard Green & Partners, L.P. and the period after the acquisition.

Third Quarter highlights:
• Revenues increased 12% to $479.6 million, with comparable company sales increasing 5%. Comparable company sales increased 2% in the third quarter last year. Store sales increased 10% to $334.5 million, with comparable store sales increasing 2%. Comparable store sales decreased 1% in the third quarter last year. Direct sales increased 18% to $138.5 million on top of increasing 12% in the third quarter last year.
• Gross margin decreased to 42.1% from 43.5% in the third quarter last year. The decrease includes the impact of purchase accounting of $6.8 million.
• Selling, general and administrative expenses increased to $143.9 million from $122.6 million in the third quarter last year. The increase includes transaction-related costs and the impact of purchase accounting of $4.0 million.
• Operating income was $57.9 million, or 12.1% of revenues, compared to $64.1 million, or 14.9% of revenues, in the third quarter last year. Operating income includes transaction-related costs and the impact of purchase accounting of $10.8 million. Net income was $21.6 million compared to $37.8 million in the third quarter last year. Net income includes (i) transaction-related costs and the impact of purchase accounting noted above and (ii) increased interest expense as a result of debt incurred in connection with the acquisition.
• Adjusted EBITDA was $83.8 million compared to $78.2 million in the third quarter last year. Last year included income of $5.9 million resulting from a bonus accrual reversal. An explanation of how we use Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are included in Exhibit (3).

First Nine Months highlights:
• Revenues increased 6% to $1,324.0 million, with comparable company sales increasing 2.0%. Comparable company sales increased 9% in the first nine months last year. Store sales increased 4% to $926.7 million, with comparable store sales decreasing 1%. Comparable store sales increased 8% in the first nine months last year. Direct sales increased 12.0% to $374.8 million on top of increasing 16% in the first nine months last year.
• Gross margin decreased to 40.9% from 45.6% in the first nine months last year. The decrease includes the impact of purchase accounting of $33.4 million.
• Selling, general and administrative expenses increased to $495.4 million from $372.3 million in the first nine months last year. The increase includes transaction-related costs and the impact of purchase accounting of $99.5 million.


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Anshul Sood
Oceedee

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

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Lynda Kelly
Suominen Corporation

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

July 2017

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

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

Yes No

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

Yes No

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


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



X