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Sales surge 23% at apparel retailer J.Crew in Q1 FY'12
31
May '12
J.Crew Group Inc. announced financial results for the three months ended April 28, 2012.

On March 7, 2011, J.Crew was acquired by Chinos Holdings, Inc., a company formed by investment funds affiliated with TPG Capital, L.P. and Leonard Green & Partners, L.P. Although the Company continued as the same legal entity after the acquisition, last year's financial statements were prepared for the following periods:
(i) March 8, 2011 to April 30, 2011 (Successor) and
(ii) January 30, 2011 to March 7, 2011 (Predecessor).

First Quarter highlights:
• Revenues increased 23% to $503.5 million, with comparable company sales increasing 16%. Comparable company sales decreased 3% in the first quarter last year. Store sales increased 26% to $354.0 million. Store sales decreased 3% in the first quarter last year. Direct sales increased 19% to $143.4 million following an increase of 5% in the first quarter last year.
• Gross margin increased to 47.6% from 44.7% in the first quarter last year.
• Selling, general and administrative expenses increased to $164.2 million, or 32.6% of revenues, from $131.1 million, or 32.0% of revenues, in the first quarter last year.
• Operating income increased 45% to $75.7 million, or 15.0% of revenues, compared to $52.0 million, or 12.7% of revenues, in the first quarter last year.
• Net income was $30.7 million compared to $16.2 million in the first quarter last year.
• Adjusted EBITDA increased $26.9 million to $101.6 million compared to $74.7 million in the first quarter last year. An explanation of how we use Adjusted EBITDA and reconciliation to GAAP measures are included in Exhibit.

Balance Sheet highlights:
• Cash and cash equivalents were $216.1 million compared to $280.5 million at the first quarter end last year.
• Total debt was $1,591 million, consisting of the seven-year senior secured term loan of $1,191 million and the eight-year senior unsecured notes of $400 million, incurred in connection with the acquisition, compared with $1,600 million at the first quarter end last year.
• Inventories were $250.6 million compared to $265.6 million at the first quarter end last year. Inventories last year included a purchase accounting step-up adjustment and higher in-transit inventories compared to this year. Inventories and inventories per square foot, adjusted for purchase accounting and in-transit last year, increased 14% and 6%, respectively.

J.Crew Group Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.

J.Crew Group Inc


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